Used Car Market size was valued at USD 1056.7 Bn. in 2022 and the total revenue is expected to grow at 8.4% of CAGR through 2023 to 2029, reaching nearly USD 1,858.6 Bn.
Used Car Market Overview:
The Maximize Market Research report analyses the global Used Car Market in depth, precisely, and comprehensively, with a focus on market dynamics, market competition, regional growth, segment analysis, and important growth strategies. The analysis contains information on market growth as well as market segmentation like regions, product type, application, and end-use industry. Analyst creates comprehensive and precise marketing research reports using the most up-to-date Used Car Market research techniques and technology. This analysis covers a wide range of industry verticals along with a thorough examination of the Used Car market size and share.
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Used Car Market Scope:
The report goes over demand estimates, market trends, and micro and macro variables in great detail. This study also highlights the elements that are driving and impeding the market's growth. The MMR Matrix in the study gives information on prospective investment opportunities to both existing and new market participants. To provide market insights, the research use analytical approaches such as Porter's five forces analysis and PESTLE of the Used Car market. The research also looks at current market trends and forecasts for the years 2021-2027. The study also uncovered important impending advancements that would have an impact on demand over the anticipated timeframe.
Used Car Market Segmentation:
According to vehicle type, the SUV sector is anticipated to lead the market with a compound annual growth rate of x%. Sports utility vehicles, or SUVs, did well in the new car market and are now gradually making their way into the used automobile market. In India, the percentage of SUVs in Maruti Suzuki's True Value rose somewhat from 5 to 6 percent to 17 percent in the most recent year.
The examination of local markets by nation, including market size and the proportion of local organized players, has been covered in the research. Only selling luxury used automobiles, the company's volume increased by about 16% in FY22, with SUV sales considerably exceeding those of sedans. Sales of used cars are predicted to increase from 3.8 million in FY21 to 4.2–4.4 million in FY22.
According to fuel type, the majority of the worldwide used automobile market was accounted for by the gasoline industry. This is because it's more affordable, quieter than diesel engines, and more widely available. But between 2023 and 2029, the other group is predicted to develop at the fastest pace of 10.0% because to higher government policies and subsidies, tougher pollution requirements, and a shift toward green mobility.
One of the biggest used car marketplaces in India, OLX, has projected that there will be 6.6 million used cars available in the country. There are now a lot of used automobiles available. The market for secondhand cars comprises all kinds of cars from different manufacturers. On the other hand, OLX data indicates that demand is high.
Online distribution had a significant market share in 2022 based on distribution channel. In an effort to give their customers a better online shopping experience—including enhanced price transparency, the ease of purchasing from home, and a digital payment method—many businesses have started experimenting with online sales. For example, PSA Group's CEO, Carlos Tavares, stated in February 2019 that the company aims to grow its online sales from 6,000 units in 2018 to over 1,500% by the end of 2022.
Used Car Market Size and Forecast, by Vehicle Type (2022-2029)
1. Hatchback
2. Sedan
3. SUV
Used Car Market Size and Forecast, by Fuel Type (2022-2029)
1. Petrol
2. Diesel
3. Others
Used Car Market Size and Forecast, by Distribution Channel (2022-2029)
3. Online
3. Offline
Used Car Market Size and Forecast, by Vendor Type (2022-2029)
1. Organized
2. Unorganized
Used Car Market Size and Forecast, by Size (2022-2029)
1. Compact
2. Mid-size
3. SUVs
Used Car Market Size and Forecast, by Region (2022-2029)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. South America
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Used Car Market Key Players
1. Asbury Automotive Group (US)
2. AutoNation Inc.(US)
3. CarMax Business Services, LLC(US)
4. Cox Automotive(US)
5. eBay Inc.(US)
6. Vroom Inc(US)
7. Group 1 Automotive Inc.(US)
8. Hendrick Automotive Group(US)
9. LITHIA Motor Inc.(US)
10. TrueCar, Inc.(US)
11. Sonic Automotive(US)
12. Droom Technology (India)
13. Trusty Cars Pte. Ltd (UK)
14. Alibaba.com (China)
15. Scout24 AG (Germany)
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Regional Analysis:
Readers will be well-informed on the Used Car market on a regional level thanks to the reports' regional insights. A meaningful assessment of potential policy options in response market changes across the globe, requires a thorough understanding of local energy, economic, political, and geographic characteristics. The research provides readers with regional insights that ensure the effects on Used Car market and local growth prospects, as well as domestic area restraints.
- Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
- Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
- North America (the United States, Mexico, and Canada.)
- South America (Brazil etc.)
- The Middle East and Africa (GCC Countries and Egypt.)
COVID-19 Impact Analysis on Used Car Market:
The impact of COVID-19 on the Used Car market is exhaustively examined in the research. As a result of the COVID-19 pandemic, analyst at Maximize Market Research, who are following the situation across the globe, believe that the market is expected to provide profitable opportunities for producers. The report's purpose is to provide a more comprehensive view of the current situation, the economic downturn, and the influence of COVID-19 on the whole Used Car market.
Key Questions Answered:
- This report presents analytical depiction of the global Used Car market trade at the side of these trends and future estimations to work out the upcoming investment pockets.
- The report presents information associated with key drivers, restraints, and opportunities at the side of elaborated analysis of the Used Car market share.
- The current market is quantitatively analysed from 2021 to 2027 to spotlight the world Used Car market growth.
- Porter’s 5 forces analysis demonstrates the efficiency of consumers & suppliers within the market.
- Who Are the Global Key Players in This Used Car Market? What are their Company Profile, Their Product Information, and Contact Information?
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