Used Cars Market to Observe Remarkable Growth Due to Rising Number of Organized Used Car Dealers Worldwide

Rising availability of used car dealers worldwide is fueling the global used cars market growth. The Asia Pacific region is likely to dominate the market by 2028.

As per a latest report by Research Dive, the global used cars market is expected to garner $1,970.0 billion by 2028, growing at a CAGR of 6.8% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.

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Market Dynamics

The key factor fueling the growth of the global used cars market is a significant decline in the resale value of new cars. In addition, the increasing presence of organized used car dealers in developing nations is expected to open doors to innovative opportunities for the market growth in the projected period. However, dearth of funding or costly funding options like loans from organized sector banks for used cars in numerous nations is projected to deter the market growth during the forecast period.

Impact of the COVID-19 Pandemic on the Market

The COVID-19 pandemic has made a moderate impact on the growth of the global used cars market in 2020. In the pandemic period, the automobile sector has witnessed several challenges. Hence, the sale of used car has been progressively increasing owing to disruptions in supply and demand of new cars and shortages of semiconductor chip used in automobiles amidst the crisis period. As a result, the demand for used cars has greatly surged to fulfil the mobility requirements of people; which is fueling the used cars market growth amidst the pandemic period.

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Key Segment Findings of the Market

The market is segmented based on vehicle type, fuel type, distribution channel, and region.

The SUV sub-segment of the vehicle type segmentis estimated to witness accelerated growth by surpassing $790.2 billion in the estimated period. This growth is mainly because of the rising acceptance for SUVs, increasing demand for premium vehicles in the developed countries, and growing disposable income of the people worldwide.

The petrol sub-segment of the fuel type segmentis anticipated to hold the highest share of the market and surpass $915.1 billion in the estimated period. This growth is mainly because of the rising preference for petrol cars as they are more affordable than their equivalents that use diesel as fuel.

The independent dealer sub-segment of the distribution channel segment is anticipated to observe the highest growth and collect a revenue of $1,181.60 billion in the estimated period. This growth is mainly because independent dealers possess a huge supply of used cars of a broad variety in terms of their used period.

Among region, the Asia Pacific used cars market is projected to observe augmented growth and garner $546.7 billion in the estimated period. The growth of this region market is mostly owing to the growing urbanization, rising demand for transportation in the emerging nations like India and China, and increasing per capita income of the people in this region.

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Top Players of the Market

The major players of the global used cars market are Asbury Automotive Group, Inc., Pendragon PLC, TrueCar, Inc, Lithia Motors, Inc., Cox Automotive, AutoNation, Inc, Group 1 Automotive, Inc., THE HERTZ CORPORATION, CarMax Business Services LLC, Hendrick Automotive Group, and others. Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market.

The report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.

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