Used Vehicle Market Overview:
The used vehicle market continues to
play a pivotal role in the automotive industry, offering consumers a diverse
array of options at varying price points. This market segment has witnessed
significant growth driven by factors such as economic considerations, changing
consumer preferences, and the overall durability and reliability of modern
vehicles. As more individuals seek cost-effective alternatives to new cars, the
used vehicle market has become a dynamic arena where buyers can find
well-maintained and reliable options, often at a fraction of the cost of their
new counterparts. Additionally, the rise of online platforms and certified
pre-owned programs has further streamlined the buying process, enhancing
transparency and confidence in purchasing used vehicles.
The global Used Vehicle Market Size to reach USD
2,000 Billion, registering a CAGR of 8.30% from 2022- 2030.
One notable trend in the used vehicle
market is the increasing demand for eco-friendly and fuel-efficient options.
With a growing awareness of environmental concerns, many buyers are turning to
the used market to find affordable, fuel-efficient models that align with their
sustainability goals. This shift has prompted dealerships and private sellers
alike to emphasize the availability of hybrid and electric vehicles in their
used inventory, reflecting a broader industry trend towards greener
transportation solutions. Overall, the used vehicle market remains a dynamic
and responsive sector, adapting to the evolving needs and preferences of
consumers while contributing to the automotive industry's sustainability
efforts.
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Multiple Factors to Augment Market Growth
Across India, people in rural regions have begun to prefer riding their two-wheelers
to taking public transportation. A similar trend has been observed in nations
such as the United Kingdom and the United States, where customers have turned
to personal commuting rather than public transportation.
In the case of automobiles, the depreciation rate is often higher. By
the first year of possession, the depreciation rate has risen to 30%. Even for
commercial vehicles, depreciation rates in emerging countries and heavily
populated countries like India are greater, ranging between 30-35%. This has
provided consumers the opportunity to buy 1-3-year-old vehicles at a low rate.
The rise of the internet has increased demand for used vehicles among
consumers who lack access to important information. The internet allows
organized dealers to rapidly expand their market. Consumers can afford personal
vehicles through car subscription services without making any financial
commitments. Consumers can use vehicles with monthly costs that cover
insurance, maintenance, and roadside support due to subscription services.
Used Vehicle Market Key Players
·
CarMax
Business Services LLC (US)
·
Manheim (US)
·
Autotrader
Inc. (US)
·
HERTZ CAR
SALES (US)
·
Cox Automotive
Inc. (US)
·
Sun Toyota
(US)
·
Alibaba Group
(China)
·
eBay (US)
·
PenskeCars
(US)
·
TrueCar
·
Inc. (US)
·
Autonation
(US)
·
and Vroom Inc.
(US)
The Global Market to Grow Post COVID-19 Outbreak
COVID 19 has had a significant impact on the industries in three ways:
production line and product demand, market and supply chain disruption, and
financial impact. This has had a significant impact on the manufacture of new
vehicles and cars, which has aided market expansion. COVID 19 has also lowered
consumer purchasing power due to the negative impact on the economy, causing
people to favor used vehicles and cars over new vehicles. Furthermore, the need
for personal vehicles for safety has increased the market value.
Used Vehicle Market Segmentation
The global Used Vehicle Market Size has been segmented into vehicle age,
vehicle type, propulsion, and sales channel.
·
By vehicle
age, the global Used Vehicle Market Size has been segmented into 0-5, 6-10,
11-15, 15-20, and > 20 years old.
·
By vehicle
type, the global Used Vehicle Market Size has been segmented into Passenger
Cars, Light Commercial Vehicles, And Heavy Commercial Vehicles.
·
By propulsion,
the global Used Vehicle Market Size has been segmented into ICE and Electric
Vehicles.
·
By sales
channel, the global Used Vehicle Market Size has been segmented into
Franchised, Independent Car Dealers, Rental Car Companies, and Others.
Used Vehicle Market Regional Analysis
To boost the value of used vehicles, the Singaporean government has
offered tax exemptions for battery-powered and electric vehicles. As a result,
demand for vehicles that use ethanol and methanol is increasing and is
projected to continue indefinitely.
Third-party dealers partner with vehicle manufacturers to build up
subscription offers in countries such as Denmark, the United Kingdom, and the
United States. Dealers supply automotive manufacturers with software that
provides the documents required for purchasing as well as further analysis of
customers' attitudes toward acquiring used vehicles in order to boost the
market growth.
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