Demand for Used Cars Growing due to Expanding E-Commerce Market

The e-commerce sector has been registering considerable growth in recent years. A lot of people are rapidly shifting to online mediums for a various purposes. Owing to the increasing penetration of internet across the world, businesses are widely leveraging online platforms for creating awareness regarding their brand, products, and services. Social media sites and other online platforms are acting as effective advertisement platforms. Companies in the used cars industry are therefore making increasing use of e-commerce platforms for gaining customers.

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As the transactions occur among individuals and not established companies, it is hard to actually establish trust. However, now organized players have started entering the market, who along with providing cars, also provide various offers, including free services at the dealership and free towing. This is aiding such players to increase their consumer base by building trust. The rising penetration of companies in the domain is projected to result in the growth of the market in the years to come.

Consumers can procure large, medium, and small vehicles, out of which, the demand for medium vehicles has been the highest up till now. The demand for these vehicles is majorly increasing in emerging economies, owing to the high supply of good-quality, less-driven, second-hand cars and the rising spending power of people. Used cars can further can further be ICE or electric, between which, the demand for ICE-based vehicles has been higher in the past.

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ICE vehicles are majorly popular in Latin American and Middle East & African (LAMEA) and Asia-Pacific regions. This being said, the demand for used electric vehicles is also projected to rise considerably in the years to come, which is particularly because of the eco-friendly nature of these vehicles. As the awareness and consciousness regarding the deterioration of the environment is growing among people, they are widely shifting towards eco-friendly options. Moreover, the demand for used electric vehicles is also projected to grow due to the increased electrification of powertrain systems.

Geographically, the largest used car market has been North America up till now, where developed countries of Canada and the U.S. are creating high demand for used cars. The rising government regulations that are aimed towards enhanced organization of operations are leading to the growth of the regional domain. Moreover, digitization is also predicted to benefit the market in the coming years. The LAMEA region is projected to create high demand for used cars in the coming years.

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