Press release
Used Car Market to reach USD 1,858.6 Bn by 2029, emerging at a CAGR of 8.4 percent and forecast 2023-2029
Used Car Market
The latest report on the Global Used Car Market Market provides a comprehensive overview of this dynamic industry. It delves into the transformative landscape shaped by digital technology and artificial intelligence, which is enhancing the online shopping experience for consumers. The report explores the impact of advanced technologies, local culture, certified vehicle programs, and economic factors on the Used Car Market market.
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Used Car Market Research Methodology
The report's insights were gathered through a comprehensive research methodology, involving both primary and secondary data collection methods. Experts and industry insiders were interviewed to validate key findings, while sources such as EAMA, Marklines, and directories were tapped for valuable secondary data. The market size was determined through a meticulous bottom-up approach based on volume calculations, with regional installation rates of advanced technologies also being considered for value estimations.
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What are Used Car Market Dynamics:
The preference for Used Car Markets over new vehicles is driven by lower ownership costs, including taxes and insurance. The demand is especially strong in non-metro areas, contributing to up to 70% of sales growth in the next 4-5 years. However, the demand for pre-owned cars saw a temporary decrease of 20-30% post the COVID-19 unlocking in 2020. On the other hand, stricter government regulations pertaining to passenger safety might hinder market growth.
Used Car Market Regional Insights:
Asia Pacific leads the Used Car Market market with China making significant strides due to the expansion of organized Used Car Market trading services. China's Used Car Market sales revenue jumped from 178 billion yuan in 2010 to approximately 1,132 billion yuan in 2022, highlighting the growing demand. India's Used Car Market market also demonstrates immense potential with players like OLX, Mahindra First Choice Wheels, CARS24, Maruti True Value, and Hyundai H Promise taking the lead.
What is Used Car Market Segmentation:
The SUV segment is expected to dominate the market with a strong Compound Annual Growth Rate (CAGR). This trend is driven by increasing demand for SUVs in both new and Used Car Market markets. The petrol sector currently holds the largest share in the Used Car Market market due to lower costs and greater availability. However, the 'other' fuel segment is projected to grow at a faster pace due to environmental factors and government policies promoting green mobility.
Global Used Car Market, by Vehicle Type (2021-2029)
• Hatchback
• Sedan
• SUV
Global Used Car Market, by Fuel Type (2021-2029)
• Petrol
• Diesel
• Others
Global Used Car Market, by Distribution Channel (2021-2029)
• Online
• Offline
Global Used Car Market, by Vendor Type (2021-2029)
• Organized
• Unorganized
Global Used Car Market, by Size (2021-2029)
• Compact
• Mid-size
• SUVs
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Who are Used Car Market Key Players:
1. Asbury Automotive Group (US)
2. AutoNation Inc.(US)
3. CarMax Business Services, LLC(US)
4. Cox Automotive(US)
5. eBay Inc.(US)
6. Vroom Inc(US)
7. Group 1 Automotive Inc.(US)
8. Hendrick Automotive Group(US)
9. LITHIA Motor Inc.(US)
10. TrueCar, Inc.(US)
11. Sonic Automotive(US)
12. Droom Technology (India)
13. Trusty Cars Pte. Ltd (UK)
14. Alibaba.com (China)
15. Scout24 AG (Germany)
Table of content for the Used Car Market includes:
1.Global Used Car Market: Research Methodology
2.Global Used Car Market: Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
3.Global Used Car Market: Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
MandA by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
4.Company Profile: Key players
Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
Key Offerings:
Past Market Size and Competitive Landscape (2022 to 2029)
Past Pricing and price curve by region (2022 to 2029)
Market Size, Share, Size and Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by growth and trend
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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