DUBLIN, May 30, 2023 /PRNewswire/ — The “Global Used Cars Market Size, Share, Growth Analysis, By Vehicle Type, By Distribution Channel, By Vendor Type, By Fuel Type, By Size, By Sales Channel – Industry Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
Used Cars Market was valued at USD 928.24 billion in 2021 and is expected to reach market size of USD 1729.82 billion by 2028, growing at a CAGR of 9.3% over the forecast period (2022-2028).
Factors such as increasing consumer preference for cost-effective transportation options, rising disposable incomes, and advancements in digital platforms for buying and selling used cars are driving market growth.
The market is also witnessing a surge in demand for electric and hybrid used cars due to their eco-friendly nature. However, challenges such as vehicle history reporting, inspection, and financing are expected to hinder market growth in the coming years.
Segments covered in this report
Global Used Cars Market is segmented based on Type, Distribution Channel, vendor type, fuel type, size, sales channel, and Region.
Based on Type Used Cars Market is categorised into: SUV, Hatchback and Sedan.
By Vendor Type, the Used Cars Market is segmented into organised and unorganised. By Fuel Type, Used Cars Market is segmented into Petrol, Diesel, Others.
Based on the Distribution channel Used Cars Market is categorised into: Independent Dealer, Franchise Dealer, Based on size, the Used Cars Market is segmented into Mid-Size, SUVs, Compact.
Based on the sales channel, the Used Cars Market is segmented into online and offline. Based on the region it is categorised into: North America, Europe, Asia-Pacific, South America, and MEA.
Drivers
The increased adoption of advanced technology and widespread use of the internet, along with the availability of e-commerce platforms, have contributed to a surge in market demand and facilitated the establishment of brand presence. The emergence of hybrid and electric vehicles has transformed the market dynamics and empowered consumers by providing them access to valuable information, such as vehicle details, third-party profit margins, and residual value.
Additionally, the rapid growth of urban areas, enhanced internet connectivity, and improvements in the telecommunications industry have facilitated easy access to information for people.
Car owners are leveraging these factors to promote and advertise their vehicles, and online forums have streamlined the sales process, resulting in increased sales and greater participation by stakeholders. These digital platforms foster transparency between buyers and sellers, and are therefore expected to drive the market in the coming years.
Restraints
The increase in the demand for second-hand vehicles has led to the emergence of unregulated players in the market. In certain countries, including India, China, Thailand, Brazil, and Mexico, a significant proportion of the used car market is controlled by these unorganised players.
However, their non-compliance with industry regulations poses a threat to market expansion. Consumers are losing trust in these players due to the absence of warranties and unethical practices such as concealing defects and selling damaged goods.
Trends
The market experienced a significant influence from the COVID-19 pandemic, which led to disruptions due to restrictions on travel and commuting. Safety concerns prompted people to prefer personal vehicles over shared ones.
Moreover, the growing popularity of electric and hybrid cars is anticipated to create a potential market for used cars in the future.
Key Attributes:
|
Report Attribute |
Details |
|
No. of Pages |
165 |
|
Forecast Period |
2022 – 2028 |
|
Estimated Market Value (USD) in 2022 |
$928.24 Billion |
|
Forecasted Market Value (USD) by 2028 |
$1729.82 Billion |
|
Compound Annual Growth Rate |
9.3 % |
|
Regions Covered |
Global |
Key Topics Covered:
Executive Summary
Market Overview
Wheel of Fortune
Research Methodology
Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations
Parent Market Analysis
Market Overview
Market Size
Market Dynamics
Drivers
Opportunities
Restraints
Challenges
Key Market Insights
Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition
Market Dynamics & Outlook
Market Dynamics
Drivers
Opportunities
Restraints
Challenges
Regulatory Landscape
Porters Analysis
Competitive Rivalry
Threat of Substitute Products
Bargaining Power of Buyers
Threat of New Entrants
Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
Political Impact
Economic Impact
Social Impact
Technical Impact
Environmental Impact
Legal Impact
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Market Overview
Standard Pen Needles
Safety Pen Needles
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Market Overview
Insulin
Glp 1
Growth Hormone
Global Pen Needles Market by Distribution Channel
Market Overview
Retail
Non-Retail
Global Pen Needles Market Size by Region
Market Overview
North America
Usa
Canada
Europe
Germany
Spain
France
UK
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East & Africa (Mea)
Gcc Countries
South Africa
Rest of Mea
Competitive Landscape
Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
by Development
by Company
by Year
Recent Activities in the Market
Key Companies Market Share (%), 2021
Key Company Profiles
A selection of companies mentioned in this report includes
Alibaba (China)
Group 1 Automotive Inc. (US)
Asbury Automotive Group (US)
AutoNation Inc.(US)
CarMax Business Services, LLC (US)
Cox Automotive (US)
eBay Inc. (US)
Hendrick Automotive Group (US)
LITHIA Motor Inc. (US)
Scout24 AG (Germany)
TrueCar, Inc. (US)
For more information about this report visit https://www.researchandmarkets.com/r/1htw9y
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