Used Vehicle Market Expected to Reach at High Pace by 2025 | Know COVID-19 Analysis | Top Companies- HERTZ CAR SALES, Vroom, Manheim, Autonation, etc.

Market Research Future published a research report on the Global Used Vehicle Market, which expected to progress with 5.3% CAGR from 2019 to 2025.

Used vehicles are second-hand vehicles that are available for resale in economies dependent on two-wheelers and four-wheelers as a primary mode for transportation. The global used vehicle market report by Market Research Future (MRFR) covers the historical performance of the market as well as trends and opportunities for the period of 2019 to 2025 (forecast period). The COVID-19 outbreak and its impact on the industry are covered in the report.

Market Scope
Major driving factors are transparency of used car salesmen, penetration of the Internet, and demand for car subscription services. Rise in disposable income levels of customers and growth witnesses in developing economies can bode well for the market. Alternative to public transportation and lack of presence of economically priced cars can favor the used vehicle market demand.

The COVID-19 pandemic has proven to be lucrative for the global used vehicle market owing to adherence to restriction of movement by consumers as well as the rising cost of new vehicles. In addition, the large number of used vehicles on websites coupled with various renowned used car vehicle franchises planning to go public on the stock market with the help of partners.

Competitive Outlook
HERTZ CAR SALES, Vroom, Inc., Manheim, Autonation, eBay, TrueCar, Inc., PenskeCars, Autotrader, Inc., Alibaba Group, Sun Toyota, CarMax Business Services, LLC, and Cox Automotive, Inc. are key players of the global used vehicle market.

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Segmentation
On the basis of vehicle age, the market has been segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years old. On the basis of vehicle type, the market has been segmented into light commercial vehicle, passenger car, and heavy commercial vehicle. On the basis of propulsion, the market has been segmented as internal combustion engine (ICE) and electric vehicle (EV), wherein the electric vehicle segment is further segmented into plug-in EV, battery EV, and hybrid EV. On the basis of sales channel, the segments are rental car companies, franchised, independent car dealers, and others.

Regional Analysis
Asia Pacific is expected to hold the largest market share during the forecast period owing to the growing automotive industry in India, China, and Japan. Moreover, increased production and sales of SUVs is expected to boost the demand for used vehicle in this region. Furthermore, the rise in per capita disposable income in emerging economies, increasing population, and urbanization can contribute to the growth of this market. The use of analytics to gauge consumer demand as well as use of smartphones for scanning vehicles from all sides can ensure transparency during the sales process.

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Get More Information: https://www.marketresearchfuture.com/reports/used-vehicle-market-7616

TABLE OF CONTENTS:
• Market Introduction
• Research Methodology
• Market Dynamics
• Executive Summary
• Market Factor Analysis
• Used Vehicle Market, By Segments
• Competitive Analysis
More…

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This release was published on openPR.