According to the latest report by IMARC Group, titled "Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global used car market is expected to exhibit a CAGR of 9.1% during 2023-2028. A used car refers to a second-hand vehicle that was previously owned by one or more retail owners. Used automobiles are generally repaired and refurbished to working conditions, following which they are listed for sale. These cars are commonly available for resale through various outlets, such as auctions, leasing offices, traditional franchise and independent car stores, rental car companies, and private party sales. Since these cars offer cost-efficient solutions to individuals while minimizing the depreciation of the vehicle, they are gaining widespread prominence among the masses.
Global Used Car Market Trends:
The global market is primarily driven by the increasing green consciousness among the masses. With an enhanced focus on sustainable development, individuals are preferring the adoption of refurbished cars with attractive deals, which is providing an impetus to the market growth. Moreover, numerous used car retailers are digitalizing their processes and operations. They are also attempting to reach a broader customer-base by participating in online sales to offer complete transparency to their users. These players are also investing in advanced technologies, such as artificial intelligence and big data analytics, to differentiate their brand and offerings from traditional used car dealers on the internet, which is expected to provide numerous growth opportunities in the market. Also, the electrification of vehicles and the introduction of the latest models of automobiles at short intervals have created an escalating demand for newer used car models equipped with advanced technologies. This is expected to create a positive outlook for the market. Furthermore, the increasing integration of blockchain technologies in an attempt to gather and store the maintenance history record of the carbon footprint of the used cars is acting as another major growth-inducing factor. Some of the other factors contributing to the market growth include the rising demand for second-hand luxury cars and significant improvements in the online refurbished car retail channels.
- On the basis of the vehicle type, the market has been divided into hatchbacks, sedans, sports utility vehicles, and others.
- Based on the vendor type, the market has been classified into organized and unorganized.
- On the basis of the fuel type, the market has been categorized into gasoline, diesel, and others.
- Based on the sales channel, the market has been bifurcated into online and offline.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Alibaba Group Holding Limited, Arnold Clark Automobiles Limited, Asbury Automotive Group Inc., AutoNation Inc., CarMax Business Services LLC, Cox Automotive Inc. (Cox Enterprises Inc), eBay Inc., Group1 Automotive Inc., Lithia Motors Inc., Pendragon PLC and TrueCar Inc.
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