Global Used Car Market is Growing With a CAGR Of 6.4% in the Forecast Period of 2021 to 2028

Global Used Car Market is growing due to factors, such as emergence of different e-commerce platform, increasing transparency & symmetry of information between dealers and customers, rise in demand for off-lease cars & subscription service by the franchise, increasing demand for personal transport mobility, and upsurge demand for the vehicle with greater value at lower cost. However, ever increasing cost of ownership and stringent government regulations for car dealers is hindering the growth of the used car market.

Global Used Car Market Scenario                                            

According to Data Bridge Market Research, the market for Asia-Pacific has the highest market share followed by North America and Europe. Market leader is CarMax Business Services, LLC, which holds almost 2.50% market share. Some of the recent developments by the company are:

  • In April 2021, CarMax Business Services, LLC announced the acquisition of Edmunds to deliver an enhanced digital experience to the users. The company had invested $50 million in Edmunds to acquire a minority stake. Following that investment, CarMax and Edmunds had collaborated to create a number of strategic initiatives including a successful online instant offer for used car sellers. With this, the company was able to develop advanced innovative products in the market.

Used Car Market Trends Impacting the Market

Now the question is which other region CarMax Business Services, LLC  AutoNation, Inc. and LITHIA MOTORS, INC. are targeting? Data Bridge Market Research has forecast a large growth of used car in the Asia-Pacific market and the market leaders are targeting North America and Europe to be their next pocket revenue for 2021.

Some of the major players operating in used car market are LITHIA MOTORS, INC., cars24, Group1 Automotive, Inc.  Asbury Automotive Group, AutoNation, Inc., CarMax Business Services LLC, Hendrick Automotive Group, Alibaba Group Holding Limited, HELLMAN & FRIEDMAN LLC, SONIC AUTOMOTIVE , PENDRAGON, LeithCars, Mahindra First Choice, Chehaoduojiao Motor Vehicle Broker (Beijing) Co., Ltd., TrueCar, Inc., Big Boy Toyz, Maruti Suzuki India Limited & OLX Group, and others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Above are the key players covered in the report for Global used car market

Global used car market developments

  • In July 2021, HENDRICK AUTOMOTIVE GROUP announced a partnership with the Charleston County Sheriff to build positive relationships that go beyond policing. With this, the company can build community engagement team around the country to work more closely for the car dealership. This helped the company to create a brand name in the auto dealership market.
  • In October 2020, Lithia Motors, Inc. was recognized as the ‘Best Dealerships to Work For in 2020' by Automotive News in 2020. Automotive News has partnered with Best Companies Group for the ninth year to identify dealerships that have excelled in creating quality workplaces.

Scope of the Global Used Car Market

  • On the basis of geography, global used car market is segmented into North America, Europe, Asia-Pacific, South America and Middle East and Africa. North America used car market is sub-segmented into the U.S., Canada and Mexico. South America is sub- segmented into Brazil, Argentina, Colombia, Peru, Chile, Venezuela, Ecuador& rest of South America. Europe used car market is sub-segmented into the Germany, France, U.K., Italy, Russia, Spain, Netherlands, Belgium, Turkey, Switzerland and rest of Europe. Asia- Pacific used car market is sub-segmented into China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Thailand, Malaysia, Singapore, Philippines and rest of Asia-Pacific. Middle East and Africa used car market is sub-segmented into Saudi Arabia, South Africa, Israel, UAE, Egypt and rest of Middle East and Africa. America.

All country based analysis of the global used car market is further analyzed based on maximum granularity into further segmentation.  Used car market is segmented into six notable segments which are based on the vendor type, propulsion type, engine capacity, dealership, sales channel & vehicle type.

Above are the key players covered in the report for Global used car market

Key Pointers Covered in Global Used Car market Industry Trends and Forecast to 2028

  • Market Size
  • Top to Bottom Market Analysis
  • Recent Developments for Market Competitors
  • Recent Market Value for Different Countries
  • Market value and over view of Global Used Car market
  • Company profiling of top eight players of Global Used Car market

Key Market Competitors Covered in the Report

  •  cars24
  •  Group1 Automotive, Inc.
  •   Asbury Automotive Group
  •  AutoNation, Inc.
  •  CarMax Business Services LLC
  •  Hendrick Automotive Group
  •  Alibaba Group Holding Limited
  •  LeithCars
  • Mahindra First Choice
  • Chehaoduojiao Motor Vehicle Broker (Beijing) Co., Ltd.
  •  TrueCar, Inc.
  •  Big Boy Toyz
  • Maruti Suzuki India Limited
  •  OLX Group

Above are the key players covered in the report for Global used car market

Research Methodology: Global wood Based panel Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Primary Respondents

  • Demand Side: Manufacturer, Researchers, Scientists, Research Laboratories
  • Supply Side: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, and Regulatory Affairs Managers among others.

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