Used Cars Market : Projected to Hit a $2.7 Trillion | Demand Status and Development Trends (2023-2031)

According to the report published by Allied Market Research, the global used cars market was estimated at $1.4 trillion in 2021 and is expected to hit $2.6 trillion by 2031, registering a CAGR of 6.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 - https://www.alliedmarketresearch.com/request-sample/6794

Covid-19 Scenario:

The COVID-19 pandemic had a significant impact on the global used cars market because of a decline in income, a lack of funds, and an increase in the preference for private vehicles to maintain social distance.
Due to the COVID-19 pandemic, many customers prefer to purchase used cars online, which promotes the market's expansion of the online technologies and e-commerce sector.
However, some automotive companies struggled during the pandemic as supply chain disruptions and manufacturing halted. But as the global situation has recovered, the market has now got back on track.
The report offers a detailed segmentation of the global used cars market based on vehicle type, propulsion, distribution channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/used-cars-market/purchase-options

Based on vehicle type, the SUV segment accounted for the highest share in 2021, generating nearly half of the global used cars market revenue and is projected to rule the roost by 2031. Simultaneously, the same segment would also showcase the fastest CAGR of 7.4% during the forecast period. The segments such as hatchback and sedan are also analyzed in the report.

Based on propulsion, the ICE segment contributed to more than 90% of the global used cars market revenue and is projected to dominate the market in terms of revenue during the forecast period. On the other hand, the electric and hybrid segment would portray the fastest CAGR of 13.6% during the forecast period.

Based on distribution channel, the peer-to-peer segment held the major share in 2021, garnering more than two-fifths of the global used cars market revenue and is projected to maintain its dominance by 2031. However, the franchised dealer segment would display the fastest CAGR of 7.4% during the forecast period. The independent dealer segment is also studied in the report.

Based on region, Europe held the major share in 2021, garnering more than half of the global used cars market revenue and is projected to rule the roost by 2031. However, the Asia-Pacific region would showcase the fastest CAGR of 7.8% during the forecast period. The other provinces studied in the report include North America and LAMEA.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/6794

The leading market players analyzed in the global used cars market report include Carvana, Group1 Automotive Inc., cars24, Asbury Automotive Group, Inc., CarMax Inc., Hendrick Automotive Group, AutoNation, Inc., Mahindra First Choice, Lithia Motors, Inc., and TrueCar, Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.

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Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.

This release was published on openPR.