Used Car Market
Used Car Market
Used Car Market was values at USD 1.6 trillion around 2021, and predicted to reach USD 2.2 trillion in 2029, growing at a CAGR of 4.5% from 2022-2029.
The factors driving the growth of Used Car Market includes growing emphasis by manufacturers on providing enhanced safety infotainment, and powertrain features, rise in the sales of passenger cars around the world and increasing consumers preference for personal mobility. According to the report published by the Economic Times, the sales of used cars in India is estimated to increase from 3.8 million units in FY21 to 8.2 million units per year by FY25, which will accelerate the market growth in the approaching years. Moreover, rise in internet penetration rates, entrance of new online car retailers, growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (ML) in the automobile industry and increasing prevalence of rental services, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising consumers preference for refurbished used cars, rapid urbanization, and growing population growth rates, are further contributing to the market growth.
However, the growth of Used Car Market is hindered attributed to high service and maintenance cost of used cars.
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The leading players operating in the market are Arnold Clark Automobiles Limited, Trusty Cars Pte Ltd., Maruti True Value, Cox Automotive, Hertz Car Sales, PenskeCars, Mahindra First Choice Wheels, CarMax Business Services, LLC, EF MOBILITY S.R.O. and Pendragon PLC, among others.
Based on Vehicle Type, the Hatchbacks segment is predicted to grow at a significant CAGR during the forecast period
Hatchbacks offer enhanced flexibility, improved fuel efficiency and are easily affordable, are some of the features pushing the growth of the segment.
Based on Fuel Type, the Alternate Fuel Vehicles segment is projected to capture the largest market share over the forecast period
As per the Used Car Market Trends, strict regulations imposed by Government regarding the use of diesel-powered vehicles and rising availability of fuel sources other than petrol and diesel, are some of the factors propelling the segment’s growth.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
According to the Used Car Market Forecast, growing demand for personal utility, rapid urbanization, increasing demand for luxury vehicles, rise in the number of used car retail outlets, improvements in the living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Segmentation by Vehicle type
- Sports utility Vehicle
Segmentation by Fuel type
- Alternate Fuel Vehicles
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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