by The Used Car market size is predicted to hit around US$ 2,153.6 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2028.
Used Car Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028 – Breakdown Data by Regions, Type, Manufacturers and Applications
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Growth Factors
Rising technological advancements such as the implementation of digital technology in the market and the use of artificial intelligence to improve online buying experience are expected to boost the market demand over the forecast period. Furthermore, the growing adoption of used electric and hybrid cars has become one of the noticeable trends in the last few years. The increased number of new Electric Vehicle (EV) and hybrid cars registered over the last few years is now flowing through into the market. For instance, European countries such as Germany, the U.K., Spain, and Austria have registered significant volume sales for petrol, EVs, and hybrid vehicles.
Globally, the growth of online sales channels also changed the overall consumption of the used cars. As online automotive retailing accounts for the small percentage of total used car sales, there is a significant growth potential for this segment. Moreover, automotive dealers use their websites as a sales and marketing generation channel to drive buyers to the showroom floor where the consumers complete the purchase. However, nowadays, consumers are looking for eCommerce options for the entire purchase. Also, there is a rise in the number of digital sellers such as Vroom; Carvana Inc.; eBay Motors; and Shift Technologies Inc. that specifically cater to online vehicle buyers, and increase the competitiveness of the market.
Key Players
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Alibaba.com
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Asbury Automotive Group
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AutoNation Inc.
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CarMax Business Services, LLC
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Cox Automotive
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eBay Inc.
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Group 1 Automotive Inc.
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Hendrick Automotive Group
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LITHIA Motor Inc.
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Scout24 AG
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TrueCar, Inc.
Market Segmentation
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Vehicle Type Outlook
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Hybrid
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Conventional
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Electric
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Vendor Type Outlook
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Organized
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Unorganized
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Fuel Type Outlook
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Petrol
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Diesel
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Others
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Size Outlook
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Compact
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Mid-Size
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SUVs
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Sales Channel Model Outlook
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Online
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Offline
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Regional Outlook
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North America
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The U.S.
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Canada
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Europe
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Germany
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The U.K.
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France
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Spain
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Asia Pacific
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China
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Japan
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India
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South America
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Brazil
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The Middle East and Africa (MEA)
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Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Used Car market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Used Car industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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