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

The latest report published by IMARC Group, titled "Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on the used car market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global used car market is expected to exhibit a CAGR of 9.4% during 2022-2027.

COVID-19 Impact Analysis:

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 cars are second-hand vehicles that are made available for resale. Selling a used vehicle consists of identifying and repairing the flaws and refurbishing the automobile. Independent car dealers and franchises, auctions, leasing offices, rental car companies, and private party sales are some of the outlets that sell used cars. Consumers are gradually inclining towards purchasing used vehicles due to the availability of finance options and the mobility offered by second-hand vehicles. The commonly preferred used cars include sports utility vehicles, hatchbacks, and sedans.

Global Used Car Market Trends and Drivers:

The shifting consumer preference for private cars to maintain social distancing amidst the COVID-19 pandemic is a prime factor driving the market growth. In line with this, the rising awareness about the financial benefits of possessing a used car, including minimized depreciation costs, full warranty and assurance, and improved savings for the buyer, are supporting the market growth. Moreover, the growing ownership of used cars among millennials due to concerns regarding affordability is acting as another growth-inducing factor. Besides this, the online availability of used vehicles and the significantly high maintenance and ownership costs of new cars are bolstering market growth. Additionally, the increasing number of organized and semi-organized sales across emerging countries and the surging demand for car-sharing services are accelerating the market growth. Apart from this, the extensive incorporation of blockchain technologies to preserve and store the maintenance history record and the carbon footprint of the cars, along with growing environmental consciousness, 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, South Africa, Others)

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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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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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This release was published on openPR.