Dublin, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The "Used Cars Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global used cars market is expected to grow from $1,154.95 billion in 2021 to $1,219.23 billion in 2022 at a compound annual growth rate (CAGR) of 5.57%. The used cars market is expected to reach $1,523.77 billion in 2026 at a CAGR of 5.73%.
The used cars market consists of the sale of used cars by entities (organizations, partnerships, and sole proprietors) that refers to cars, which are preowned by one or more owners. The used cars are generally purchased due to budget restrictions and by first-time buyers. In addition to that, a used car has an advantage over a new car as it depreciates at a slower pace. Particularly for first time car buyers, a used buying is more useful and affordable at the same time.
The main types of used cars include hatchbacks, sedans, and SUVs. The hatchback cars are small boxy type passenger cars with a two-compartment configuration and fold-out cargo door. These used cars are fueled by petrol, diesel, and hybrid/electric and sold through peer-to-peer platforms, franchised dealers and independent dealers.
Asia-Pacific was the largest region in the used cars market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in the used cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The emergence of online platforms for used car sales globally is significantly driving the growth of the used cars market. The online platforms provide ease of access and required information to buy and sell used cars. The key players are expanding their business digitally to increase the sales of used cars.
For instance, in September 2021, Ola launched a used automobile marketplace named 'Ola Cars,' which will allow customers to buy, and trade used cars. It will also provide 'try and buy' services from the comfort of customers' homes, as well as simple financing with EMI alternatives and a one-year warranty.
These kinds of new online platforms provide convenience for the buyers to choose from a variety of options irrespective of their locations and invariably increase the sales of used cars. Hence, the emergence of online platforms is expected to propel the growth of the used cars market over the coming years.
Increasing investment in the market is a key trend gaining popularity in the used cars market. Major companies operating in the used cars market are focused on increasing investments for business expansions and strengthening their business position.
For instance, in December 2020, Volkswagen, a leading motor vehicle manufacturer based in Germany announced the expansion of its digitally connected pre-owned automobile dealership network in India with the opening of two new locations, one each in Ahmedabad and Bengaluru. In addition, the automaker reiterated its intention to open 21 such dealerships that will increase its focus on the used cars business investments.
In October 2021, Constellation Automotive Group, based in England, a key player in the digital marketplace for used cars in Europe has announced the acquisition of CarNext for an undisclosed amount. As a result of this acquisition, Constellation Automotive Group aims to expand its business rapidly and reach 2.5 million car sales annually. CarNext is a Netherlands-based company that provides a marketplace for used cars in several European countries.
The countries covered in the used cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Major players in the used cars market are
- Hendrick Automotive Group
- Group 1 Automotive Inc.
- Cox Automotive
- Asbury Automotive Group Inc.
- CarMax Business Services LLC
- TrueCar Inc
- Pendragon PLC
- Lithia Motors Inc.
- The Hertz Corporation
- AutoNation
- Quikr
- Honda Auto Terrace
- Toyota U-Trust
- Vroom
- OLX
- Cars24 services private limited
- Big Boy Toyz ltd
- Alibaba.com
- Scout24 AG
Key Topics Covered:
1. Executive Summary
2. Used Cars Market Characteristics
3. Used Cars Market Trends And Strategies
4. Impact Of COVID-19 On Used Cars
5. Used Cars Market Size And Growth
5.1. Global Used Cars Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Used Cars Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Used Cars Market Segmentation
6.1. Global Used Cars Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Hatchback
- Sedan
- SUV
6.2. Global Used Cars Market, Segmentation By Fuel Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Petrol
- Diesel
- Hybrid/Electric
6.3. Global Used Cars Market, Segmentation By Sales Channel, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Peer-to-peer
- Franchised dealers
- Independent dealers
7. Used Cars Market Regional And Country Analysis
7.1. Global Used Cars Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Used Cars Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/xn05eo
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