openPR Logo
Press release

Used Car Market Size To Hit US$ 1,511 Billion By 2028 | Industry CAGR 9.1%

08-25-2023 10:38 AM CET | Tourism, Cars, Traffic

Press release from: IMARC Group

Used Car Market Size To Hit US$ 1,511 Billion By 2028 | Industry

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 trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global used car market size reached US$ 896 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,511 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.

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

Used Car Market Trends:

The growing urban populations and increased mobility needs are driving demand for personal transportation, including used cars which represents one of the key factors driving the growth used car market across the globe. Used cars are often more affordable, which attracts price-sensitive consumers, especially in emerging economies. Online platforms and mobile apps are simplifying the buying and selling process, thus making it easier for consumers to access, compare, and purchase used cars. Access to detailed vehicle history reports, inspections, and certifications is increasing trust in the used car market, which is reducing uncertainty about vehicle conditions.

The market is also driven by the availability of easy and flexible financing options for used cars which are making them more accessible to a broader audience. In line with this, purchasing used cars can be seen as an environmentally responsible choice, which is reducing the demand for new manufacturing and thus lowering the carbon footprint. Governments and regulatory bodies are sometimes encouraging the used car market through favorable policies, including tax incentives, to promote sustainability. In addition to this, modern cars are built to last longer, thus making used cars a viable option for longer periods. New cars depreciated rapidly in the first few years, thereby making used cars a financially attractive option, retaining value better over time. Apart from this, the wide range of choices available in the used car market caters to varied consumer tastes and preferences, which is further boosting the demand for used cars.

Car rental and leasing companies regularly update their fleets, which is pushing well-maintained used cars into the market. The globalization of supply chains enables easier movement of used cars across borders, facilitating international trade. The existence of various small and big dealers, along with individual sellers, is creating a competitive environment, often resulting in better deals for consumers. Original equipment manufacturers (OEMs) entering the market with certified pre-owned programs ensures quality and boosts consumer confidence. A shift in consumer attitudes towards car ownership, where the focus is more on functionality than novelty, is further creating a positive outlook for the market across the globe.

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

Industry Definition and Application:

Used cars, also referred to as pre-owned or second-hand cars, are vehicles that have had one or more retail owners before being offered for resale. The market for used cars has been substantial and is driven by various factors. For buyers, used cars often present a cost-effective alternative to new vehicles. They can offer significant savings, and depreciation advantages, and sometimes include extended warranties or certifications. Additionally, with access to detailed vehicle history reports, buyers can make more informed decisions about the condition and maintenance history of a used car.

For sellers, including dealerships and individuals, the used car market provides an opportunity to capitalize on the value of a vehicle that may no longer be needed or wanted. The rise of digital platforms has transformed the used car industry, thus making it easier to browse, compare, and purchase vehicles online. These platforms often provide tools for valuation, financing, and even home delivery. Environmental considerations also play a role in the popularity of used cars, as purchasing pre-owned can be seen as a form of recycling, potentially reducing the environmental impact compared to manufacturing new vehicles.

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.

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.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Used Car Market Size To Hit US$ 1,511 Billion By 2028 | Industry CAGR 9.1% here

News-ID: 3181446 • Views:

More Releases from IMARC Group

Cement Bricks Manufacturing Plant Project Report 2024: Machinery, Cost Analysis and Utility Requirements
Cement Bricks Manufacturing Plant Project Report 2024: Machinery, Cost Analysis …
IMARC Group's report titled "Cement Bricks Manufacturing Plant Project Report 2024: Industry Trends, Plant Setup, Machinery, Raw Materials, Investment Opportunities, Cost and Revenue" provides a comprehensive guide for establishing an cement bricks manufacturing plant. The report covers various aspects, ranging from a broad market overview to intricate details like unit operations, raw material and utility requirements, infrastructure necessities, machinery requirements, manpower needs, packaging, and transportation requirements, and more. In addition to
Copper Magnet Wires Manufacturing Plant Project Report 2024: Business Plan and Raw Material Requirements
Copper Magnet Wires Manufacturing Plant Project Report 2024: Business Plan and R …
IMARC Group's report titled "Copper Magnet Wires Manufacturing Plant Project Report 2024: Industry Trends, Plant Setup, Machinery, Raw Materials, Investment Opportunities, Cost and Revenue" provides a comprehensive guide for establishing a copper magnet wires manufacturing plant. The report covers various aspects, ranging from a broad market overview to intricate details like unit operations, raw material and utility requirements, infrastructure necessities, machinery requirements, manpower needs, packaging and transportation requirements, and more. In
Electric Car Manufacturing Plant Project Report 2024: Business Plan, Cost and Raw Material Requirements
Electric Car Manufacturing Plant Project Report 2024: Business Plan, Cost and Ra …
IMARC Group's report titled "Electric Car Manufacturing Plant Project Report 2024: Industry Trends, Plant Setup, Machinery, Raw Materials, Investment Opportunities, Cost and Revenue" provides a comprehensive guide for establishing an electric car manufacturing plant. The report covers various aspects, ranging from a broad market overview to intricate details like unit operations, raw material and utility requirements, infrastructure necessities, machinery requirements, manpower needs, packaging and transportation requirements, and more. In addition to
Electric Wiring Manufacturing Plant Project Report 2024, Unit Operations, Raw Material Requirements and Cost Involved
Electric Wiring Manufacturing Plant Project Report 2024, Unit Operations, Raw Ma …
IMARC Group's report titled "Electric Wiring Manufacturing Plant Project Report 2024: Industry Trends, Plant Setup, Machinery, Raw Materials, Investment Opportunities, Cost and Revenue" provides a comprehensive guide for establishing an electric wiring manufacturing plant. The report covers various aspects, ranging from a broad market overview to intricate details like unit operations, raw material and utility requirements, infrastructure necessities, machinery requirements, manpower needs, packaging, and transportation requirements, and more. In addition to

All 5 Releases


More Releases for Car

Car Rental Services Market Forecast to 2028 Covid-19 Impact and Global Analysis …
Car rental services are a process of hiring/renting a car for a limited period from a rental company. Various companies like Uber Technologies, Europcar rent the vehicles for a short period ranging from few hours to weeks. The different types of cars rented by the company include Luxury Car, executive car, and economical car among others. Additionally, vehicle renting agencies also offer other products such as insurance, entertainment systems, and
Central African Republic: Country Intelligence Report | Telecel, Orange CAR, Moo …
HTF Market Intelligence released a new research report of 36 pages on title 'Central African Republic: Country Intelligence Report' with detailed analysis, forecast and strategies. The market Study is segmented by key a region that is accelerating the marketization. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources. The study covers key regions that includes Central
Car Rentals Market Growth Strategies and Innovative Technology Transformation by …
Worldwide Market Reports has announced the addition of the "Car Rentals Market Report 2020-2027 Production, Sales And Consumption Status And Prospects Professional Research", The report classifies the global Car Rentals Market in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth. The emergence of own-brand digital ordering platform has been trending in the global Car Rentals market. Car Rentals such as
Luxury Car Leasing Market Competitors Analysis By German Rent A Car, ANI Technol …
'Global Luxury Car Leasing Market Research Report' the report is complete with an elaborate research undertaken by prominent analysts and a detailed analysis of the global industry place. The Luxury Car Leasing report is fragmented in several features which include manufacturers, region, type, application, market status, market share, growth rate, future trends, market drivers, opportunities, challenges, emerging trends, risks, entry barriers, sales channels, and distributors which are again elaborated in
Car Wash Market is Thriving Worldwide 2026 | Super Star Car Wash, Autobell Car W …
This Car Wash Market research report offers you an array of insights about Automotive industry and business solutions that will support to stay ahead of the competition. Systematic investment analysis is also underlined in this Car Wash Market report which forecasts impending opportunities for the market players.This market report is the outcome of persistent efforts lead by knowledgeable forecasters, innovative analysts and brilliant researchers who carries out detailed and diligent
Car Rentals Market Growth 2020-2025: Sixt Rent A Car, Malkey Rent A Car, Casons …
Car Rentals Industry Description Wiseguyreports.Com Adds "Car Rentals -Market Demand, Growth, Opportunities and Analysis Of Top Key Player Forecast To 2025" To Its Research Database The report begins from overview of Industry Chain structure, and describes industry environment, then analyses market size and forecast of Car Rentals by product, region and application, in addition, this report introduces market competition situation among the vendors and company profile, besides, market price analysis and value chain