Driven by Choice: Insights into the Used Car Market

The used car market will reach a value of USD 2,980.2 billion by 2030, propelling at a compound annual growth rate of 6.10% by the end of this decade.

The growth of the industry can be attributed to the information available on various internet platforms; another factor is the willingness of the people to take these vehicles on lease from car dealers; and the increasing demand for subscription-based car services.

Because new automobiles are expensive, only a few people can afford them, increasing the demand for secondhand cars. Additionally, various investments from key participants in the industry has made it possible to develop dealership networks.

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The shortage of new vehicles due to the global chip shortage has fueled the expansion of the used car industry. Consumers are shifting their attention to the used car industry to find a vehicle because there are fewer new cars available.

Medium-sized cars become the better choice for consumers amid the expensive SUVs and the limited space in small or compact cars. Also, it is a cost-effective option for consumers to fulfil their needs by buying a medium-sized car without putting holes in the pocket.

It is because they provide have great capacity than compact cars, people prefer mid-range cars. This implies that both front and back seat passengers will have plenty of legroom and headroom. They also have elements that improve the comfort of long journeys.

Due to the increasing cost of diesel and petrol, people are now more concerned about the fuel economy of their vehicles, therefore these mid-size cars provide consumers superior fuel efficiency when compared to huge SUVs and other large vehicles.

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Due to reasons like increased disposable income, growing urbanization, and shifting customer preferences, the used automobile industry in the APAC region is leading the way in the industry.

The middle-class population in the APAC area has grown significantly, increasing consumer spending power and the demand for used cars.

The usage of e-commerce and online vehicle marketplaces has made used car sales and purchases easier and more accessible for customers.

The research offers market size of the global used car market for the period 2017-2030.

Market Segmentation by Sector
• Unorganized
• Organized

Market Segmentation by Vehicle Type
• Medium
• Small
• Large

Market Segmentation by Propulsion
• Internal Combustion Engine (ICE)
• Electric

Market Segmentation by Sales Medium
• Offline
• Online

Market Segmentation by Region
• North America used car market
o By Sector
o By Vehicle Type
o By Propulsion
o By Sales Medium
o By Country - U.S. and Canada
• Europe used car market
o By Sector
o By Vehicle Type
o By Propulsion
o By Sales Medium
o By Country - U.K., Germany, France, Spain, Italy, and Rest of Europe
• Asia-Pacific (APAC) used car market
o By Sector
o By Vehicle Type
o By Propulsion
o By Sales Medium
o By Country - China, India, Japan, South Korea, Australia and Rest of APAC
• Latin America (LATAM) used car market
o By Sector
o By Vehicle Type
o By Propulsion
o By Sales Medium
o By Country - Brazil, Mexico and Rest of LATAM
• Middle East and Africa (MEA) used car market
o By Sector
o By Vehicle Type
o By Propulsion
o By Sales Medium
o By Country - Saudi Arabia, South Africa, and Rest of MEA

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This release was published on openPR.