Global Used Car Market Booms Amid COVID-19 and Chip Shortage: According to Makreo Research

The global used car market is experiencing unprecedented growth as a result of the COVID-19 pandemic.
In recent years, the global used car market has grown significantly, particularly during the COVID-19 pandemic. The growing demand for personal mobility, a lack of funds, and a scarcity of new cars on the market are driving the expansion of the used car market.

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➤ Increased Demand as a Result of Price Restriction and COVID-19 Disruptions
The middle-class population with limited financial resources is one of the major factors driving the growth of the used car market. The disruptions caused by the COVID-19 pandemic have increased demand for used cars.

➤ Global chip shortage boosts used car demand
The global chip shortage, which began in 2020, has had an effect on the used car market as well. With the disruption in the production and supply of new cars, the demand for used cars has increased. The recent outbreaks of delta version and COVID-19 in Southeast Asia have exacerbated the semiconductor chip shortage, resulting in an increase in used car demand.

➤ The Global Automobile Industry's Shift Toward Used Vehicles
Consumers have been forced to reconsider their options as car prices have risen globally. This has resulted in a significant shift in consumer preferences, with many people preferring to buy used cars rather than new ones. The Covid-19 pandemic and the Ukraine-Russia war have both contributed significantly to the rise in car prices, making it more difficult for consumers to purchase new vehicles. As a result of this shift, the used car industry has benefited from increased demand for affordable and dependable vehicles. This pattern is likely to continue as prices remain high and consumer budgets remain constrained.
Rise of Start-Ups in Used Car Market Boosts Growth an increase in demand for used cars has led to a surge in start-ups, resulting in explosive growth in the industry.

➤ Consumers' Preference for Used Vehicles
Consumers are increasingly concerned about the cost of depreciation in new cars, which is 30% in the first year. Buyers are turning to used cars due to the high depreciation costs. Governments in various countries have also reduced the car ownership period to around four years, increasing the cost of purchasing a new car and increasing demand for used cars.
Other factors driving the growth of the used car market include rising urbanization, an expanding middle-class population, and rising global inflation.

Makreo Research has released a report on the global used car market's future outlook, titled "Global Used Car Market Future Outlook to 2027-COVID-19 Impact Assessment and Growth Opportunities." The report examines the market from a variety of angles, including demand trends, semiconductor availability, trade trends, and more. The research also examines the market by car type, channel, and region. The report provides valuable insights into the challenges and opportunities facing the used car market through in-depth analysis and forecasting.

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