Used Car Market Trends 2022-2027
According to the latest report of the IMARC group, entitled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global used car market is expected to grow at a CAGR of 9.4% during the period 2022-2027. A used car is a used vehicle that is refurbished and generally sold through a variety outlets and platforms, such as walk-in used car stores, online platforms, car dealerships and rental offices.The process of buying an old vehicle includes checking the tire condition, upholstery, mileage, road test, and mechanical inspection.Some commonly preferred cars include sedans, hatchbacks, and sport utility vehicles.Used cars help keep costs down depreciation and maintenance of the vehicle by offering comprehensive insurance, warranty and variant upgrades.
We regularly monitor the direct effect of COVID-19[feminine] in the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Market Trends and Drivers:
The global used car market is mainly driven by the increasing consumer preference for ownership of used or refurbished cars due to the high costs of new vehicles. In addition, the ease of access to the Internet has led to the use of e-commerce sites and applications to buy and sell the automobile with complete transparency and ease of use, which, in turn, gives a impetus to market growth. Other factors including growing demand for multiple and luxurious vehicles and increasing consumer spending capabilities, especially in emerging economies, are creating a positive outlook for the market.
Competitive Analysis and Segmentation of the Used Car Market 2022-2027:
Competitive landscape with key players:
The competitive landscape of the used car market has been studied in the report along with the detailed profiles of 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 LLC Business Services
- Cox Automotive Inc. (Cox Enterprises Inc.)
- eBay Inc.
- Groupe1 Automotive Inc.
- Lithia Motors Inc.
- Pendragon PLC
- TrueCar Inc.
Key Market Segmentation:
The report has segmented the global used car market on the basis of vehicle type, supplier type, fuel type, sales channel and region.
Breakdown by type of vehicle:
- sport utility vehicle
Breakdown by type of supplier:
Breakdown by type of fuel:
Breakdown by sales channel:
Breakdown by region:
- North America (USA, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iran, Others)
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Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market trends
- Market drivers and success factors
- Impact of COVID-19
- Value chain analysis
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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