According to IMARC Group’s latest report, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, t
According to IMARC Group’s latest report, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global used car market is expected to exhibit a growth rate (CAGR) of 9.1% during 2023-2028. A used car or second-hand car is a vehicle that has been previously owned and driven by one or more individuals. These cars are available for purchase from a variety of sources, including private sellers, used car dealerships, and online marketplaces. Used cars are much more affordable than buying a new car as these cars are generally less expensive than brand-new cars and often come with a lower purchase price, insurance premiums, and taxes. Consequently, this makes them a popular choice for those who are on a budget or looking to save money. In addition to this, since a used car has already undergone its initial depreciation, its value will is less likely to drop as rapidly as a new car’s value. In line with this, many used cars come with a history of service records and repairs, which can help buyers make informed purchasing decisions. Furthermore, used cars are accessible at various outlets, including rental car companies, independent car stores, and private party sales.
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Used Car Market Trends:
The increasing preference for personal vehicles among people for ease of commutation represents one of the significant factors driving the market growth across the globe. This, coupled with the increasing demand for convenience and better travel experience, especially in metropolitan cities, is acting as a major growth-inducing factor. In line with this, the steadily increasing global population base and rapid urbanization are contributing to the growth of the market. Apart from this, the rising awareness about the benefits of using second-hand vehicles on environmental health is facilitating the growth of the market. This, coupled with the overall increase in environmental consciousness among the masses and an enhanced focus on sustainable development, is contributing to the market growth. Moreover, the increase in the demand for cost-effective and affordable vehicles, coupled with better safety, and mobility, is further driving the market. In addition to this, the increasing focus on used car dealership and the rising demand for pre-owned luxury cars is driving the market. In line with this, the rising improvements and expansion in the online refurbished car retail channels are driving the used car market growth across the globe. Other factors, such as rising consumer expenditure capacities, expanding automotive industry, proliferating online retail channels dealing with the purchase and sales of used cars with attractive offers, and the expanding middle-class population base, especially in the emerging economies, are creating a positive outlook for the market further across the globe.
Used Car Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the used car market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Alibaba Group Holding Limited
- Arnold Clark Automobiles Limited
- Asbury Automotive Group Inc.
- AutoNation Inc.
- CarMax Business Services LLC
- Cox Automotive Inc. (Cox Enterprises Inc)
- eBay Inc.
- Group1 Automotive Inc.
- Lithia Motors Inc.
- Pendragon PLC
- TrueCar Inc.
Key Market Segmentation:
The report has segmented the global used car market based on vehicle type, vendor type, fuel type, sales channel and region.
Breakup by Vehicle Type:
- Sports Utility Vehicle
Breakup by Vendor Type:
Breakup by Fuel Type:
Breakup by Sales Channel:
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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