Global Used Vehicle Market size is expected to grow from USD 1147.89 Million in 2023 to USD 2409.95 Million by 2032, at a CAGR of 8.59% during the forecast period (2024-2032)

A used car, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners. Used cars are sold through a variety of outlets, including franchise and independent car dealers, rental car companies, buy here pay here dealerships, leasing offices, auctions, and private party sales. Some car retailers offer "no-haggle prices," "certified" used cars, and extended service plans or warranties. The growth of the Internet has fueled the availability of information on the prices of used cars. This information was once only available in trade publications that dealers had access to.

Furthermore, due to disparities in income levels, car depreciation levels range significantly across exporting and importing countries. In high-income countries, the value of a car depreciates quicker than in low-income countries. Old car merchants in high-income nations may thus sell their used automobiles in low-income countries for a greater price. This is the reason for the incentive to export secondhand cars. Japan, the EU, the United States, and Canada are the top automotive exporting countries (both new and used vehicles).

Who are the key players in Used Vehicle Market?

Alibaba Group, Vroom, OLX, Cars24, Autotrader (Cox Automotive), TrueCar, Truevalue, First choice, Maruti Suzuki India Ltd., PenskeCars (Penske Automotive Group), Quikr, Mahindra First Choice, Group 1 Automotive Inc., Asbury Automotive Group, Hendrick Automotive Group, AutoNation Inc., LITHIA Motor Inc., eBay, CarMax Business Services LLC., Scout24 AG, Cox Automotive, Sun Toyota, and other major players.

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What are the segments of the Used Vehicle Market?

The Used Vehicle Market is segmented into Type, Vehicle Age, Fuel Type, and region. By Type, the market is categorized into Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle. By Vehicle Age, the market is categorized into 0-5, 6-10, 11-15, 15 Years & Above. By Fuel Type, the market is categorized into Petrol, Diesel, Natural Gas, Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

Driver:

Population growth has surpassed public transit in almost every city in the nation, which has led to a decrease in the use of public transportation. The epidemic also illustrated how susceptible these media are. People who formerly relied on shared services, carpooling, and public and private transportation have turned their focus to personal mobility. In metro and even non-metro cities, people are more concerned with social distance standards, with health safety being their top priority. This will eventually result in a rise in demand for personal vehicles. In the face of future uncertainty, people from all walks of life, even those from lower socioeconomic levels, are prone to saving their discretionary funds.

Opportunities:

The position of the consumer in the market has changed as a result of technological improvements including the growth of the internet, the use of e-commerce sites and applications to boost firm demand, and the introduction of hybrid and electric automobiles. Web technology has increased consumer awareness of the vehicle, its residual value, third-party profit margin, and other elements. Additionally, as cities become more populated, more people have access to the internet, and telecom industry technology improvements have greatly improved how people receive information. Owners of used cars are increasingly relying on these factors to advertise and describe their vehicles.

Segmentation Analysis of the Used Vehicle Market:

  • By vehicle type, the passenger vehicle segment is expected to dominate the used vehicle market over the forecast period. The private vehicle has altered contemporary civilization for almost a century by enabling independence and mobility. Because of the ever-increasing distances between home, work, educational institutions, shopping, and recreational facilities, mobility is becoming increasingly crucial. People who live in cities may use taxis, carsharing, or on-demand services instead of or in addition to their vehicles.
  • By vehicle age, the 0-5 years segment is expected to hold the maximum used vehicle market share over the forecast period.  The optimal age to buy a used automobile is very subjective, and it all depends on the customer's preferences. Buying a used automobile that is less than five years old saves a lot of money over buying a new car and gives you an almost new car. A five-year-old car, on the other hand, delivers even more spectacular savings and is unlikely to cost much more in yearly maintenance provided the client is ready to forego appearance and amenities.

Reasons to Purchase this Market Report:

  • Market forecast analysis through recent trends and SWOT analysis
  • Used Vehicle Market Dynamics Scenarios with Market Growth Opportunities over the Next Year
  • Market segmentation analysis, including qualitative and quantitative studies that include economic and non-economic impacts
  • Used Vehicle Market Regional and country-level analysis that integrates demand and supply forces that impact the growth of the market.
  • Competitive environment related to the Used Vehicle market share for key players, along with new projects and strategies that players have adopted over the past five years

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