HomeBusinessTechnology

Used Vehicle Market Latest Trends and Forecast Analysis up to 2030

Used Vehicle Market Analysis Market Research Future (MRFR) projects the global Used Vehicle Market Size to reach USD 2,000 Billion, registering a C

Rubber Mats Dubai | #1 Rubber Mats in Dubai
YouTube Video Ideas to Get You Started in 2022
Automotive Foam Market has been derived from the growing CAGR with key vendors 2028

Used Vehicle Market Analysis

Market Research Future (MRFR) projects the global Used Vehicle Market Size to reach USD 2,000 Billion, registering a CAGR of 7% from 2021 – 2027 (forecast period).

Multiple Factors to Augment Market Growth

Across India, people in rural regions have begun to prefer riding their two-wheelers to taking public transportation. A similar trend has been observed in nations such as the United Kingdom and the United States, where customers have turned to personal commuting rather than public transportation.

In the case of automobiles, the depreciation rate is often higher. By the first year of possession, the depreciation rate has risen to 30%. Even for commercial vehicles, depreciation rates in emerging countries and heavily populated countries like India are greater, ranging between 30-35%. This has provided consumers the opportunity to buy 1-3-year-old vehicles at a low rate.

The rise of the internet has increased demand for used vehicles among consumers who lack access to important information. The internet allows organized dealers to rapidly expand their market. Consumers can afford personal vehicles through car subscription services without making any financial commitments. Consumers can use vehicles with monthly costs that cover insurance, maintenance, and roadside support due to subscription services.

The Global Market to Grow Post COVID-19 Outbreak

COVID 19 has significantly impacted the industries in three ways: production line and product demand, market and supply chain disruption, and financial impact. This has significantly impacted the manufacture of new vehicles and cars, which has aided market expansion. COVID 19 has also lowered consumer purchasing power due to the negative impact on the economy, causing people to favor used vehicles and cars over new vehicles. Furthermore, the need for personal vehicles for safety has increased the market value.

Used Vehicle Market Segmentation

The global Used Vehicle Market Size has been segmented into vehicle age, vehicle type, propulsion, and sales channel.

By vehicle age, the global Used Vehicle Market Size has been segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years old.

The global Used Vehicle Market Size has been segmented by vehicle type into Passenger Cars, Light Commercial Vehicles, And Heavy Commercial Vehicles.

By propulsion, the global Used Vehicle Market Size has been segmented into ICE and Electric Vehicles.

By sales channel, the global Used Vehicle Market Size has been segmented into Franchised, Independent Car Dealers, Rental Car Companies, and Others.

Used Vehicle Market Regional Analysis

To boost the value of used vehicles, the Singaporean government has offered tax exemptions for battery-powered and electric vehicles. As a result, demand for vehicles that use ethanol and methanol is increasing and is projected to continue indefinitely.

Third-party dealers partner with vehicle manufacturers to build up subscription offers in countries such as Denmark, the United Kingdom, and the United States. Dealers supply automotive manufacturers with software that provides the documents required for purchasing as well as further analysis of customers’ attitudes toward acquiring used vehicles in order to boost the market growth.

Browse Detailed Overview of This Research: https://www.marketresearchfuture.com/reports/used-vehicle-market-7616

Used Vehicle Market Key Players

  • CarMax Business Services LLC (US)
  • Manheim (US)
  • Autotrader Inc. (US)
  • HERTZ CAR SALES (US)
  • Cox Automotive Inc. (US)
  • Sun Toyota (US)
  • Alibaba Group (China)
  • eBay (US)
  • PenskeCars (US)
  • TrueCar
  • (US)
  • Autonation (US)
  • and Vroom Inc. (US)

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact

Market Research Future

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

COMMENTS