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Used Car Market Outlook 2023-2028: Global Size, Industry Trends, Growth Drivers and Business Opportunities

03-13-2023 07:11 AM CET | Tourism, Cars, Traffic

Press release from: IMARC Group

Used Car Market Outlook 2023-2028: Global Size, Industry

According to IMARC Group's latest report, titled "Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the global used car market is expected to exhibit a growth rate (CAGR) of 9.1% during 2023-2028. 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.

Global Used Car Market Trends:

The growing global population and the inflating urbanization levels are primarily augmenting the used car market. Furthermore, the escalating demand for personal vehicles among people in metropolitan cities for convenience and enhanced travel experience is positively influencing the market growth. Apart from this, the increasing awareness among individuals about the advantages of using secondhand vehicles on environmental health is acting as another significant growth-inducing factor. Moreover, several retailers are digitalizing their processes and operations and participating in online sales to provide complete transparency to their customers, which is also bolstering the global market. Besides this, the rising focus on increasing investments in advanced technologies, including artificial intelligence (AI), blockchain, and big data analytics is further catalyzing the market growth. Additionally, the widespread adoption of these technologies, as they aid in storing the maintenance history record of the carbon footprint, providing digitized recommendations regarding vehicle health, and generating performance reports of pre-owned vehicles accordingly is also driving the global market. In addition to this, the expanding online refurbished car retail channels and the elevating demand for pre-owned luxury cars are expected to fuel the used car market in the coming years.

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

Used Car Market 2023-2028 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 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 10% Free Customized Report: https://www.imarcgroup.com/request?type=report&id=3555&flag=C

Industry Definition and Application:

A used car refers to a pre-owned or secondhand vehicle, which is repaired and refurbished to regain working requirements before the sale. It is affordable, does not need registration fees and other charges, and offers better value and reliability for the amount paid. Used cars are available through numerous outlets, such as independent car stores, rental car companies, private party sales, etc. Presently, they are gaining immense traction across the globe, especially among the middle-class population.

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.

Other Reports by IMARC Group:

Car Rental Market: https://bit.ly/4256lyp

Podcasting Market: https://bit.ly/401kaMx

Global Fish Meal Market: https://bit.ly/3ZWBli4

Plant Growth Chambers Market: https://bit.ly/3YEgfUJ

Africa E-Learning Market: https://bit.ly/3YIxcxh

Industrial Valves Market: https://bit.ly/427RoLT

India Food Processing Market: https://bit.ly/42aYqQm

India Vegan Food Market: https://bit.ly/3ZIvDko

Bio-Lubricants Market: https://bit.ly/3yyKL7P

Contact Us:
IMARC Group
134 N 4th St
Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800

About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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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