Used Car Market: Global Industry Outlook, Size, Share, Growth (CAGR of 9.1%), Top Companies Analysis and Research Report 2023-2028

The latest report published by IMARC Group, titled "Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form. The global used car market is expected to exhibit a growth rate (CAGR) of 9.1% during 2023-2028.

Year Considered to Estimate the Market Size:

Base Year of the Analysis: 2022
Historical Period: 2017-2022
Forecast Period: 2023-2028

Global Used Car Market Trends:

The growing consumer inclination towards owning a personal vehicle for convenience and enhanced travel experience is primarily driving the used car market. Additionally, numerous associated benefits of using secondhand automobiles on environmental health and the rising investments in advanced technologies, such as Artificial Intelligence (AI), Big Data analytics, Blockchain, etc., are further catalyzing the market growth. Besides this, they assist in storing the maintenance history record of the carbon footprint, providing digitized recommendations regarding vehicle health, generating performance reports of used cars accordingly, etc., which is acting as another significant growth-inducing factor. Moreover, continuous improvements in the online refurbished car retail channels and the escalating demand for pre-owned luxury cars are also positively influencing the global market. Apart from this, various retailers are participating in online sales and digitalizing their processes and operations to offer complete transparency to their customers, which is expected to fuel the used car market over the forecasted period.

Download a free sample report to get a detailed overview of the market: https://www.imarcgroup.com/used-car-market/requestsample

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.

Industry Definition and Application:

A used car represents a pre-owned or secondhand vehicle that is refurbished and repaired to regain working conditions before the sale. It does not require registration fees and other charges, is affordable, offers better value and reliability for the amount paid, etc. In line with this, a used car is commonly available via several outlets, such as rental car companies, independent car stores, private party sales, etc. It also provides cost-efficient solutions to individuals while minimizing the depreciation of the vehicle. Consequently, a used car is gaining extensive traction, especially among the middle-class population, across the globe.

Key Market Segmentation:

The report has segmented the global used car market based on 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/request?type=report&id=3555&flag=C

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• 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.