Used Car Market Trends, Growth, Opportunity, Top Companies, Industry Report and Forecast 2021-26

According to IMARC Group’s latest report, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global used car market is expected to grow at a CAGR of around 6% during 2021-2026. A used car refers to a second-hand vehicle that was previously owned by one or more retail owners. Used automobiles are generally repaired and refurbished to working conditions, following which they are listed for sale. These cars are commonly available for resale through various outlets, such as auctions, leasing offices, traditional franchise and independent car stores, rental car companies, and private party sales. Since these cars offer cost-efficient solutions to individuals while minimizing the depreciation of the vehicle, they are gaining widespread prominence among the masses.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.

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Used Car Market Trends and Drivers:

The global used car market is primarily driven by the increasing green consciousness among the masses. With an enhanced focus on sustainable development, individuals are preferring the adoption of refurbished cars with attractive deals, which is providing an impetus to the market growth. Moreover, numerous used car retailers are digitalizing their processes and operations. They are also attempting to reach a broader customer-base by participating in online sales to offer complete transparency to their users. These players are also investing in advanced technologies, such as artificial intelligence and big data analytics, to differentiate their brand and offerings from traditional used car dealers on the internet, which is expected to provide numerous growth opportunities in the market.

The electrification of vehicles and the introduction of the latest models of automobiles at short intervals have created an escalating demand for newer used car models equipped with advanced technologies. This is expected to create a positive outlook for the market. Furthermore, the increasing integration of blockchain technologies in an attempt to gather and store the maintenance history record of the carbon footprint of the used cars is acting as another major growth-inducing factor. Some of the other factors contributing to the used car market growth include the rising demand for second-hand luxury cars and significant improvements in the online refurbished car retail channels.

Used Car Market 2021-2026 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the used car market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

CarMax Business Services LLC
Pendragon PLC
Group1 Automotive Inc.
TrueCar Inc.
Alibaba Group Holding Limited
AutoNation Inc.
eBay Inc.
Cox Automotive Inc. (Cox Enterprises Inc)
Lithia Motors Inc.
Arnold Clark Automobiles Limited

Key Market Segmentation:

The report has segmented the global used car market on the basis of vehicle type, vendor type, fuel type, sales channel and region.

Breakup by Vehicle Type:

Hatchbacks
Sedan
Sports Utility Vehicle
Others

Breakup by Vendor Type:

Organized
Unorganized

Breakup by Fuel Type:

Gasoline
Diesel
Others

Breakup by Sales Channel:

Online
Offline

Breakup by Region:

North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Ask Analyst for Customization and Explore full report with TOC & List of Figures: https://www.imarcgroup.com/used-car-market

Key Highlights of the Report:

Market Performance (2015-2020)
Market Outlook (2021-2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.