Used Cars Market Business Growth Statistics and Key Players Insights: Asbury Automotive Group, Inc., AutoNation, Inc., CarMax Business Services LLC, Group1 Automotive Inc., Hendrick automotive group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd.
The global used cars market size is predicted to reach over USD 1,332.2 billion by 2028. This can be ascribed to the growing demand for off-lease cars, and subscription service by the franchise, leasing offices, and car dealers. Besides, the changing attitude of consumer’s towards used cars is also the key factor driving the market growth for used cars.
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Furthermore, millennials are motivated to save money on automobiles and, as a result, prefer to travel in secondhand cars. Furthermore, many individuals are unable to purchase new automobiles owing to their high cost, which increases the market's sales of old cars. This also opens the door for various investments by industry participants to build their dealership network in the sector.
Factors such as the high cost of new vehicles, affordability concerns, an increase in demand for off-lease automobiles, and subscription services provided by franchise, leasing offices, and car dealers have been seen to support the expansion of the used car industry. However, disorganized used cars sales and a lack of standardization stymie worldwide industry growth. Likewise, the introduction of online and e-commerce technologies, an increase in global electric vehicle business, a steady increase in organized or semi-organized sales in emerging countries, and demand for car sharing services are likely to provide lucrative opportunities for the growth of the used car market.
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The spread of the COVID-19 outbreak has hampered the market growth. For the first two quarters of 2020, the global economic crisis, combined with financial instability, hindered market size. Severe effects on the automobile sector during this time period also hampered the used cars market. However, from June 2020, the market will see an increase in demand for used cars, driven by a shift in consumer preference toward personal transportation. Consumers were advised to invest in inexpensive secondhand automobiles for personal protection during the pandemic due to health concerns and social distancing needs.
The automotive industry has seen a surge in demand for sophisticated technologies in cars such as power steering, temperature control, anti-lock brake systems, and others in recent years. As a result, the cost of new automobiles has risen. Furthermore, the price increase in 2019 driven by mainstream passenger car classes indicates affordability problems in the new market. Furthermore, the rise in car costs is affecting the secondhand market. As a result, the automotive sector has seen an increase in the number of used car sales compared to new vehicle sales, which is expected to drive demand for used cars in the near future.
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