Pune, India, Oct. 29, 2021 (GLOBE NEWSWIRE) -- The global Used Vehicle market size is expected to gain momentum by reaching USD 1,969.72 billion by 2028 while exhibiting a stellar CAGR of 1.79% between 2021 to 2028. The global used vehicle market size stood at USD 1,710.75 billion in 2020. According to our research analysts, second-hand cars have observed an upsurge in sales as the possession of cars has deteriorated to about 3 to 4 years. Moreover, declining ownership and growing progressions in digital technologies have refined the online buying experience of cars coupled with augmented car subscription facilities. Therefore, this is expected to bolster the demand for used vehicles during the forecast period of 2021-2028.
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On the basis of vehicle type, the market is segregated into passenger cars and commercial vehicles. The passenger car segment dominated the market in 2020. Used cars with added dependability and quality have altered customers’ approaches and have thus augmented passenger vehicle sales.
By vehicle age, the market is divided into 0 to 05 Years, 06 Years to 10 Years, and 10 Years and above.
In terms of vendor type, the market is branched into organized and unorganized. On the basis of propulsion type, the market is bifurcated into internal combustion engine (ICE) and electric.
By market type, the global market is fragmented into offline and online.
Geographically, the global market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
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Devaluation of Cars Factor to Amplify Demand for Used Automobiles
Devaluation is a serious factor that works in favor of the fluctuation towards used vehicles from fresh vehicles. For example, the devaluation rate is approximately 30% in the first year itself of the car bought.
The high downgrading rate of novel cars shall unquestionably impact the attitude of customers selecting high-value cars, which makes buying second-hand vehicles an additional value-for-money option. Therefore, the approval of second-hand cars in society is also rising. This is expected to sustain and spur the used vehicle market growth in the upcoming years.
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Regional Insights
Asia Pacific is expected to hold the largest used vehicle market share over the forecast period owing to the rising demand for used vehicles in China. Furthermore, growing sales in countries such as India and other Asian nations are backing the growth of the market in this region.
North America is projected to display substantial growth in the market. This growth can be accredited to the augmented sales of used vehicles over the last few years.
The market in Europe is categorized by the increasing demand for used passenger cars and commercial vehicles.
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List of the Companies Operating in the Market:
- Alibaba.com (Hangzhou, China)
- Group 1 Automotive Inc. (Texas, U.S.)
- Asbury Automotive Group (Georgia, U.S.)
- Hendrick Automotive Group (North Carolina, U.S.)
- AutoNation Inc. (Florida, U.S.)
- LITHIA Motor Inc. (Oregon, U.S.)
- CarMax Business Services, LLC (Kennesaw, U.S.)
- Scout24 AG (Munich, Germany)
- Cox Automotive (Georgia, U.S.)
- TrueCar, Inc. (California, U.S.)
- eBay Inc. (California, U.S.)
- Mahindra First Choice (Mumbai, India)
- Maruti Suzuki India Limited (New Delhi, India)
- Vroom (New York, U.S.)
- OLX (Amsterdam, Netherlands))
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021-2028 CAGR | 1.79% |
| 2028 Value Projection | USD 1,969.72 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 1,710.75 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Devaluation of Cars Factor to Amplify Demand for Used Automobiles |
| Growth Drivers | Increasing Inclination for Private Transport amid COVID-19 to Support Growth |
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Global Luxury Car Market Segmentation:
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
By Vehicle Age:
- 0 to 05 Years
- 06 Years to 10 Years
- 10 Years and above
By Vendor Type:
- Organized
- Unorganized
By Propulsion Type:
- ICE
- Electric
Market Type:
- Offline
- Online
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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