Global Used Vehicle Market, By Vehicle Age (0-5, 6-10, 11-15, 15-20, and > 20 years old), Vehicle Type (Passenger Car, Light Commercial Vehicle, And Heavy Commercial Vehicle), Propulsion (ICE and Electric Vehicle), Sales Channel (Franchised, Independent Car Dealers, Rental Car Companies, and Others), Country (U.S., Canada, Mexico, Peru, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Kuwait, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Used Vehicle Market
Data Bridge Market Research analyses that the used vehicle market would exhibit a CAGR of 5.20% for the forecast period. Rising number of franchised used car dealers and rising demand for affordable second hand vehicles are driving the growth of used vehicle market.
Used vehicles are those vehicles that are available for second-hand sale. In other words used vehicles are those vehicles which are available in the market for resale. These are available in the market via various distribution channels namely franchised, independent car dealers, rental car companies, and others. Used vehicles are generally a good option for those who cannot afford to purchase a new or first-hand vehicle. However, not all used vehicles are in good condition. A careful examination must be done before putting a hand on one. Also, a careful note must be taken of rules and regulations before purchasing or making an investment in used vehicles. This is because different nations have different rules, regulations and policies concerning used vehicles.
Rising internet penetration which helps to provide information about the availability of used vehicles in the market is inducing the growth in the used vehicle market value. Customers are able to get value for money out of used vehicles. This in turn will foster the market growth rate. Rise in personal disposable income and shorter car ownership periods will further help the market to excel in the future.
However lack of standardization of rules and regulations on the purchase of used vehicles will challenge the market growth rate in the long run. High depreciation rates of used vehicles will further create challenges in the market growth. Reduced demand for public transport due to the coronavirus outbreak has also adversely impacted the demand for used vehicles globally.
This global used vehicle market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Data Bridge Market Research used vehicle market contact us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Used Vehicle Market Scope and Market Size
The global used vehicle market is segmented on the basis of vehicle age, vehicle type, propulsion and sales channel. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of vehicle age, the used vehicle market has been segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years old.
- On the basis of vehicle type, the used vehicle market has been segmented as passenger car, light commercial vehicle, and heavy commercial vehicle.
- On the basis of propulsion, the used vehicle market has been segmented as internal combustion engine (ICE) and electric vehicle (EV). The electric vehicle (EV) segment is further segmented into battery electric vehicle, plug-in electric vehicle, and hybrid electric vehicle.
- On the basis of sales channel, the used vehicle market is segmented into franchised, independent car dealers, rental car companies, and others.
Global Used Vehicle Market Country Level Analysis
The global used vehicle market is analysed and market size insights and trends are provided by country, vehicle age, vehicle type, propulsion and sales channel as referenced above.
The countries covered in the used vehicle market report are U.S., Canada and Mexico in North America, Peru, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Kuwait, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific is projected to undergo substantial gains and project highest compound annual growth rate for the forecast period. The region also holds the largest market share and will continue its dominance over the forecast period. This is because of rising expansion of automobile industry in this region. Rising per capita income and vehicle affordability will further propel the demand for used vehicle. Setting up of manufacturing units by the major players in this region owing to the availability of abundant raw materials and cheap labour is another market growth determinant. Booming demand for passenger vehicles as a result of internet penetration is also fostering the market growth.
The country section of the used vehicle market 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 consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis 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.
Competitive Landscape and Used Vehicle Market Share Analysis
The used vehicle 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, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to used vehicle market.
The major players covered in the used vehicle market report are CarMax Business Services, LLC, Manheim., THE HERTZ CORPORATION., Cox Automotive., Sun Toyota., Alibaba Group Holding Limited, eBay Inc., TrueCar, Inc., AutoNation, VROOM., OLX, Asbury Automotive Group., MARUTI SUZUKI INDIA LIMITED, Mahindra First Choice, Scout24 AG, Lithia Motors, Inc., Hendrick Automotive Group, Group1 Automotive, Inc., www.cars24.com and Quikr India Private Limited. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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