Used Car Market:
The GMI Research expects the used car market to expand at a significant rate. From a regional perspective, Asia-pacific is predicted to lead the market due to the strong demand for this type of car, particularly in China. Some Indian car dealers provide several advanced technology-based tools, including cloud services and virtual online showroom, which will surge the market’s demand.
Used Car Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The rapid technological advancement that includes the launch of the hybrid, internet, and electric vehicles has aided in drastically changing position of the end-users in the market, which will further drive the growth of the global used car market size over the forecast period. The consumers are currently aware of the vehicle, the price applied, its residual value, quality finance charged, and the profit margin that the seller will make in case the deal is done. All these factors have fundamentally shifted consumers’ preference towards purchasing a second-hand car instead of opting for a brand new car. According to the used car market statistics, the transparency and symmetry of data among the people, followed by the increase of the online sales channel and the position of franchise dealers, are the major factors boosting the growth of the used car market share in terms of revenue.
In the last few years, the used to new vehicle ratio has increased, both in the emerging and developed countries. With the growing penetration of the internet and smartphone, especially in Asian countries, the used car is getting more attention as the retailer is emphasizing on digitalization to attract the large number of consumers. For example, Mercedes-Benz is utilizing blockchain technology to handle the history of the record regarding the carbon footprint of used cars in Beijing. 35 percent of the car’s carbon footprint is produced by Mercedes-Benz and PlatON, thereby promoting them to reuse their vehicles. Investing in used car management is an emerging market’s requirement due to the intense competition, slimming margin, and changes in demand of the consumers. The emergence of the COVID-19 pandemic has adversely impacted the growth of the used car market for the long term as people are significantly shifting towards private conveyance instead of traveling through public transport. Moreover, the financial disparities is urging them to opt for second-hand vehicles as they have budget restrictions, thus propelling the growth of the market in the upcoming years.
Used Car Market’s leading Manufacturers:
- Cox Automotive
- Hertz Car Sales
- PenskeCars
- EF MOBILITY S.R.O.
- Pendragon PLC
- Arnold Clark Automobiles Limited
- Trusty Cars Pte Ltd.
- Maruti True Value
- Mahindra First Choice Wheels
- CarMax Business Services, LLC
Used Car Market Segmentation:
Segmentation by Vehicle Type:
- Hatchbacks
- Sedan
- Sport Utility Vehicle
- Others
Segmentation by Fuel Type:
- Gasoline
- Diesel
- Alternative Fuel Vehicles
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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