According to IMARC Group’s latest report, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, 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.

A used car refers to a vehicle that has been previously owned and driven by one or more individuals before being put up for sale. Used cars can vary greatly, as they come in different makes, models, and conditions. Numerous factors, such as age, mileage, maintenance history, and overall wear and tear influence the value and appeal of a used car.

Buyers can choose from a wide range of options, including sedans, SUVs, and trucks, depending on their needs and preferences. Used cars often come with various features, depending on their make and model. These features can include safety systems, such as airbags, anti-lock braking systems (ABS), traction control, and electronic stability control.

They may also include entertainment features like Bluetooth connectivity, touchscreen infotainment systems, and advanced audio systems. The availability of features can vary based on the car’s age and trim level. Used cars find application in various industries, including automotive dealerships, online car marketplaces, rental car companies, and individual private sellers.

What are the growth prospects and trends in the industry?

The cost-effectiveness associated with used cars represents one of the key factors driving the market growth. In line with this, used cars are an affordable option than brand new vehicles, attracting budget-conscious buyers, which is influencing the market growth positively. Also, new cars experience significant depreciation in their initial years, making used cars a more financially stable option.

Moreover, used car market offers a wide range of models from different years, allowing buyers to choose from a diverse selection, thus driving the market growth. Besides this, used cars generally have lower insurance premiums as compared to new vehicles, thereby reducing the overall cost of ownership. This is driving the market growth. In addition to this, authorities in many of the jurisdictions often have lower registration fees for used cars, thus contributing further to their cost-effectiveness.

Request Free Sample Report: https://www.imarcgroup.com/used-car-market/requestsample

Used car loans often have lower interest rates, thus making them more attractive to buyers seeking financial assistance in the purchase of a personal vehicle. This is acting as a major growth-inducing factor. Along with this, many used car dealerships offer extended warranty plans, which is contributing to the market growth. Manufacturers offer certified pre-owned programs that include thorough inspections and warranties, adding value to used cars, which, in turn, is driving the market growth.

The rise of online platforms has made it easier for buyers and sellers to connect, thereby expanding the reach and accessibility of the used car market and consequently boosting the market growth. Furthermore, some individuals prefer to upgrade to newer models more frequently, leading to a larger supply of quality used cars in the market.

The market is also being driven significant technological innovations in the used cars models. Used cars now often come equipped with advanced technology features, such as touchscreen displays, smartphone integration, and safety systems. This facilitates their sales, thereby driving the market toward growth. Dealerships often offer trade-in programs, allowing buyers to exchange their current vehicle for a used car, making the purchase more convenient and affordable thereby. This is acting as a factor inducing market growth.

Other factors, such as rising consumer expenditure capacities and the increasing need for owning a personal vehicle among the masses, especially amidst the middle-class population base in the emerging economies, are creating a positive outlook for the market across the globe.

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

Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/used-car-market

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.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com/