Used Cars, Market Growth, Global Insights, Opportunities 2024

The Business Research Company recently released a comprehensive report on the Global Used Cars Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The used cars market size has grown strongly in recent years. It will grow from $1321.55 billion in 2023 to $1405.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to shortage of new cars leading, depreciation of new cars, improved vehicle durability, expansion of the used car market, increased consumer price sensitivity.

The used cars market size is expected to see strong growth in the next few years. It will grow to $1996.65 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to growing preference for used electric cars, digitalization in the used car buying process, shortage of new car inventory, increased focus on sustainable transportation. Major trends in the forecast period include online used car marketplaces, certified pre-owned programs, subscription-based used car services, enhanced vehicle history reports, integration of ai in pricing and valuation.

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Market Drivers and Trends:

The emergence of online platforms for used car sales globally is significantly driving the growth of the used cars market. The online platforms provide ease of access and required information to buy and sell used cars. The key players are expanding their business digitally to increase the sales of used cars. For instance, in September 2021, Ola launched a used automobile marketplace named 'Ola Cars,' which will allow customers to buy, and trade used cars. It will also provide 'try and buy' services from the comfort of customers' homes, as well as simple financing with EMI alternatives and a one-year warranty. These kinds of new online platforms provide convenience for the buyers to choose from a variety of options irrespective of their locations and invariably increase the sales of used cars. Hence, the emergence of online platforms is expected to propel the growth of the used cars market over the coming years.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

Hendrick Automotive Group, Group 1 Automotive Inc., Cox Automotive Inc., Asbury Automotive Group Inc., CarMax Business Services LLC, AutoNation Inc., Cars24 Services Private Limited, Carvana Co., Lithia Motors Inc., Mahindra First Choice Wheels Ltd., TrueCar Inc., Vroom Inc., Shift Technologies Inc., CarGurus Inc., Penske Automotive Group Inc., Sonic Automotive Inc., CarHop Auto Sales and Finance, Hertz Global Holdings Inc., Enterprise Holdings Inc., Avis Budget Group Inc., Budget Car Sales, Thrifty Car Sales, Off Lease Only, EchoPark Automotive Inc., CarSense, OffLeaseOnly. com, DriveTime Automotive Group Inc., CarsDirect. com LLC, KBB com LLC, Autolist Inc., Cars com Inc., Autotempest Inc.

Used Cars Market 2024 Key Insights:

• The used cars market size is expected to see strong growth in the next few years. It will grow to $1996.65 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Emergence Of Online Platforms For Used Car
• Investment Surge Fueling Growth And Expansion In The Used Cars Market
• Asia-Pacific was the largest region in the used cars market in 2023 and is expected to be the fastest-growing region in the forecast period

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