Used Car Market to Record CAGR of 8.7% and Increase in Revenue by 2030 | CarMax Inc., Emil Frey Classics AG, Penske Automotive Group Inc., Emirates Auction L.L.C.

The advent of e-commerce has enabled a better flow of information among people. Moreover, the enhancement in internet connectivity, development in the telecom sector, and rapid urbanization are providing numerous platforms to people to advertise their used cars and spread information about their availability. Due to these developments, selling and buying used cars have become easier and faster. With the increasing space for advertisement, individual owners and dealerships can supply more products to potential buyers.

Besides, the rising presence of organized players in the used car market is expected to lead to an increase in sales from 115.2 million units in 2019 to 275.3 million units in2030, at a CAGR of 8.7% during 2020–2030. The organized players are providing used cars with offers such as free services at the dealership and free towing, to expand their presence. These value-added benefits and services are helping online and offline dealerships in gaining the trust of customers.

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These dealers and individuals offer a wide range of options of used small, medium, and large cars to potential customers. Most people across the world are buying medium-sized used cars from offline and online suppliers. This is due to the increasing stock of good-quality, less-driven, second-hand mid-sized cars in the developing nations of the Asia-Pacific (APAC) and Latin America, Middle East, and Africa (LAMEA) regions. Moreover, the rising disposable income of customers in several emerging economies is augmenting the demand for mid-sized used cars.

According to P&S Intelligence, the LAMEA used car market will witness the fastest-growing sales volume in the coming years. This can be ascribed to the increasing purchasing power of the people in Argentina, Mexico, and Brazil. Moreover, the surging number of dealerships and car-selling individuals in the region, along with the partnerships between online disruptors and automobile manufacturers, financial institutions, and dealerships, is fueling the availability of used cars in LAMEA nations. These partnerships are creating shared value by exchanging data on new-model-reselling partners and customer preferences, thus helping increase each other’s customer reach.

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Thus, the increase in the purchasing power of individuals in developing nations, rise in the number of dealerships, and growth in online platforms are boosting the adoption of used cars.

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This release was published on openPR.