Used Car Market 2022-2027 | Industry Trends, Size, Growth and Competitive Analysis

According to IMARC Group's latest report, titled "Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global used car market is expected to exhibit a CAGR of 9.4% during 2022-2027. A used car is a second-hand vehicle that is refurbished and usually sold through a variety of outlets and platforms, such as walk-in used-car stores, online platforms, automobile dealerships, and leasing offices. The process of purchasing an old vehicle involves checking tire conditions, upholstery, mileage, test drive, and mechanical inspection. Some commonly preferred cars include sedans, hatchbacks, and sports utility vehicles. Used cars assist in minimizing the depreciation and maintenance costs of the vehicle by providing full assurance, warranty, and variant upgradations.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. 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 being driven by the increasing consumer preference for used or refurbished car ownership on account of high costs of new vehicles. Moreover, the easy availability of the internet has led to the utilization of e-commerce sites and applications to purchase and sell the automobile with complete transparency and ease of operations, which, in turn, is providing an impetus to the market growth. Other factors, including the increasing demand for multiple and luxurious vehicles and rising expenditure capacities of consumers, particularly in emerging economies, are creating a positive outlook for the market.

Used Car Market 2022-2027 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:

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

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 (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iran, Others)

Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=3555&flag=C

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• 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.