Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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Global Used Car Market Overview 2023-2028:

The global used car market is expected to exhibit a growth rate (CAGR) of 9.1% during 2023-2028. Increasing concern among consumers regarding the high costs and affordability of new vehicles, the rising environmental consciousness, and inflating consumer expenditure power represent some of the key factors driving the market.

A used car, also called a second-hand car, is a pre-owned vehicle available for resale after undergoing inspection, refurbishment, and repairs. They come in various types, including hatchbacks, sedans, minivans, sports utility vehicles (SUVs), convertibles, station wagons, luxury cars, hybrids, and coupes, making them accessible to a wide range of buyers. They can be purchased from different outlets, such as independent and franchise car dealers, rental car companies, private party sales, auctions, and leasing offices. These options give buyers the flexibility to choose from a variety of models and make them fit their specific needs and budget. One of the primary advantages of a used car includes cost-effectiveness and a slower depreciation rate, meaning that it retains its value for a longer time. Additionally, used cars have lower insurance, registration, and customization costs, making them more affordable to own.

Global Used Car Market

Used Car Market Trends:

The global used car market is primarily driven by the increasing concern among consumers regarding the high costs and affordability of new vehicles. In addition to this, the rising environmental consciousness and the widespread adoption of eco-friendly products that minimize carbon dioxide (CO2) emissions and reduce the spillage of battery chemicals are bolstering the market growth. Another factor that is positively influencing the market growth is the integration of artificial intelligence (AI) in the automotive industry. AI technology is being used to collect and analyze vehicle data, provide detailed information on the vehicle's state and damages, and help dealers calculate the right price for used vehicles. Moreover, the rapid adoption of online platforms for selling used cars and burgeoning consumer expenditure capacities are contributing to the market growth. Online platforms offer various features such as an extensive database of photos and videos of used cars, instant financial services, and the ability to monitor documents, performance, and service records of the vehicles. Other factors, such as rapid digitalization of retail processes, increasing internet penetration, and growing demand for luxurious cars, are anticipated to drive the market growth. 

 

 
 

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global used car market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on vehicle type, vendor type, fuel type, and sales channel.

Vehicle Type Insights:

 

 
 

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  • Hatchbacks
  • Sedan
  • Sports Utility Vehicle
  • Others
     

The report has provided a detailed breakup and analysis of the used car market based on vehicle type. This includes hatchbacks, sedan, sports utility vehicle, and others. According to the report, sports utility vehicle accounted for the largest market share.

Vendor Type Insights:

  • Organized
  • Unorganized
     

The report has provided a detailed breakup and analysis of the used car market based on vendor type. This includes organized and unorganized. According to the report, unorganized accounted for the largest market share.

Fuel Type Insights:

  • Gasoline
  • Diesel
  • Others
     

The report has provided a detailed breakup and analysis of the used car market based on vendor type. This includes gasoline, diesel, and others.

Sales Channel Insights:

  • Online
  • Offline
     

The report has provided a detailed breakup and analysis of the used car market based on vendor type. This includes online and offline. According to the report, offline accounted for the largest market share.

Regional Insights:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

The report has also provided a comprehensive analysis of all the major regional markets, which include 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 the Middle East and Africa. According to the report, Asia Pacific was the largest market for used car. Some of the factors driving the Asia Pacific used car market included the increasing demand for affordable vehicles, the expanding e-commerce sector, and the rising environmental concerns.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global used car market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Vehicle Type, Vendor Type, Fuel Type, Sales Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the used car market from 2017-2028.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global used car market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the used car industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

We expect the global used car market to exhibit a CAGR of 9.1% during 2023-2028.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the demand fluctuations for used cars.

The rising environmental consciousness, along with the growing consumer preference for refurbished cars, as they provide convenience and enhanced travel experience with no registration fees and other charges, is primarily driving the global used car market.

Based on the vehicle type, the global used car market can be categorized into hatchbacks, sedan, sports utility vehicle, and others. Among these, sports utility vehicle currently exhibits clear dominance in the market.

Based on the vendor type, the global used car market has been segmented into organized and unorganized, where unorganized vendors hold the largest market share.

Based on the sales channel, the global used car market can be bifurcated into online and offline. Currently, offline channel accounts for the majority of the total market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global used car market 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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Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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