The global used vehicle market accelerates unlocking pre-owned potential - Study by TMR

The used vehicle market is much larger than the new car market. In 2022, there were an estimated 81.5 million used vehicles sold worldwide, compared to 76.5 million new cars sold. The used vehicle market is also more mature than the new car market, with a higher penetration rate. In 2022, an estimated 62% of all vehicles in the world were used cars, compared to 38% that were new cars.

This growth is driven by several factors, including rising disposable incomes, increasing urbanization, and growing environmental concerns.

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Market Size and Growth

The global used vehicle market is substantial and is expected to continue expanding due to several factors, including:
• Economic Factors: Economic conditions influencing consumers to opt for used vehicles over new ones.
• Affordability: The lower cost of used vehicles compared to new ones.
• Online Platforms: The proliferation of online platforms and marketplaces for buying and selling used vehicles.

Key Players

Key players in the used vehicle market include automotive dealerships, online marketplace platforms, automotive manufacturers, and leasing companies. Prominent organizations in this market include:
• AutoNation
• CarMax
• Sonic Automotive
• Group 1 Automotive
• Penske Automotive Group
• Cars.com
• Kelley Blue Book
• Edmunds and more

Recent Developments

here are some recent developments of companies in the global used vehicle market, with the year of the development: 2023
• Carvana Co. (United States) announced the expansion of its used car vending machine network. This expansion is expected to make it easier for consumers to buy used cars.
• AutoNation, Inc. (United States) announced the launch of its new online used car buying platform. This platform is designed to make it easier for consumers to buy used cars online.
• Hendrick Automotive Group (United States) announced the acquisition of a used car dealership in China. This acquisition is expected to expand Hendrick's presence in the Chinese used car market.
• eBay, Inc. (United States) announced the launch of its new used car certification program. This program is designed to give consumers more confidence when buying used cars on eBay.

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Market Growth

The global used vehicle market has experienced substantial growth and is expected to continue expanding. Key factors contributing to this growth include:
• Economic Conditions: Economic fluctuations, including recessions and economic recoveries, influence consumer preferences for used vehicles over new ones.
• Vehicle Technology Advancements: Advancements in vehicle technology, including safety features and fuel efficiency, make older vehicles attractive to buyers.
• Changing Consumer Preferences: A shift towards more sustainable and affordable transportation options, including used electric and hybrid vehicles.

Market Drivers

Several factors are driving the growth of the used vehicle market, including:
• Affordability: The cost savings associated with purchasing a used vehicle compared to a new one make them an attractive option for consumers.
• Technology Transfer: Advances in vehicle technology are being transferred to older vehicles, increasing their appeal.
• Sustainability: Growing environmental concerns have led to increased interest in used electric and hybrid vehicles.

Market Segmentation

The used vehicle market can be segmented based on various criteria, including vehicle type, age, region, and more:
• Vehicle Type: Different categories of vehicles, including passenger cars, trucks, and motorcycles.
• Vehicle Age: Categories based on the age and mileage of used vehicles.
• Region: The market spans regions such as North America, Europe, Asia-Pacific, and Latin America.

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Reasons to Buy The Used Vehicle Market Report: -

1.Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.

2.Reports provide opportunities and threats faced by suppliers in the Used Vehicle industry around the world.

The report shows regions and sectors with the fastest growth potential.

3.A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.

4.The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.

5.This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.

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