Second Hand Vehicle Trading Service Market Estimated to Record Highest CAGR by 2026

Second Hand Vehicle Trading Service Market- Insights

Second hand vehicles or used vehicles are defined as vehicles that are already registered and are available for sale. In recent years, the longevity, reliability and quality of used cars has improved, while global demand for cars continues to rise. Used vehicles offer consumers mobility at a lower cost, owing to which demand for used cars has increased substantially among middle class people. Moreover, increasing disposable income in developing countries such as China and Brazil is also one of the contributing factor for the growth of used car market. Furthermore, in developing markets such as India the new vehicle sales have declined by 2% during 4QFY19 while the overall used car market registered a growth of 10% for the same period.

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Europe held the dominant position in 2018 in the second hand vehicle trading service market

Europe held the dominant position in the market in 2018, followed by North America and Asia Pacific. Moreover, Germany, France, Italy, Spain, and the U.K. are some of the major growth engines of the second hand vehicle trading service market in Europe. The region has witnessed significant growth in sales of used cars in the last couple of years. For instance, according to German Federal Authority for Automotive Transport (KBA), in 2017, around 7.19 million used vehicles were sold, out of which 21% vehicles are less than two years old.

Moreover, the region has witnessed a higher used car sales ratio compared to new car sales ratio in the recent years owing to large demand for vintage and luxury vehicles. According to CMI analysis in 2018, In European Union (EU) the sale of used cars is 2.1 times that of new cars in the region.

The second hand vehicles are used vehicle  which are registered previously with regulatory authorities or government bodies. These vehicles are sold through traditional offline channels such as walk-in car stores, car dealers, rental companies, auction houses, and franchise among others; as well as through online sales channels such as dedicated car selling websites, buying and selling platforms, and social media among others.

Market Dynamics

Original equipment manufacturers (OEMs) across the globe are focused on continuous product innovation, and introducing new vehicle models with advanced features to expand their consumer bases. As a result, existing car owners are purchasing new cars and selling their old or existing cars in the aftermarket. Moreover, various OEMs have started their own organized second hand car trading car trading services. For instance, Mahindra and Mahindra, an Indian car manufacturer, is providing multi brand certified second hand cars through its group company Mahindra First Choice. The increasing number of organized players in the second hand vehicle trading market is one of the major contributing factors to the growth of the global second hand car market. However, unavailability of finances for used cars can be a major challenge for the growth of the second hand vehicle trading industry.

Detailed Segmentation:
o Global Second Hand Vehicle Trading Service Market, By Vehicle Type
o Passenger Cars
? Hatchback
? Sedan
? SUV
o Light Commercial Vehicles
o Heavy Commercial Vehicles

o Global Second Hand Vehicle Trading Service Market, By Fuel Type:
o Petrol Vehicles
o Diesel Vehicles
o Electric Vehicles
o Others

o Global Second Hand Vehicle Trading Service Market, By Sales Channel:
o OEMs/Direct Sales
o Third Party Services 

o Global Second Hand Vehicle Trading Service Market, By Mode of Sales:
o Online
o Offline

Key companies

Key companies covered as a part of this study include Autotrader (Cox Automotive), cars.com, Cars24, eBay Motors, Edmund, Guazi, Hemmings, Kbb, Renrenche, Truebil, TrueCar and Uxin among others

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