Used Cars Market CAGR of 6.5% and Expected to Reach USD 2.7 trillion by 2031

According to a new report by Allied Market Research, the used cars market is estimated to reach $2.7 trillion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁

Europe currently dominated the global used cars market in 2021. This is primarily due to the rise in fuel and new car prices and the adoption of new technology in the used-motor vehicle industry which have a significant impact on the world market for used cars. In order to reach more customers, businesses in this region are also growing their dealership network.

Additionally, the European used car market is anticipated to expand at a rapid rate during the forecast period due to increased internet usage, online resources for finding out about or purchasing used cars, warranties offered for used vehicles, and the availability of a variety of purchasing options.

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

Italy is the second most visited country by international tourists in Europe. Thus, there is an increase in the number of new taxi and vehicle rental services companies in the country, which is anticipated to drive the growth of the used cars market across the country during the forecast period. In addition, the increasing preference of customers to search for a used car online before purchasing from a dealership has witnessed an increase owing to good conversion rates. However, the automotive industry in Italy is experiencing a decline in growth due to the COVID-19 pandemic. Further, despite few odds, the second-hand cars market is recovering at a rapid speed owing to the preference of the customers as well as affordability.

𝗟𝗲𝗮𝗱𝗶𝗻𝗴 𝗖𝗼𝗺𝗽𝗮𝗻𝘆 / 𝗚𝗿𝗼𝘂𝗽 -

Key players operating in the global used cars market are Asbury Automotive Group, Inc., AutoNation, Inc., CarMax Business Services, LLC, Cars24 Services Private Limited, Carvana, Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd., and TrueCar, Inc.

Furthermore, the nations of Malaysia, Indonesia, the Philippines, Singapore, and Thailand are members of the Association of Southeast Asian Nations (ASEAN). Due to the expansion of the automotive sector, rising adoption of innovative urban mobility, population growth, affordability, higher GDP growth rate, and expansion of the rental cars market, ASEAN countries are anticipated to be the primary growth drivers for the used cars market industry.

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

In the market for used cars, purchasers place the most demand on hatchback vehicles. The hatchback category of the used automobile market is expanding due to its low maintenance requirements, reasonable pricing, attractive design, and convenience of city driving. Its low weight also makes it simple to produce and market as an electric car. As a result, it is anticipated that accessibility and affordability will fuel market expansion during the projection period.

Moreover, at the present, SUVs are the most sought-after models on the new and used automobile markets. The primary characteristics that drive the market demand for SUVs include higher ground clearance, simple access and exit, high engine power, off-road capability, improved visibility, and superior safety. Also, SUVs are popular right now because of their roominess, safety, and off-road ability, among other things. As a result, SUVs are currently the most popular cars, increasing their market share. As a result, increased demand for SUVs is expected to lead to increased demand for SUV vehicle types in the used automobile market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 - https://www.alliedmarketresearch.com/request-for-customization/6794

KEY FINDINGS OF THE STUDY

By vehicle type, the SUV segment is anticipated to exhibit significant growth in the near future.
By propulsion, the electric and hybrid segment is anticipated to exhibit significant growth in the near future.
By distribution channel, the franchised dealer segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 :

Connected Car Market : https://www.alliedmarketresearch.com/connected-car-market

Car GPS Navigation System Market : https://www.alliedmarketresearch.com/car-GPS-navigation-system-market

Car Care Product Market : https://www.alliedmarketresearch.com/car-care-product-market-A10270

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.