Used Vehicle Market Regions Estimated Industry Worth of 1355.95 billion USD, at a 8.30% CAGR during Forecast Period 2023 – 2030
Research Reports
Mar 14, 2023
Used Vehicle Market Research Insights
According to MRFR analysis, the global Used Vehicle Market is expected to register a CAGR of ~8.30% from 2022 to 2030 and hold a value of over USD 1355.95 billion by 2030.
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 expansion of the used car market is being supported by elements like the high price of new cars, worries about affordability, and the rise in demand for off-lease vehicles & subscription services by the franchise, leasing offices, and auto dealers, among others. In addition, the emergence of e-commerce and online technologies, a steady rise in organized/semi-organized sales in emerging nations, a rise in the global market for electric vehicles, and demand for car-sharing services are all predicted to present lucrative opportunities for the expansion of the used car market.
Key Players
Some of the key Used Vehicle 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, LLC
- Hendrick automotive group
- vehicle24 services private limited, among others
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Used Vehicle Market Segmentation
The Global Used Vehicle Market has been segmented into Vehicle Type, Fuel Type, and Distribution Channel
Based on the Vehicle Type, the market has been segmented into Hatchbacks, Sedans, and SUVs.
Based on the Fuel Type, the market has been segmented into Petrol, Diesel, and Others.
Based on the Distribution Channel, the market has been segmented into Franchised dealers, Independent dealers, and Others.
|
Key Market Opportunities |
Internet penetration enabling the availability of information of the used vehicle |
|
Key Market Dynamics |
Rise in demand for off-lease vehicle Increasing need for car subscription services to boost the market |
Used Vehicle Market Regional Analysis
Unorganized companies have long dominated the used car industry in nations such as Mexico, India, China, and Brazil. Contrary to these unorganized players in developing nations, organized players provide free service and free towing at the dealership in addition to the growth of the used car industry in such nations. With the use of these services, dealerships may draw clients and foster a relationship of trust between buyers and sellers. TrueCar Military, for instance, was introduced by TrueCar, Inc. For members of the U.S. armed services on active duty, veterans, retirees from the armed forces, and their families, TrueCar Military offers special incentives and perks. Additionally, there is a rise in demand for electric cars as a result of the introduction of strict emission rules and the requirement for pollution control systems.
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List Of Tables
Table 1 Global Used Vehicle Market: By Region, 2022-2030
Table 2 North America: Used Vehicle Market: By Country, 2022-2030
Table 3 Europe: Used Vehicle Market: By Country, 2022-2030
Table 4 Asia-Pacific: Used Vehicle Market: By Country, 2022-2030
Table 5 RoW: Used Vehicle Market: By Region, 2022-2030
Table 6 Global Used Vehicle Market, By Vehicle Age, By Region, 2022-2030
Table 7 North America: Used Vehicle Market, By Vehicle Age, By Country, 2022-2030
Table 8 Europe: Used Vehicle Market, By Vehicle Age, By Country, 2022-2030
Table 9 Asia-Pacific: Used Vehicle Market, By Vehicle Age, By Country, 2022-2030
Table 10 RoW: Used Vehicle Market, By Vehicle Age, By Country, 2022-2030
Table 11 Global Used Vehicle Market By Vehicle Type: By Region, 2022-2030
Table 12 North America: Used Vehicle Market By Vehicle Type: By Country, 2022-2030
…Continued.
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