Used Car Market Size, Share & Trends Analysis Report Forecast Period 2025-2031.

Used car market is anticipated to grow at a significant CAGR of 10.1% during the forecast period. One of the key factors that are fuelling the market is the rising online sales in the market. Online sites and applications in vehicle markets have been playing a crucial role in bringing access to customers with a single touch. A combination of such progress created a significant increase in the demand for used cars. These platforms have connected customers to the owners of the cars where consumers can find the car they want at a wide range of prices which makes it much more affordable than a new car.

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Segmental Outlook

The global used car market is segmented based on the vehicle type, vendor, and fuel type. Based on the vehicle type, the market is segmented into hatchbacks, sedans, and sports utility vehicles. Based on the vendor, the market is sub-segmented into the organized, and unorganized. Based on the fuel type, the market is sub-segmented into petrol and diesel.

The above-mentioned segments can be customized as per the requirements. Based on vendor, the organized vendor segment is anticipated to grow significantly in the market owing to the growing number of franchised dealers while, based on fuel type, the petrol segment is anticipated to grow significantly during the forecast period owing to the decreasing usage of diesel vehicles with the rising governmental norms.

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Based on vendor, the organized vendor segment is anticipated to grow significantly in the market during the forecast period owing to the growing number of franchised dealers across the globe. The entrance of new market players with new retail models has also developed as a key factor in growing the number of organized dealers. As per the 2021 annual report of NADA, in the U.S., the share of used vehicles is 8% street purchase, 24.6% by auction purchase, 27.1% by trade-in on a used vehicle, and 39.2% by trade-in on new vehicle sources. Moreover, the organized vendors take advantage of better consumer loyalty to the product across all age groups. In developed countries such as Germany, the U.S., the U.K., and others there are some key dealers such as Asbury Automotive Group and CarMax Business Services, LLC that contains a prominent share in the market.

by Vehicle Type (Hatchbacks, Sedan, and Sports Utility Vehicle (SUV)),

by Vendor (Organized, and Unorganized), and by Fuel Type (Petrol, and Diesel)

Market Players Outlook

The major companies serving the global used car market include Emil Frey AG, Hertz Car Sales, LLC, Maruti Suzuki, Pendragon PLC, Penske Cars, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2021, in India, Spinny upraised $65 million in a round of funding from a venture capital firm Tiger and Lightspeed Venture Partners.

The Report Covers

Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global used car market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

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