New York, USA, Dec. 28, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global used cars market. According to the report, the global market is projected to surpass $1,970.0 billion and grow with a CAGR of 6.8% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of COVID-19 Pandemic on the Used Cars Market
The abrupt rise of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global used cars market. During the pandemic, to satisfy the need for a vehicle, people started preferring the option to buy used cars owing to the economic recession. Also, the stoppage of automobile production during the lockdown period fueled the demand for used cars. Several used car dealers adopted online means of sales to offer convenient services during the pandemic. These factors significantly fueled the market growth amidst the pandemic.
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Factors Impacting the Used Cars Market Growth
The key factor boosting the growth of the global used cars market is a significant rise in the demand for used cars owing to a drop in the resale value of new cars. Furthermore, the existence of a number of leading used car dealers in evolving countries is estimated to unlock lucrative opportunities for the market growth in the forecast period. However, the lack of finance options, such as loans from organized sector banks, for buying used cars is anticipated to deter the market’s growth.
The report segments the global used cars market into vehicle type, fuel type, distribution channel, and region.
SUV Sub-Segment to Grab a Notable Share of the Market
The SUV sub-segment of the vehicle type segment is foreseen to observe leading growth and garner $790.2 billion in the forecast period. This growth is mainly owed to the growing demand for first-class vehicles in developed nations, increasing adoption of SUVs, and rising disposable income of people across the globe.
Petrol Sub-Segment to Observe Significant Growth
The petrol sub-segment of the fuel type segment is expected to hold a leading share of the market and surpass $915.1 billion in the forecast period. This growth is mainly owed to the growing demand for preference for petrol cars as they are more cost-effective than their counterparts that run on diesel.
Independent Dealer Sub-Segment to Witness Rapid Growth
The independent dealer sub-segment of the distribution channel segment is predicted to grow enormously and hit $1181.60 billion in the forecast period. This growth is primarily because independent dealers offer an enormous supply of used cars of an extensive variety in terms of factors such as the used period of cars.
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Asia-Pacific Used Cars Market to Observe Rapid Growth
The report analyzes the global used cars market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe speedy growth and hit $546.7 billion in the estimated period. This growth is majorly due to the increasing need for transport facilities in developing nations like India and China, rapid urbanization, and growing per capita income of the people in this region.
Key Players of the Market
The report states some of the foremost players operating in the global used cars market including
- Group 1 Automotive Inc.
- Asbury Automotive Group Inc.
- Pendragon PLC
- Hendrick Automotive Group
- TrueCar Inc
- Lithia Motors, Inc.
- AutoNation Inc
- THE HERTZ CORPORATION
- CarMax Business Services LLC
- Cox Automotive
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in July 2022, CarzSo, a VR-based auto technology company, launched India’s first used car showroom in the metaverse.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Used Cars Market:
- How do Used Cars Aid Individuals to Fulfill Their Dreams and Meet Daily Chores?
- Partnerships, Product Launches, and Business Expansion Strategies by Market Players such as CarMax, Asbury Automotive Group, and AutoNation to Propel the Growth of the Global Used Cars Market
