Used Car Market Forecasted to Exhibit an Incredible Growth of USD 1700,106.13 Million by 2030, Size, Share, Trends, Key Drivers, Demand and Opportunity Analysis

Data Bridge Market Research analyses that the global used car market was valued at USD 996,906.42 million in 2022 and is expected to reach the value of USD 1700,106.13 million by 2030, at a CAGR of 6.90% during the forecast period

 | Source: Data Bridge Market Research Data Bridge Market Research

TORONTO, April 04, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market Research has recently published a Report, titled, "Used Car Market" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. The transparent, trustworthy and extensive market information, and data included in the Used Car business report will definitely help develop business and improve return on investment (ROI). The market report estimates the region that is foretold to create the most number of opportunities in the global Used Car Market. It figures out whether there will be any changes in the market competition during the forecast period. These insights are often critical to key business processes such as product planning, new product development, distribution route planning, and sales force development. This market research report really serves to be a proven solution for businesses to gain a competitive advantage.

Data Bridge Market Research analyses that the global used car market was valued at USD 996,906.42 million in 2022 and is expected to reach the value of USD 1700,106.13 million by 2030, at a CAGR of 6.90% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Available Sample Report in PDF Version along with Graphs and Figures @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-used-car-market

A car with one or more retail owners in the past is referred to as a used car, pre-owned car, or second hand car. Franchise and independent vehicle dealers, rental car agencies, buy here pay dealerships, leasing offices, auctions, and private party sales are just a few places where used cars can be purchased. Some auto dealers provide "no-haggle prices," "certified" pre-owned vehicles, and extended service agreements or warranties.

The growing disposable income of the working people is increasing the market growth because this enables individuals to buy vehicles within a limited budget. As per Statistics Canada, disposable incomes in low-class households were augmented by 3% and 3.3% in the initial phase of 2021, respectively. In contrast, incomes in high-class households were reduced by 6.4% and then augmented by 3.9% over the same timeframe. The market growth for used cars witnessed substantial growth in the last few years because of expense competitiveness among new market players along with the inability of major share of customers to buy a new car.

Recent Development

  • In December 2019, HELLMAN & FRIEDMAN LLC has entered into a contract to acquire the company from AutoScout24. With this acquisition, the company aims to provide value-added marketing solutions because it continues to digitalize its business models in the automobile industry.
  • In December 2019, Group1 Automotive, Inc. announced their acquisition with two Lexus dealerships to grow its business presence in the New Mexico market. This aided the company in making a footprint in the fast-growing New Mexico market.

Some of the major players operating in the used car market are:

  • Group1 Automotive, Inc. (U.S.)
  • AutoNation, Inc. (U.S.)
  • HELLMAN & FRIEDMAN LLC (U.S.)
  • PENDRAGON (U.K.)
  • CarMax Business Services, LLC (U.S.)
  • Manheim (U.S.)
  • THE HERTZ CORPORATION (U.S.)
  • Cox Automotive (U.S.)
  • Sun Toyota (U.S.)
  • eBay Inc. (U.S.)
  • TrueCar, Inc. (U.S.)
  • VROOM (U.S.)
  • Asbury Automotive Group (U.S.)
  • Lithia Motors, Inc. (U.S.)
  • Hendrick Automotive Group (U.S.)

We can add or profile new company as per client need in the report. Final confirmation to be provided by research team depending upon the difficulty of survey.

Access Full PDF Research Report @ https://www.databridgemarketresearch.com/checkout/buy/enterprise/global-used-car-market

The investment made in the study would provide you access to information such as:

  • Used Car Market [Global – Broken-down into regions]
  • Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
  • Country wise Market Size Split [of important countries with major market share]
  • Market Share and Revenue/Sales by leading players
  • Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter’s Five Forces, etc.
  • Used Car Market Size
  • Market Size by Application/industry verticals
  • Market Projections/Forecast

Opportunities

  • Increasing presence of several car manufacturers and used vehicle dealers

As a result of simple accessibility of finance for used car purchases, the Europe used cars market income exceeded USD 500 billion in 2021 and will continue to rise steadily. The manufacturing industry is the largest private investor in R&D in Europe, Europe is the world's leading manufacturer of automobiles. To increase regional automotive sector competitiveness and retain its technological hegemony globally, the European Commission promotes global technology standardization and R&D funding. Used vehicle dealerships in the area offer a range of tech-enabled options for tracking automotive performance, including smartphone applications and virtual internet outlets.

  • Growth of Online Technologies and E-commerce

Technological developments in the telecom sector improved internet connectivity, and growing urbanization are some major factors for which people can now access information much more effectively. These features help used-car owners quickly advertise their vehicles and share information about them. With the help of this online platform, more people can now sell and buy cars.

Market Drivers:

  • High cost of new car and affordability concern

The car sector has observed augmented demand for advanced vehicle features such as power steering, climate control, and anti-lock brake systems. Now the cost of new cars more as a result of this. Furthermore, the affordability issues in the new market are indicated by the price increase in 2019, which was driven by mainstream passenger car segments. As a result, used car sales have surged compared to new car sales in the automotive industry. This is anticipated to increase demand for old cars.

  • Increasing demand for versatile hatchback cars

The Europe used hatchbacks cars which is expected to expand at a growth rate of above 3.5% till 2028 driven by growing demand for hatchbacks that provide flexibility while driving in small spaces. The development of the used car market is aided by the significant presence of top automakers such as Audi AG, BMW AG, Mercedes-Benz, and Volkswagen because these manufacturers offer a large selection of hatchback car models. Players in the market offer hatchback car with a high roofline and a compact design.

Segmentation: Used Car Market

Vendor Type

  • Organized
  • Unorganized

Propulsion

  • Petrol
  • Diesel
  • CNG
  • LPG
  • Electric

Engine Capacity

  • Full Size (Above 2500 CC)
  • Mid-size (Between 1500-2499 CC)
  • Small (Below 1499 CC)

Dealership

  • Franchised
  • Independent

Sales Channel

  • Online
  • Offline

Vehicle Type

  • Passenger Car
  • LCV
  • HCV
  • Electric Vehicle

Read the In-Depth Research Report @ https://www.databridgemarketresearch.com/reports/global-used-car-market

Used Car Market Regional Analysis/Insights

The used car market is analyzed and market size insights and trends are provided by country, vendor type, propulsion, engine capacity, dealership, sales channel and vehicle type as referenced above.

The countries covered in the Used Car market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Asia-Pacific dominates the used car market in revenue growth. This is mainly due to the organized and semi-organized sales industry growth. China dominates the Asia Pacific used car market due to highest number of dealers of used car in this region.

Europe is projected to be the fastest developing region during the forecast period of 2023-2030 due to the availability of abundant raw materials and cheap labour. Moreover, increasing internet usage, warranties offered on pre-owned vehicles, online tools for buying or researching used automobiles, and various purchase alternatives are some of the other major factors that will likely boost the market growth.

Table of Contents:

  1. Introduction
  2. Market Segmentation
  3. Executive Summary
  4. Premium Insights
  5. Global Used Car Market: Regulations
  6. Market Overview
  7. Global Used Car Market, By Vendor Type
  8. Global Used Car Market, By Propulsion
  9. Global Used Car Market, By Engine Capacity
  10. Global Used Car Market, By Dealership
  11. Global Used Car Market, By Sales Channel
  12. Global Used Car Market, By Vehicle Type
  13. Global Used Car Market, By Region
  14. Global Used Car Market: Company Landscape
  15. SWOT Analyses
  16. Company Profile
  17. Questionnaires
  18. Related Reports

To check the complete Table of Content click here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-used-car-market

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Used Car Market Used Car Market Share Used Car Used Car Industry Used Car Market Size Used Car Market Growth

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