Dublin, May 30, 2023 (GLOBE NEWSWIRE) -- The "Global Used Cars Market Size, Share, Growth Analysis, By Vehicle Type, By Distribution Channel, By Vendor Type, By Fuel Type, By Size, By Sales Channel - Industry Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
Used Cars Market was valued at USD 928.24 billion in 2021 and is expected to reach market size of USD 1729.82 billion by 2028, growing at a CAGR of 9.3% over the forecast period (2022-2028).
Factors such as increasing consumer preference for cost-effective transportation options, rising disposable incomes, and advancements in digital platforms for buying and selling used cars are driving market growth.
The market is also witnessing a surge in demand for electric and hybrid used cars due to their eco-friendly nature. However, challenges such as vehicle history reporting, inspection, and financing are expected to hinder market growth in the coming years.
Segments covered in this report
Global Used Cars Market is segmented based on Type, Distribution Channel, vendor type, fuel type, size, sales channel, and Region.
Based on Type Used Cars Market is categorised into: SUV, Hatchback and Sedan.
By Vendor Type, the Used Cars Market is segmented into organised and unorganised. By Fuel Type, Used Cars Market is segmented into Petrol, Diesel, Others.
Based on the Distribution channel Used Cars Market is categorised into: Independent Dealer, Franchise Dealer, Based on size, the Used Cars Market is segmented into Mid-Size, SUVs, Compact.
Based on the sales channel, the Used Cars Market is segmented into online and offline. Based on the region it is categorised into: North America, Europe, Asia-Pacific, South America, and MEA.
Drivers
The increased adoption of advanced technology and widespread use of the internet, along with the availability of e-commerce platforms, have contributed to a surge in market demand and facilitated the establishment of brand presence. The emergence of hybrid and electric vehicles has transformed the market dynamics and empowered consumers by providing them access to valuable information, such as vehicle details, third-party profit margins, and residual value.
Additionally, the rapid growth of urban areas, enhanced internet connectivity, and improvements in the telecommunications industry have facilitated easy access to information for people.
Car owners are leveraging these factors to promote and advertise their vehicles, and online forums have streamlined the sales process, resulting in increased sales and greater participation by stakeholders. These digital platforms foster transparency between buyers and sellers, and are therefore expected to drive the market in the coming years.
Restraints
The increase in the demand for second-hand vehicles has led to the emergence of unregulated players in the market. In certain countries, including India, China, Thailand, Brazil, and Mexico, a significant proportion of the used car market is controlled by these unorganised players.
However, their non-compliance with industry regulations poses a threat to market expansion. Consumers are losing trust in these players due to the absence of warranties and unethical practices such as concealing defects and selling damaged goods.
Trends
The market experienced a significant influence from the COVID-19 pandemic, which led to disruptions due to restrictions on travel and commuting. Safety concerns prompted people to prefer personal vehicles over shared ones.
Moreover, the growing popularity of electric and hybrid cars is anticipated to create a potential market for used cars in the future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 165 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $928.24 Billion |
| Forecasted Market Value (USD) by 2028 | $1729.82 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
Key Topics Covered:
- Executive Summary
- Market Overview
- Wheel of Fortune
- Research Methodology
- Information Procurement
- Secondary & Primary Data Sources
- Market Size Estimation
- Market Assumptions & Limitations
- Parent Market Analysis
- Market Overview
- Market Size
- Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
- Key Market Insights
- Technology Analysis
- Pricing Analysis
- Supply Chain Analysis
- Value Chain Analysis
- Ecosystem of the Market
- IP Analysis
- Trade Analysis
- Startup Analysis
- Raw Material Analysis
- Innovation Matrix
- Pipeline Product Analysis
- Macroeconomic Indicators
- Top Investment Analysis
- Key Success Factor
- Degree of Competition
- Market Dynamics & Outlook
- Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
- Regulatory Landscape
- Porters Analysis
- Competitive Rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
- Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
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- Market Overview
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- Market Overview
- Insulin
- Glp 1
- Growth Hormone
- Global Pen Needles Market by Distribution Channel
- Market Overview
- Retail
- Non-Retail
- Global Pen Needles Market Size by Region
- Market Overview
- North America
- Usa
- Canada
- Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (Mea)
- Gcc Countries
- South Africa
- Rest of Mea
- Competitive Landscape
- Top 5 Player Comparison
- Market Positioning of Key Players, 2021
- Strategies Adopted by Key Market Players
- Top Winning Strategies
- by Development
- by Company
- by Year
- Recent Activities in the Market
- Key Companies Market Share (%), 2021
- Key Company Profiles
A selection of companies mentioned in this report includes
- Alibaba (China)
- Group 1 Automotive Inc. (US)
- Asbury Automotive Group (US)
- AutoNation Inc.(US)
- CarMax Business Services, LLC (US)
- Cox Automotive (US)
- eBay Inc. (US)
- Hendrick Automotive Group (US)
- LITHIA Motor Inc. (US)
- Scout24 AG (Germany)
- TrueCar, Inc. (US)
For more information about this report visit https://www.researchandmarkets.com/r/igfptm
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