DUBLIN, Aug. 31, 2023 /PRNewswire/ — The “Global Used Vehicle Market Outlook to 2027” report has been added to ResearchAndMarkets.com’s offering.
The pre-owned vehicle market, has been relatively stable. The Global used vehicle market is currently at $ 1.25 Tn and is expected to exceed $ 2.5 Tn by 2027.
The global used vehicle industry is largely unorganized due to the preference of consumers towards stand-alone local, independent dealers or the ones located in used car exchanges, along with peer-to-peer sales, facilitated by online auto-classified platforms.
The used vehicle market has witnessed the entry of various online classified portals and marketplaces in recent years. These players follow various different business models and aim to harness the untapped potential of the industry. Few players include True Vehicle, Inc, Lithia Motors, Inc., Group 1 Automotive, Inc., The HERTZ Corporation etc.
Future Outlook
Dealerships are expected to introduce their own official website/platforms to showcase their used vehicle inventory. Online auto portals are expected to venture into omni-channel experiences & offer varied services such as vehicle subscription.
Value-added services such as vehicle inspection, financing options, insurance, ownership transfer & more is expected to be a focus area for used vehicle dealers to provide a hassle-free experience to the buyers.
The share of organized sector is more than the unorganized sector in the global used vehicle market due to higher preference and trust in organized players in the market. People prefer vehicles that are around five years old as they are less likely to need expensive replacements at this age.
With the rise in preference for online retailing, the online segment is expected to witness significant growth, however, a large number of customers prefer offline stores while purchasing used vehicles to ensure and check the vehicle physically. Therefore, the offline segment of the market is anticipated to dominate the market during the forecast period
Key Trends by Market Segment:
By KMs Driven
Vehicles with average mileage of 81,000-100,000 Km are expected to dominate the industry in the future. Along with mileage, consumers preference for good condition, which would be crucial factor for used vehicle sales.
By Age of Vehicle, 2022
Upper- or Middle-Income Families, Working Professionals, and other groups prefer used vehicles that are 8-10 years old.
A selection of companies mentioned in this report includes
TrueVehicle, Inc
Lithia Motors, Inc.
Group 1 Automotive, Inc.
THE HERTZ CORPORATION
Pendragon PLC
Asbury Automotive Group, Inc.
AutoNation, Inc
VehicleMax Business Services LLC
Cox Automotive
Hendrick Automotive Group.
Batfa Japan Inc.
India Kawasaki Motors Pvt. Ltd.
Droom, Motorbikes 4 All
Triumph Motorcycles
Yamaha Certified Pre-Owned
Motohunt Inc.
Blade Motorcycles
Mundimoto Europe SL
Key Topics Covered:
1. Executive Summary
1.1 Global Used Vehicle Market Executive Summary
2. Country Overview of Global
2.1 Country Demographics
2.2 Global Population Analysis
3. Global Automotive Market Overview
3.1 Automotive Clusters in Global
3.2 Landscape of Total number of Vehicles in Global, 2022
3.3 Export and Import of Vehicles in Global
4. Global Used Vehicle Market Overview and Genesis
4.1 Ecosystem of Global Used vehicle Market
4.2 Overview and Genesis of Global Used Vehicle Market
4.3 Step- by-Step Sales Process of Used Vehicle in Global
4.4 Value Chain Analysis of Global Used Vehicle Market
4.5 Sourcing of Used Vehicles for Dealers and Lead generation in Global Used Vehicle Market
5. Global Used Vehicle Market Sizing, 2017-2022
5.1 New Vehicle Sales in Global, 2017-2022
5.2 Global Used Vehicle Market Sizing Analysis, 2017-2022
6. Global Used Vehicle Market Segmentation
6.1 By Type of Market Structure, 2022
6.2 By Type of Organised and Unorganised, 2022
6.3 By Type of Vehicle, 2022
6.4 By Age of Vehicle, 2022
6.5 By Kilometres Driven, 2022
6.6 By Region, 2022
7. Customer Profile of Used Vehicle Market in Global
7.1 Customer Pain points in Used Vehicle industry
7.2 Decision Making Parameters for Customers before Selecting a Used Vehicle
7.3 Key Factors and Price Determinants Influencing Used Vehicle Purchasing Decision
7.4 Findings on Consumer Analysis of Global Used Vehicle Market
8. Snapshot on Online Classified Used Vehicle Platforms in Global
8.1 Evolution of Used Vehicle Platform in Global
8.2 Transactional Platforms in Used Vehicle Industry in Global
8.3 Global Used Vehicle Market Online Classified Business Model
8.4 Used Vehicle Journey on Online Classified platforms in Global
8.5 Existing and Emerging Online Retails Models in Global Used Vehicle Market
8.6 Market Sizing Analysis of Global Online Used Vehicle Market, 2017-2022
8.7 Overview of Global Online Used Vehicle Market, 2022
8.8 Cross Comparison of Major Online Auto-Classifieds
8.9 Key Parameters for Developing Digitally Oriented Business Model
9. Snapshot on Used Vehicle Auction Market in Global
9.1 Ecosystem of Used Vehicle Auction Players
9.2 Cross Comparison of Major Used Vehicle Auction Players
10. Global Used Vehicle Industry Analysis
10.1 SWOT Analysis of Global Used Vehicle Market
10.2 Trends and Recent Development’s in Global Used Vehicle Market
10.3 Issues and Challenges in Global Used Vehicle Market
10.4 Buying and Selling Process of Used Vehicle in Global
10.5 Government Initiatives to Regulate Global Used Vehicle Market
10.6 Buying Criteria of the customers for Used Vehicle in Global
10.7 Selling Criteria Used by the Players for Used Vehicle in Global
11. Competition Framework for Global Used Vehicle Market
11.1 Cross Comparison of Major Players in Global Used Vehicle Market
12. Covid-19 Impact on Global Used Vehicle Market
12.1 Impact of Covid-19 on Global Used Vehicle Market
12.2 Prices of Used Vehicles During Covid-19 in Global
13. Outlook and Future Projections for Global Used Vehicle Market
13.1 Future New Vehicle Sales in Global, 2022-2027
13.2 Global Used Vehicle Future Market Sizing Analysis, 2022-2027
13.3 Future Market Sizing Analysis of Global Online Used Vehicle Market, 2022-2027
13.4 Future Segmentation by Type of Market Structure, 2027
13.5 Future Segmentation by Organized and Unorganized, 2027
13.6 Future Segmentation by Type of Vehicle, 2027
13.7 Future Segmentation by kilometres driven, 2027
13.8 Future Segmentation by Age of Vehicle, 2027
13.9 Future Segmentation by region, 2027
13.10 Future Trends and Way Forward
14. Case Study Analysis
15. Market Opportunity and Analyst Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/a28ash
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