Used Cars Market Size & Share to Surpass $2759.3 Billion by 2030 | Vantage Market Research

WASHINGTON, Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Used Car Market is estimated to be valued at USD 2,759.3 Billion by 2030 at an exponential growth of 6.6% in the next seven years.

The market for Used Cars is increasing on a global scale. The rise in off-lease vehicle demand from franchisees, auto dealers, and leasing companies and the expanding popularity of car subscription services contribute to the expansion. They are also related to the increasing internet usage and information accessibility on online platforms.

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The Report Provides Insights on the Following Pointers

1. Market Penetration: Provides comprehensive information on the market offered by the key players,
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets,
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments,
4. Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation,
5. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
6. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The rise in the cost of new cars discourages many consumers from purchasing them, increasing the market for Used Cars. Additionally, a range of investments from key participants in the sector have made it possible to develop dealership networks. Concerns over the affordability of new cars, the soaring demand for subscription services, and the rise in leasing companies and auto dealers are a few additional vital aspects anticipated to spur market expansion.

Prominent Players in The Global Used Car Market Report Scope:

• Alibaba. com (China)
• Asbury Automotive Group (U.S.)
• AutoNation Inc. (U.S.)
• CarMax Business Services LLC (U.S.)
• Cox Automotive (U.S.)
• eBay Inc. (U.S.)
• Group 1 Automotive Inc. (U.S.)
• Hendrick Automotive Group (U.S.)
• LITHIA Motor Inc. (U.S.)
• Scout24 AG (Germany)
• TrueCar Inc. (U.S.)
  

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Factors Affecting the Growth of the Used Car Industry

The development of the Used Car market may be impacted by a number of variables. Some of these factors include:

• The cost of new cars is a crucial factor influencing the growth of the Used Car industry. If the prices of new cars are too high, many potential buyers may opt for Used Cars instead, leading to increased demand in the Used Car market.
• Economic conditions play a major role in the growth of the Used Car industry. During an economic downturn or recession, people tend to hold onto their cars for extended periods and might not be able to afford new cars, which leads to increased demand for Used Cars.
• Access to financing options from banks and other financial institutions can be a critical factor affecting the growth of the Used Car industry. If potential buyers cannot secure financing, it may limit their ability to purchase a Used Car, negatively impacting the industry.
• Technological advancements in the automotive industry, such as improvements in overall vehicle quality, reliability, and fuel efficiency, directly impact the growth of the Used Car industry. A higher quality and more reliable vehicle tend to have a longer lifespan, increasing its desirability and value in the Used Car market.
• Consumer preferences, including changing trends and lifestyles, can significantly impact the growth of the Used Car industry. For example, if there is a growing demand for SUVs, used SUVs may become more sought after, leading to increased sales and industry growth.
• The rate at which vehicles depreciate over time is another crucial factor. Slow depreciation can make it more attractive for consumers to buy Used Cars, as they know they will retain as much value on their investment.
• Government policies, such as emissions standards and fuel efficiency requirements, can affect the growth of the Used Car industry. If new regulations make purchasing and maintaining new cars more expensive, consumers may turn to the Used Car market instead.
  

Key Highlights

• By Vehicle Type, the demand for EVs segment is set to expand rapidly in the coming years,
• By Vendor Type, the Organized sector will persist in securing its leading position, maintaining the highest market revenue on a global scale during the projected period from 2023 to 2030,
• Based on Fuel Type, there is an expected increase in the sales of vehicles that run on Petrol-based fuel, leading to a larger presence of these vehicles during the projected period,
• North America demonstrated its power in the market by attaining the major portion of revenue,
• The Asia Pacific region is set to witness significant expansion in the coming years, with a share of 36.5% in 2022.
  

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Key Trends

• One of the top market trends in the Used Car market is the growing demand for electric and hybrid vehicles. With growing concerns about the environment and increased fuel prices, more and more consumers are looking for eco-friendly options when purchasing Used Cars. This has led to a substantial increase in the availability of used electric and hybrid vehicles in the market.
• Online marketplaces for buying & selling Used Cars are another noteworthy trend. Online platforms make it effortless for buyers and sellers to connect, expanding the customer base and overall market for Used Cars.

Key Strategies in the Used Car Market

The main participants in the market are prioritizing increasing their customer base to gain an advantage over competitors. As a result, vendors implement various strategic measures, including collaborating with other companies, acquiring and merging with others, forming partnerships, etc. Here are crucial insights into key competitors and success strategies in the industry:

• Companies offer competitive pricing to attract customers. This involves setting prices that are lower than or comparable to other sellers in the market.
• Companies reach their target audience and promote their Used Car inventory by effective marketing and advertising campaigns. These strategies include online and offline advertising, social media marketing, search engine optimization, and partnerships with local businesses or websites.
• Companies employ certified mechanics to thoroughly inspect and evaluate the condition of each vehicle, which helps customers when purchasing a Used Car.
• Companies have a well-managed inventory system that allows them to track and evaluate their stock. This includes monitoring the popularity and demand of specific car models, forecasting future trends, and adjusting the inventory accordingly.
• Companies in this industry utilize customer reviews and testimonials, a powerful marketing tool. Positive reviews help build trust and credibility among potential customers. Encouraging satisfied customers to provide feedback and sharing these testimonials on the company's website or social media platforms is beneficial.
• In today's digital age, companies have a strong online presence with user-friendly websites where customers can browse and compare available cars and search filters to help customers find their desired specifications and options for online payments or financing. This allows the customer to address any inquiries or concerns in real-time.

Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Used Car Market Forecast Report (2023-2030).

Recent Development of the Global Used Car Market

• Porsche officially announced in June 2022 that it will open a used automobile dealership in India on June 8, 2022, under the Porsche Approved sub-division. The Porsche Center Kochi in Kerala will serve as the launch pad for this new venture.
• In November 2022, by the end of 2023, the company, which CarTrade Tech owns, plans to build many more facilities. Additionally, CarWale abSure is collaborating with OEMs, banks, NBFCs, dealers, insurance companies, and other ecosystem stakeholders on a number of innovative product initiatives aimed at enhancing the digital car purchasing and selling process.
• By early 2024, Volvo intends to have a third of its volume come from its certified used-car sector, which it will start in September 2022 and spread throughout the country. Volvo uses the 'Selekt' platform, which it just introduced in India with two dealerships, to run its {{keyword}} business worldwide.
  
  

Market Segmentation

By Vehicle Type

• Hybrid
• Conventional
• Electric
  

By Vendor Type

• Organized
• Unorganized

By Fuel Type

• Petrol
• Diesel
• Other Fuel Types
  

By Size

• Compact
• Mid-size
• SUVs
  

By Sales Channel

• Online
• Offline

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

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Highlights From Segments

Vehicle Type Analysis

• The EV segment in the global Used Car market is experiencing significant growth. As more countries and governments worldwide push for clean and sustainable transportation options, the demand for EVs is increasing. This is reflected in the Used Car market, where consumers seek affordable and reliable electric vehicles.
• The rising concern about climate change and environmental sustainability has also prompted many consumers to opt for electric vehicles. They are seen as a greener alternative to traditional combustion engine cars, as they produce zero or lower emissions. This has attracted environmentally-conscious buyers to the used EV market.
• The conventional vehicle type segment plays a major role in the global Used Car market, offering different options to meet consumers' diverse needs and preferences.
  

Vendor Type Analysis

• The organized vendors segment is anticipated to have maximum market growth during the projected timeframe.
• One of the key advantages of purchasing a Used Car from organized vendors is the assurance of quality and reliability. These vendors usually have rigorous inspection processes to ensure that the vehicles they sell are in good working condition.
• Moreover, organized vendors often have a wide range of Used Cars for sale, giving buyers more options. These vendors may also have multiple branches or outlets, making it convenient for customers to access their services.
  

Fuel Type Analysis

• The petrol-based fuel vehicles is anticipated to have maximum market growth during the projected timeframe. 
• Petrol-based fuel vehicles hold a significant market share due to their affordability, easy availability, and well-established infrastructure to support refueling. Many consumers still prefer petrol-based vehicles for their reliable performance, high horsepower, and the flexibility of long-distance travel.

Sales Channel Analysis

• The online sales channel is a rapidly growing segment in the global Used Car market. With the rise of e-commerce and digitalization, more consumers turn to online platforms to purchase and sell Used Cars. Several factors propel this trend, including convenience, variety, and affordability.
• One of the main advantages of the online sales channel is convenience. Consumers can browse thousands of Used Car listings from the comfort of their homes, eliminating the need to visit multiple dealerships. The online platforms also offer search filters and comparison tools, making it easier for buyers to find the perfect car for their needs.
• The offline sales channel segment in the global Used Car market significantly provides customers with a tangible and personalized experience. Despite the rise of online platforms, the offline sales channel thrives due to its distinct advantages.
  

Scope of the Report:    

Regional Analysis

• The North American Used Car market is flourishing, driven by the high cost of new vehicles, a desire for lower depreciation rates, and an increase in online platforms for buying and selling Used Cars.
• The market is also highly influenced by the availability of certified pre-owned programs from manufacturers, which provide buyers with peace of mind regarding the quality and condition of the vehicle.
• The Asia Pacific Used Cars market is witnessing a surge in demand driven by affordability, availability, and government support. This trend is expected to continue in the coming years, making the region a lucrative market for Used Car sales.
  

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