Used Car Market Size To Hit US$ 1,511 Billion By 2028 | Industry CAGR 9.1%

The latest report published by IMARC Group, titled "Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global used car market size reached US$ 896 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,511 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.

Download a free sample report to get a detailed overview of the market: https://www.imarcgroup.com/used-car-market/requestsample

Used Car Market Trends:

The growing urban populations and increased mobility needs are driving demand for personal transportation, including used cars which represents one of the key factors driving the growth used car market across the globe. Used cars are often more affordable, which attracts price-sensitive consumers, especially in emerging economies. Online platforms and mobile apps are simplifying the buying and selling process, thus making it easier for consumers to access, compare, and purchase used cars. Access to detailed vehicle history reports, inspections, and certifications is increasing trust in the used car market, which is reducing uncertainty about vehicle conditions.

The market is also driven by the availability of easy and flexible financing options for used cars which are making them more accessible to a broader audience. In line with this, purchasing used cars can be seen as an environmentally responsible choice, which is reducing the demand for new manufacturing and thus lowering the carbon footprint. Governments and regulatory bodies are sometimes encouraging the used car market through favorable policies, including tax incentives, to promote sustainability. In addition to this, modern cars are built to last longer, thus making used cars a viable option for longer periods. New cars depreciated rapidly in the first few years, thereby making used cars a financially attractive option, retaining value better over time. Apart from this, the wide range of choices available in the used car market caters to varied consumer tastes and preferences, which is further boosting the demand for used cars.

Car rental and leasing companies regularly update their fleets, which is pushing well-maintained used cars into the market. The globalization of supply chains enables easier movement of used cars across borders, facilitating international trade. The existence of various small and big dealers, along with individual sellers, is creating a competitive environment, often resulting in better deals for consumers. Original equipment manufacturers (OEMs) entering the market with certified pre-owned programs ensures quality and boosts consumer confidence. A shift in consumer attitudes towards car ownership, where the focus is more on functionality than novelty, is further creating a positive outlook for the market across the globe.

Used Car Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the used car market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key 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
• TrueCar Inc.

Key Market Segmentation:

The report has segmented the global used car market based on vehicle type, vendor type, fuel type, sales channel and region.

Breakup by Vehicle Type:

• Hatchbacks
• Sedan
• Sports Utility Vehicle
• Others

Breakup by Vendor Type:

• Organized
• Unorganized

Breakup by Fuel Type:

• Gasoline
• Diesel
• Others

Breakup by Sales Channel:

• Online
• Offline

Breakup by Region:

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

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Industry Definition and Application:

Used cars, also referred to as pre-owned or second-hand cars, are vehicles that have had one or more retail owners before being offered for resale. The market for used cars has been substantial and is driven by various factors. For buyers, used cars often present a cost-effective alternative to new vehicles. They can offer significant savings, and depreciation advantages, and sometimes include extended warranties or certifications. Additionally, with access to detailed vehicle history reports, buyers can make more informed decisions about the condition and maintenance history of a used car.

For sellers, including dealerships and individuals, the used car market provides an opportunity to capitalize on the value of a vehicle that may no longer be needed or wanted. The rise of digital platforms has transformed the used car industry, thus making it easier to browse, compare, and purchase vehicles online. These platforms often provide tools for valuation, financing, and even home delivery. Environmental considerations also play a role in the popularity of used cars, as purchasing pre-owned can be seen as a form of recycling, potentially reducing the environmental impact compared to manufacturing new vehicles.

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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