Selbyville, Delaware, April 05, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the used cars market which estimates the market valuation for used cars will cross US$ 1.5 billion by 2027. The market is expected to witness a high growth rate due to the significant increase in the availability of used cars through online portals. Websites and smartphone applications allow buyers to conveniently compare and purchase used cars, accelerating the market size.
The used cars industry faced various challenges due to the rapid spread of COVID-19 pandemic during the first half of 2020. However, the market witnessed an upward trend during the third quarter of 2020 due to the growing demand for personal mobility solutions. Social distancing practices and high priority for personal health are driving the sales of used cars during the pandemic.
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The increasing presence of independent dealers in various countries across the globe will provide lucrative growth opportunities for the market growth. Independent dealers offer customers with creatively refurbished cars integrated with in-car entertainment systems. These players also offer a wide range of vehicles of various brands, thereby creating a positive outlook for the industry.
The Asia Pacific used cars market is anticipated to witness a growth due to the proliferation of used car trading services coupled with the increasing number of organized companies in China and India. Used car traders in Asia Pacific are offering an array of technology-enabled tools such as virtual online outlets and mobile-based applications for tracking car performance. The increasing adoption of these technologies will contribute to the escalating market growth.
Players active in the used cars market are Asbury Automotive Group Inc., Arnold Clark Automobiles Ltd., Carvana, CarMax Inc., Group 1 Automotive Inc., Emil Frey AG, Mahindra First Choice Wheels Ltd., Lookers PLC, and Maruti Suzuki True Value. These players focus majorly on strategic partnerships and collaborations to enhance their service offerings. For instance, in January 2020, CarMax Inc. partnered with Edmunds Inc., a digital automotive firm, with an investment of USD 50 million. The partnership aided the company to boost its digital presence in the industry.
Some major findings in the used cars market report include:
- Rising emphasis on the adoption of online portals for selling and purchase of used cars is driving the market size. Features offered by online portals, such as comparison of two car models and lucrative financing options, will support the industry.
- Hatchback used cars will foresee a substantial growth rate owing to their compact size and affordable prices, accelerating the market growth.
- The presence of several industry players coupled with the rising adoption of used cars for commercial purpose is augmenting the used cars market share in North America and Europe.
- The diesel segment will witness a steady growth rate owing to the low cost of fuel. The market will also witness a shift toward alternative fuels, such as CNG and LPG, over the coming years.
- Key players operating in the used cars market include Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., CarMax Inc., Carvana, Emil Frey AG, Maruti Suzuki True Value, TrueCar, Inc, and AutoNation, Inc.
- Major strategies adopted by the market players include mergers and acquisitions and strategic partnerships with other industry players to enhance their market share.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Used cars industry 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Vehicle type trends
2.1.3 Fuel type trends
2.1.4 Sales channel trends
2.1.5 End-use trends
2.1.6 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on used cars industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Marketing
3.2.3.3 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Emergence of online platforms for used car sales globally
3.6.1.2 Digitalization of used cars industry in North America and Europe
3.6.1.3 Proliferation of car subscription and rental service providers in Asia Pacific
3.6.1.4 Changing car ownership patterns in Latin America
3.6.1.5 Growing preference for refurbished used cars in Middle East & Africa
3.6.2 Industry pitfalls & challenges
3.6.2.1 High maintenance & servicing costs associated with used cars
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.