Used Car Market Report, Industry Size and Global Share 2021: Business Expansion Strategies, Growth Dynamics, Opportunities and Challenges Forecast to 2027

 A comprehensive overview of the Global Used Car Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Used Car Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Used Car Market at the regional & country levels. The Global Used Car Market is expected to grow at a CAGR of ~3% between 2021-2027

Market Overview

As per our analysis, it is predicted that global used car sales are expected to grow at a CAGR of about 3%. Furthermore, as per the analysis global used car sales is expected to reach around US$ 1,466 billion by 2027, compared to US$ 1,186 billion in 2020. The number of automobile manufacturers active in the used vehicle market, as well as the number of online vehicle dealerships, has affected the customer's view of used car quality. Furthermore, quick technological progress or the launch of new car models at regular intervals allows clients to sell or swap their old vehicle for a new one. The proliferation of car-sharing programme is projected to be a major stumbling block for the used vehicle market.

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COVID-19 Impact

Although some automotive companies are suffering as a result of the pandemic, the used car market has seen a significant increase in sales in some countries due to factors such as lower income, money shortages, and a preference for private cars to maintain social distance, all of which are expected to benefit the used car industry during the COVID-19 outbreak. However, after June 2020, the market saw a surge in demand for used automobiles, owing to a shift in consumer preference for personal mobility. Consumers were encouraged to invest in affordable secondhand cars for personal protection during the pandemic due to health hazards and social distancing needs.

Global Used Car Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Vehicle Type, the market is primarily bifurcated into:

·         Hatchback

·         Sedan

·         SUV

Based on vehicle type, the hatchback car market is expected to grow through 2027, owing to the growing popularity of compact automobiles in various countries.

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By Fuel, the market is primarily studied into:

·         Petrol

·         Diesel

·         Others

Based on fuel type, the market is segmented into petrol, diesel, and others. Petrol-powered vehicles still sell the most with the largest volume share, but the continuous rise in oil prices may lead to decrease in demand.

By Vendor, the market is primarily studied into:

·         Organized

·         Unorganized

Based on vendor, the organized vendor segment accounted for the largest share due to continues rise in the number of organized car vendors in the developing countries due to the rising demand for affordable second-hand cars

Global Used Car Market Region Segmentation Includes:

·         North America

·         Europe

·         Asia Pacific

·         Rest of World

Based on the estimation, Asia-Pacific dominated the market in 2020 and is expected to witness highest CAGR growth during the forecast period.

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The major players targeting the market includes:

·         AutoNation Inc.

·         PenskeCars

·         Maruti True Value

·         Mahindra First Choice Wheels

·         Group1 Automotive Inc.

·         CarMax

·         Asbury Automotive Group

·         Autotrader

·         TrueCar Inc.

·         Vroom

Competitive Landscape

The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Used Car Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.

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Key questions resolved through this analytical market research report include:

·         What are the latest trends, new patterns, and advancements in the Global Used Car Market?

·         Which factors are influencing the Global Used Car Market over the forecast period?

·         What are the global challenges, threats, and risks in the Global Used Car Market?

·         Which factors are propelling and restraining the Global Used Car Market?

·         What are the demanding global regions of the Used Car Market?

·         What will be the market size in the upcoming years?

·         What are the crucial market acquisition strategies and policies applied by the companies?

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