Used Vehicle Market Data 2023, Growth Dynamics, Regional Analysis, Size, Share, Top Companies, Trends and Business Outlook 2030

According to MRFR analysis, the global Used Vehicle market is expected to register a CAGR of ~8.3% from 2022 to 2030 and hold a value of over USD 2,000 Billion by 2030.

Used Vehicle Market Research Insights

A used car is a pre-owned automobile that may be sold again. Used automobiles are sold through a variety of channels, including franchise and independent auto dealers, rental car agencies, auctions, private party sales, and leasing offices. The production and shipment of activated carbon canisters are severely hindered by government regulations on both the manufacturing and transportation industries.

The coronavirus has caused a major divergence in the growth of automotive-activated carbon canister producers, which has affected the market size for automotive-activated carbon canisters for 2020. A continuous outbreak is hindering the development of the automotive activated carbon canister system industry. All forms of manufacturing and installation had been halted throughout the impacted nations, and the epidemic had affected all market activities. Although sales of automobiles, notably light commercial vehicles and passenger vehicles, increased as a result of the pandemic and customers’ increased purchasing power.

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Key Players

Some of the key market players are,

• Asbury Automotive Group Inc
• TrueCar Inc
• AutoNation Inc
• Mahindra First Choice Wheels Ltd
• Big boy Toyz ltd
• Group1 Automotive Inc
• Lithia Motors Inc
• CarMax Business Services
• Hendrick automotive group
• vehicle24 services private limited and others

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Market Growth Driving Factors

• Government initiative
• Developing commercial sectors globally
• Internet penetration enabling the availability of information of the used car
• Rise in demand for off-lease vehicle

Used Vehicle Market Regional Analysis

The unorganized automotive industry now dominates C2C sales and has a large proportion of the market in the majority of nations. It also lacks inventories. Unorganized companies have long dominated the secondhand car industry in nations like Mexico, India, China, and Brazil.

In contrast to these unorganized businesses in developing nations, organized players expand the market for old cars while also offering free service and towing at the dealership. With the use of these services, dealerships may draw clients and foster a relationship of trust between buyers and sellers.

Used Vehicle Market Segmentation

The global Used Vehicle market has been segmented into Vehicle Type, Fuel Type, and Distribution Channel.

Based on Vehicle Type, the market has been segmented into Hatchbacks, Sedan, and SUVs.

Based on Fuel Type, the market has been segmented into Petrol, Diesel, and Others.

Based on Distribution Channel, the market has been segmented into franchise dealers, Independent dealers, and Others.

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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

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