The latest report published by IMARC Group, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
The global used car market is expected to exhibit a growth rate (CAGR) of 9.1% during 2023-2028. A used car refers to a pre-owned or secondhand vehicle, which is repaired and refurbished to regain working requirements before the sale. It is affordable, does not need registration fees and other charges, and offers better value and reliability for the amount paid. Used cars are available through numerous outlets, such as independent car stores, rental car companies, private party sales, etc. Presently, they are gaining immense traction across the globe, especially among the middle-class population.
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Used Car Market Trends:
The growing global population and the inflating urbanization levels are primarily augmenting the used car market. Furthermore, the escalating demand for personal vehicles among people in metropolitan cities for convenience and enhanced travel experience is positively influencing the market growth. Apart from this, the increasing awareness among individuals about the advantages of using secondhand vehicles on environmental health is acting as another significant growth-inducing factor. Moreover, several retailers are digitalizing their processes and operations and participating in online sales to provide complete transparency to their customers, which is also bolstering the global market. Besides this, the rising focus on increasing investments in advanced technologies, including artificial intelligence (AI), blockchain, and big data analytics is further catalyzing the used car market growth. Additionally, the widespread adoption of these technologies, as they aid in storing the maintenance history record of the carbon footprint, providing digitized recommendations regarding vehicle health, and generating performance reports of pre-owned vehicles accordingly is also driving the global market. In addition to this, the expanding online refurbished car retail channels and the elevating demand for pre-owned luxury cars are expected to fuel the used car market in the coming years.
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:
- Hatchbacks
- Sedan
- Sports Utility Vehicle
- Others
Breakup by Vendor Type:
- Organized
- Unorganized
Breakup by Fuel Type:
- Gasoline
- Diesel
- Others
Breakup by Sales Channel:
- Online
- Offline
Breakup by Region:
- North America
- Asia Pacific
- Europe
- 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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