Used Vehicle Market: Growing at a CAGR of 8.59% during the forecast period (2024-2032) | Alibaba Group, Cars24, Maruti Suzuki India Ltd.

IMR posted new studies guide on Used Vehicle Market Insights with self-defined Tables and charts in presentable format. In the Study you may locate new evolving Trends, Drivers, Restraints, Opportunities generated via targeting market related stakeholders. The boom of the Used Vehicle marketplace became specifically driven with the aid of the growing R&D spending internationally.

The Used Vehicle Market is experiencing a surge in demand, driven by a combination of economic factors, sustainability trends, and shifting consumer preferences. With more consumers looking for affordable, reliable, and environmentally friendly transportation options, the used vehicle market is becoming a critical part of the global automotive landscape.

Furthermore, due to disparities in income levels, car depreciation levels range significantly across exporting and importing countries. In high-income countries, the value of a car depreciates quicker than in low-income countries. Old car merchants in high-income nations may thus sell their used automobiles in low-income countries for a greater price. This is the reason for the incentive to export secondhand cars. Japan, the EU, the United States, and Canada are the top automotive exporting countries (both new and used vehicles).

Some of the Top Leading Key Players:

Alibaba Group, Vroom, OLX, Cars24, Autotrader (Cox Automotive), TrueCar, Truevalue, First choice, Maruti Suzuki India Ltd., PenskeCars (Penske Automotive Group), Quikr, Mahindra First Choice, Group 1 Automotive Inc., Asbury Automotive Group, Hendrick Automotive Group, AutoNation Inc., LITHIA Motor Inc., eBay, CarMax Business Services LLC., Scout24 AG, Cox Automotive, Sun Toyota and other major players.

Global Used Vehicle Market size is expected to grow from USD 1147.89 Million in 2023 to USD 2409.95 Million by 2032, at a CAGR of 8.59% during the forecast period (2024-2032)

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Segmentation Analysis of the Used Vehicle Market:

By Type

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle

By Vehicle Age

• 0-5
• 6-10
• 11-15
• 15 Years & Above

By Fuel Type

• Petrol
• Diesel
• Natural Gas
• Others

Used Vehicle Market Trend Analysis:

• Personal Mobility is in High Demand
• The Improvement of Online Infrastructure Has a Positive Impact on The Used Vehicle Market

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Key Industry Developments in the Used Vehicle Market:

• In January 2024, Vroom, Inc. a leading ecommerce platform for buying and selling used vehicles, announced that it is discontinuing its ecommerce operations and winding down its used vehicle dealership business to preserve liquidity and enable the Company to maximize stakeholder value through its remaining businesses.
• In March 2024, CARS24, introduced Autopilot, a unique, transformative driver-on-demand service. This latest innovation underscores the brand's dedication to becoming an all-encompassing hub for automotive solutions, ensuring unmatched convenience and comfort for car owners.

Regional Analysis:

Asia Pacific is expected to dominate the global used vehicle market over the forecast period. SUVs and other 4WD vehicles are among the major income sources for the used vehicle industry, therefore the expanding production of SUVs by regional automotive manufacturers in the Asia Pacific is projected to be a significant driver for the used vehicle market in the Asia Pacific. The growing usage of the Internet in the Asia Pacific has benefited the used car industry, and it is expected to continue to be one of the market's primary drivers during the projected period.

Geographically, the distinctive analysis of consumption, revenue, market share, and growth rate of the subsequent areas:

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

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Strategic Points Covered in Table of Content of Used Vehicle Market:

Chapter One: Introduction
Chapter Two: Executive Summary
Chapter Three: Used Vehicle Market Landscape
Chapter Four: Used Vehicle Market by Type
Chapter Five: Used Vehicle Market by Application
Chapter Six: Company Profiles and Competitive Analysis
Chapter Seven: Global Used Vehicle Market by Region
Chapter Eight: Analyst Viewpoint and Conclusion
Chapter Nine: Research Methodology

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