Global Used Car Market to Grow at 8.32% During 2024-2032, Catalyzed by Rising Prices of New Vehicle

According to the latest report by IMARC Group, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the global used car market is expected to grow at a CAGR of 8.32% during 2024-2032. A used car, also known as a second-hand car, is a pre-owned vehicle available for resale after inspection, refurbishment, and repairs. It includes hatchbacks, sedans, minivans, sports utility vehicles (SUVs), convertibles, station wagons, luxury cars, hybrids, and coupes as common vehicles. A used car is sold through various outlets, such as independent and franchise car dealers, rental car companies, private party sales, auctions, and leasing offices. It is widely purchased by first-time buyers, car subscription services, and individuals facing budget restrictions. As compared to a new car, a used car is cost-effective, has a slower depreciation rate, and offers lower charges for insurance, registration, and customization.

Global Used Car Market Trends:

The rising concern among consumers regarding the high costs and affordability of new vehicles is one of the primary factors driving the market growth. Furthermore, the widespread product adoption owing to the rising environmental concerns among the masses, as it aids in minimizing carbon dioxide (CO2) emissions and spillage of battery chemicals associated with the manufacturing and disposal of vehicles, is providing an impetus to the market growth. Additionally, the integration of artificial intelligence (AI) to collect and analyze vehicle data, provide detailed information on the vehicle's state and damages, and help dealers in calculating the right price for the used vehicle is positively influencing the market growth. Moreover, the rising adoption of online platforms to sell used cars as they provide transparency and enhance user convenience through additional features, such as the enormous database of photos and videos of used cars, instant financial services, and the ability to monitor documents, performance, and service records of the vehicles, is favoring the market growth. Other factors, including rising consumer expenditure capacities, rapid digitalization of retail processes, rising demand for luxurious cars, and increasing internet penetration, are anticipated to drive market growth.

Market Summary:

• On the basis of the vehicle type, the market has been divided into hatchbacks, sedan, sports utility vehicle, and others. Among these, sports utility vehicles (SUVs) are the most preferred vehicle types.
• Based on the vendor type, the market has been bifurcated into organized and unorganized. At present, unorganized vendors dominate the market.
• On the basis of the fuel type, the market has been classified into gasoline, diesel, and others.
• Based on the sales channel, the market has been divided into online and offline. At present, offline distribution channel holds the majority of the market share.
• On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa. Currently, Asia Pacific exhibits a clear dominance in the market.
• The competitive landscape of the industry has also been examined, with some of the key players being 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.

Report Scope:

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