The report predicts the global Used Cars Market to grow at a healthy CAGR over the forecast period from 2022-2031.
According to Research Dive analysis, the global used cars market is projected to garner $1,970.0 billion in the 2022 – 2031 timeframe, growing from $1,179.8 billion in 2022 at a healthy CAGR of 6.8%.
Impact Analysis of COVID-19 on the Global Used Cars Market:
The COVID-19 pandemic hoderately impacted the used cars market due to the reduction in demand of passenger cars during the pandemic. During the pandemic, some of the global organizations in the used cars adopted various strategies such as online sales to gain a major position in the global market.
Used Cars Market Analysis:
The growing demand in the developing countries such as India, Vietnam and others along with high depreciation rate of resale value of new vehicles is expected to aid the growth of the used cars market.
The lack of financing facilities for used cars in underdeveloped countries and lack of regulatory measures for used cars can hamper the growth of this market during the forecast period.
The growing number sales of used cars on E-commerce platforms is expected to facilitate the growth of used cars market in the forecast period and open new scope of opportunities for the used cars market.
Based on vehicle type, the global market for used cars segment is divided into hatchback, sedans, SUV and others. The SUV subsegment is predicted to have a dominating market share in the global market and register a revenue of $790.2 billion in 2028 during the forecast period.
Based on fuel type, the market has been sub-segmented into petrol, diesel, and others. The petrol sub-segment is expected to have significant market share and generate a revenue of $915.1 billion by 2031
Based on distribution channel, the market has been sub-segmented into franchised dealer and independent dealer. The independent dealer subsegment is anticipated to have a dominating market share in the global market to surpass $1181.60 billion by 2031.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific used cars market is anticipated to have a fastest growth at a growth rate of 7.6% by 2031 in the forecast period.
The companies involved in the global used cars market are Pendragon PLC, Asbury Automotive Group, Inc., TrueCar, Inc, Lithia Motors, Inc., Group 1 Automotive, Inc., THE HERTZ CORPORATION, AutoNation, Inc, CarMax Business Services LLC, Cox Automotive and Hendrick Automotive Group
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