Global Used Car Market By Vendor Type (Organized, Unorganized), Propulsion (Petrol, Diesel, CNG, LPG, Electric and Others), Engine Capacity (Full Size (Above 2500 CC), Mid-size (Between 1500-2499 CC), Small (Below 1499 CC)) Dealership (Franchised, Independent), Sales Channel (Online, Offline), Vehicle Type (Passenger Car, LCV, HCV & Electric Vehicle), by Region (North America, Europe, Asia-Pacific, South America & Middle East & Africa) Industry Trends and Forecast To 2028.
Global used car market is expected to gain significant growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyzes that the market is growing with a CAGR of 6.4% in the forecast period of 2021 to 2028 and is expected to reach USD 1,473,360.29 million by 2028. Growing emergence of various e-commerce platforms is boosting the market growth. However, increasing cost of ownership is expected to be a restraint for the market growth. On the other hand, rise in strategic partnerships and agreements between key players are creating new opportunities for the market. Furthermore, lack of post-sell services of used cars is acting as a major challenge.
The emergence of hybrid and electric vehicles, as well as technological advancements, such as the internet, have shifted the buyer's position in the market. Furthermore, consumers are now aware of the vehicle's residual worth, quality finance charges, availability, the price paid, and, in some cases, the profit margin earned by the seller in a closing transaction. This awareness has altered the dynamics and allowed them to use customer insight to their advantage. As a result, today's buyers are more likely to purchase old cars.
Factors, such as high cost of new vehicles, concerns about affordability, and an increase in demand for off-lease automobiles and subscription services by the franchise, leasing offices, and car dealers, are expected to boost the growth of the global used car market. The used-to-new vehicle ratio has risen dramatically in the recent years in both developed as well as emerging countries. Furthermore, franchised dealers with OEM engagement in certification and marketing programs, online inventory pooling, and access to high-quality contracts are helping the used car market to expand significantly.
Global used car market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and global used car market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Global used car market is segmented on the basis of vendor type, propulsion, engine capacity, dealership, sales channel, and vehicle type.
- On the basis of vendor type, the global used car market is segmented into organized & unorganized. In 2021, organized type is expected to dominate the market owing to low cost of structure as it is operated by the owner.
- On the basis of propulsion type, the global used car market is segmented into petrol, diesel, CNG, LPG, electric, and others.
- In 2021, petrol is expected to dominate the market as it enables quick starting, faster acceleration, and easy combustion of the fuel.
- On the basis of engine capacity, the used car market is segmented into full size (above 2500 CC), mid-size (between 1500-2499 CC), and small (below 1499 CC). In 2021, small (below 1499 CC) segment is expected to dominate the market as these are considered the most efficient and generate sufficient power.
- On the basis of dealership, the global used car market is segmented into franchised & independent. In 2021, franchised dealership is expected to dominate the market as it provides better warranties than new car dealers for used cars.
- On the basis of sales channel, the global used car market is categorized into online and offline. In 2021, offline is expected to dominate the market as there is better transparency of car dealerships and better lucrative deals compared to offline channels.
- On the basis of vehicle type, the global used car market is segmented into passenger car, LCV, HCV & electric vehicle. In 2021, passenger cars segment is expected to dominate the market owing to increased preference of personal mobility.
Global Used Car Market Country Level Analysis
Global used car market is analyzed and market size information is provided based on country, vendor type, propulsion type, engine capacity, dealership, sales channel, and vehicle type.
Countries covered in global used car market report are the U.S., Canada, Mexico, GERMANY, U.K., Italy, France, Spain, Switzerland, Russia, Turkey, Belgium, Netherlands And Rest Of Europe, Japan, China, South Korea, India, Australia & New Zealand, Hong Kong, Taiwan, Philippines And Rest Of Asia-Pacific, Brazil, Argentina and Rest of South America, South Africa South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel, and Rest Of Middle East And Africa.
The vendor type segment is expected to grow with the highest growth rate in the forecast period of 2021 to 2028 due to increased use of this type as it provides steady supply of used car in the market. The U.S. dominates the North America region due to higher demand and manufacturers in the region. Germany dominates the Europe region due to evident presence of key players in the region. China dominates the Asia Pacific region owing to highest number of dealers of used car in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Demand for the Personal Transport Mobility is Boosting the Growth of Global Used Car Market
Global used car market also provides you with detailed market analysis for every country growth in particular market. Additionally, it provides the detail information regarding the market players’ strategy and their geographical presence. The data is available for historic period 2011 to 2019.
Competitive Landscape of Global Used Car Market Share Analysis
Global used car market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve. The above data points provided are only related to the companies’ focus related to the global used car market.
Some of the major players operating in the global 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.
Many contracts and agreements are also initiated by the companies worldwide, which are further accelerating the growth of global used car market.
- In December 2019, HELLMAN & FRIEDMAN LLC entered into a definitive agreement to acquire the company from AutoScout24. With this, the company intends to offer value-added marketing solutions as they continue to digitalize their business models in the automobile industry.
- In December 2019, Group1 Automotive, Inc. announced the expansion of its business presence in the New Mexico market with the acquisition of two Lexus dealerships. This helped the company to build a footprint in the fast-growing New Mexico market.
Customization Available: Global Used Car Market
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