Used Car Market Forecasted to Exhibit an Incredible Growth of USD 1700,106.13 Million by 2030, Size, Share, Trends, Key Drivers, Demand and Opportunity Analysis
Data Bridge Market Research
13 min read
Data Bridge Market Research
Data Bridge Market Research analyses that the global used car market was valued at USD 996,906.42 million in 2022 and is expected to reach the value of USD 1700,106.13 million by 2030, at a CAGR of 6.90% during the forecast period
TORONTO, April 04, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market Research has recently published a Report, titled, "Used Car Market" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. The transparent, trustworthy and extensive market information, and data included in the Used Car business report will definitely help develop business and improve return on investment (ROI). The market report estimates the region that is foretold to create the most number of opportunities in the global Used Car Market. It figures out whether there will be any changes in the market competition during the forecast period. These insights are often critical to key business processes such as product planning, new product development, distribution route planning, and sales force development. This market research report really serves to be a proven solution for businesses to gain a competitive advantage.
Data Bridge Market Research analyses that the global used car market was valued at USD 996,906.42 million in 2022 and is expected to reach the value of USD 1700,106.13 million by 2030, at a CAGR of 6.90% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
A car with one or more retail owners in the past is referred to as a used car, pre-owned car, or second hand car. Franchise and independent vehicle dealers, rental car agencies, buy here pay dealerships, leasing offices, auctions, and private party sales are just a few places where used cars can be purchased. Some auto dealers provide "no-haggle prices," "certified" pre-owned vehicles, and extended service agreements or warranties.
The growing disposable income of the working people is increasing the market growth because this enables individuals to buy vehicles within a limited budget. As per Statistics Canada, disposable incomes in low-class households were augmented by 3% and 3.3% in the initial phase of 2021, respectively. In contrast, incomes in high-class households were reduced by 6.4% and then augmented by 3.9% over the same timeframe. The market growth for used cars witnessed substantial growth in the last few years because of expense competitiveness among new market players along with the inability of major share of customers to buy a new car.
Recent Development
In December 2019, HELLMAN & FRIEDMAN LLC has entered into a contract to acquire the company from AutoScout24. With this acquisition, the company aims to provide value-added marketing solutions because it continues to digitalize its business models in the automobile industry.
In December 2019, Group1 Automotive, Inc. announced their acquisition with two Lexus dealerships to grow its business presence in the New Mexico market. This aided the company in making a footprint in the fast-growing New Mexico market.
Some of the major players operating in the used car market are:
Group1 Automotive, Inc. (U.S.)
AutoNation, Inc. (U.S.)
HELLMAN & FRIEDMAN LLC (U.S.)
PENDRAGON (U.K.)
CarMax Business Services, LLC (U.S.)
Manheim (U.S.)
THE HERTZ CORPORATION (U.S.)
Cox Automotive (U.S.)
Sun Toyota (U.S.)
eBay Inc. (U.S.)
TrueCar, Inc. (U.S.)
VROOM (U.S.)
Asbury Automotive Group (U.S.)
Lithia Motors, Inc. (U.S.)
Hendrick Automotive Group (U.S.)
We can add or profile new company as per client need in the report. Final confirmation to be provided by research team depending upon the difficulty of survey.
Increasing presence of several car manufacturers and used vehicle dealers
As a result of simple accessibility of finance for used car purchases, the Europe used cars market income exceeded USD 500 billion in 2021 and will continue to rise steadily. The manufacturing industry is the largest private investor in R&D in Europe, Europe is the world's leading manufacturer of automobiles. To increase regional automotive sector competitiveness and retain its technological hegemony globally, the European Commission promotes global technology standardization and R&D funding. Used vehicle dealerships in the area offer a range of tech-enabled options for tracking automotive performance, including smartphone applications and virtual internet outlets.
Growth of Online Technologies and E-commerce
Technological developments in the telecom sector improved internet connectivity, and growing urbanization are some major factors for which people can now access information much more effectively. These features help used-car owners quickly advertise their vehicles and share information about them. With the help of this online platform, more people can now sell and buy cars.
Market Drivers:
High cost of new car and affordability concern
The car sector has observed augmented demand for advanced vehicle features such as power steering, climate control, and anti-lock brake systems. Now the cost of new cars more as a result of this. Furthermore, the affordability issues in the new market are indicated by the price increase in 2019, which was driven by mainstream passenger car segments. As a result, used car sales have surged compared to new car sales in the automotive industry. This is anticipated to increase demand for old cars.
Increasing demand for versatile hatchback cars
The Europe used hatchbacks cars which is expected to expand at a growth rate of above 3.5% till 2028 driven by growing demand for hatchbacks that provide flexibility while driving in small spaces. The development of the used car market is aided by the significant presence of top automakers such as Audi AG, BMW AG, Mercedes-Benz, and Volkswagen because these manufacturers offer a large selection of hatchback car models. Players in the market offer hatchback car with a high roofline and a compact design.
The used car market is analyzed and market size insights and trends are provided by country, vendor type, propulsion, engine capacity, dealership, sales channel and vehicle type as referenced above.
The countries covered in the Used Car market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Asia-Pacific dominates the used car market in revenue growth. This is mainly due to the organized and semi-organized sales industry growth. China dominates the Asia Pacific used car market due to highest number of dealers of used car in this region.
Europe is projected to be the fastest developing region during the forecast period of 2023-2030 due to the availability of abundant raw materials and cheap labour. Moreover, increasing internet usage, warranties offered on pre-owned vehicles, online tools for buying or researching used automobiles, and various purchase alternatives are some of the other major factors that will likely boost the market growth.
Middle East & Africa Used Car Market By Vendor Type (Organized, Unorganized), Propulsion (Petrol, Diesel, CNG, LPG, Electric and Others), Engine Capacity (Full Size (Above 2500 CC), Mid-size (Between 1500-2499 CC), Small (Below 1499 CC)) Dealership (Franchised, Independent), Sales Channel (Online, Offline), Vehicle Type (Passenger Car, LCV, HCV & Electric Vehicle), Country (Saudi Arabia, South Africa, Israel, UAE, Egypt, and Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/middle-east-and-africa-used-car-market
North America Used Car Market By Vendor Type (Organized, Unorganized), Propulsion (Petrol, Diesel, CNG, LPG, Electric and Others), Engine Capacity (Full Size (Above 2500 CC), Mid-size (Between 1500-2499 CC), Small (Below 1499 CC)) Dealership (Franchised, Independent), Sales Channel (Online, Offline), Vehicle Type (Passenger Car, LCV, HCV & Electric Vehicle), Country (U.S., Canada and Mexico.) https://www.databridgemarketresearch.com/reports/north-america-used-car-market
Europe Used Car Market, By Vendor Type (Organized, Unorganized), Propulsion (Petrol, Diesel, CNG, LPG, Electric and Others), Engine Capacity (Full Size (Above 2500 CC), Mid-size (Between 1500-2499 CC), Small (Below 1499 CC)) Dealership (Franchised, Independent), Sales Channel (Online, Offline), Vehicle Type (Passenger Car, LCV, HCV & Electric Vehicle) https://www.databridgemarketresearch.com/reports/europe-used-car-market
Asia-Pacific Used Car Market, By Vendor Type (Organized, Unorganized), Propulsion (Petrol, Diesel, CNG, LPG, Electric and Others), Engine Capacity (Full Size (Above 2500 CC), Mid-size (Between 1500-2499 CC), Small (Below 1499 CC)) Dealership (Franchised, Independent), Sales Channel (Online, Offline), Vehicle Type (Passenger Car, LCV, HCV & Electric Vehicle) https://www.databridgemarketresearch.com/reports/asia-pacific-used-car-market
Luxury Car Leasing Market, By Type (Compact, Mid-Size, Full-Size, Luxury Crossovers, Minivans, Luxury SUVs), Rental Type (Business, Leisure), Term (Short-term rental, Long-term rental, Finance leasing), Category (Self-Driven, Chauffeur-Driven), Applications (Airport, Off-airport), End User (Local Usage, Airport Transport, Outstation, Others), Booking Mode (Online, Offline) https://www.databridgemarketresearch.com/reports/global-luxury-car-leasing-market
Car Rental Market, By Type (Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs) Application (Local Usage, Airport Transport, Outstation and Others), Booking (Offline Booking, Online Booking), End-Use (Self-Driver, Chauffeur –Driven), Fare Price (Economy/Budget Cars, Luxury/Premium Cars), Rental Length (Short Term and Long Term) https://www.databridgemarketresearch.com/reports/global-car-rental-market
Vehicle Analytics Market, By Application (Predictive Maintenance, Warranty Analytics, Traffic Management, Safety and Security Management, Driver and User Behaviour Analysis, Dealer Performance Analysis, Infotainment, Usage-Based Insurance and Road Charging), Component (Software and Services), Deployment Model (On-Premises and On-Demand), Organization Size (Small and Medium Enterprises and Large Enterprises), End User (Original Equipment Manufacturers, Service Providers, Automotive Dealers, Fleet Owners, Regulatory Bodies and Insurers), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-vehicle-analytics-market
Vehicle Telematics Market, By Provider Type (Original Equipment Manufacturers and Aftermarket), Vertical (Transportation, Logistics, Government, Utilities, Travel, Tourism, Construction, Education, Healthcare, Media, and Entertainment), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-vehicle-telematics-market
Low Speed Vehicle Market, By Power Output (<8 KW, 8 KW-15 KW, >15 KW), Propulsion (Diesel, Electric and Gasoline), LSV (Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles and Personnel Carriers), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-low-speed-vehicle-market
New Energy Vehicles Market, By Vehicle Type (Passenger cars, Buses, Industrial Vehicles, Scooters, Others), Energy Type (BEV’s, PHEV’s, FCEV’s), Power Source (Stored Electricity, On Board Electric Generator), Powertrain (Series Hybrid, Parallel Hybrid, Combined Hybrid), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-new-energy-vehicles-market
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