The increasing preference of consumers for private veichles is driving the used cars market growth
The global used cars market size is likely to attain over USD 1335.15 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 8.3% during the forecast years 2021-2028. The used cars leverages cutting costs on cars, and makes way for different investments by industry participants to establish their dealership network in the market. It has the capability of replacing major shortcoimgs such as high cost of new vehicles, and concerns regarding affordability. However, industries are looking for the advancements, thus, demand for car sharing services are expected to offer growth opportunities.
The present and future used cars market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the used cars market opportunities during the forecast years. Factors such as the increase in the demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers are the key factor driving the market growth for used cars.
Also, the growing demand for car sharing services is another factor driving market growth. However, unorganized sales of used cars and lack of regularization are hampering the market growth. Furthermore, advent of e-commerce & online technologies, steady increase in organized/semi-organized sales in emerging countries, rise in electric vehicle business across the globe is likely to provide lucrative development opportunities for the used cars market in the forthcoming years.
The report also emphasizes several distinctiveness of the global used cars industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the used cars industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The used cars market has tough competition among the new emerging and pre-established market vendors. Besides, the used cars industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the fuel type, the market is categorized into Petrol, Diesel, and others. The petrol segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the others segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of the Others segment is largely ascribed to the upsurge in demand for CNG vehicles in developing countries.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the used cars market in this region is mostly ascribed to the rapid urbanization, surge in internet connectivity, and developments in the telecom sector for a much-better information flow for people. These factors are being rapidly used by used cars owners to advertise their vehicles and spread the details about them, thus, growing adoption of used cars by companies in countries such as India, Japan, and China to compete against other regional players. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region owing to the plummeted growth in the past few years.
The major players of the global used cars market are Asbury Automotive Group, Inc., AutoNation, Inc., Big boy Toyz ltd, CarMax Business Services, LLC, Cars24 services private limited, Group1 Automotive Inc., Hendrick automotive group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd., and TrueCar, Inc.. Renowned companies are offering many used cars services. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Augmented Analytics Market
Vehicle Type Overview, 2019-2028 (USD Million)
Fuel Type Overview, 2019-2028 (USD Million)
Distribution Channel Overview, 2019-2028 (USD Million)
- Franchised dealer
- Independent dealer
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America