Used Car Market to Grow at a CAGR of 9.1% During 2023-2028, Catalyzed by Rising Prices of New Vehicle

The rising concern among consumers toward the high costs and affordability of new vehicles is primarily driving the used car market.

SHERIDAN, WY, USA, February 20, 2023 /EINPresswire.com/ — The latest report published by IMARC Group, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.

Year Considered to Estimate the Market Size:

• Base Year of the Analysis: 2022

• Historical Period: 2017-2022

• Forecast Period: 2023-2028

The global used car market is expected to exhibit a growth rate (CAGR) of 9.1% during 2023-2028. A used car also referred to as a second-hand car, represents a pre-owned vehicle available for resale after refurbishment, inspection, and repairs. It includes sedans, minivans, sports utility vehicles (SUVs), convertibles, hatchbacks, station wagons, luxury cars, hybrids, and coupes as standard vehicles. A used car is sold through various outlets, such as rental car companies, private party sales, independent and franchise car dealers, auctions, and leasing offices. It is widely purchased by car subscription services, first-time buyers, and individuals facing budget restrictions. Compared to a new automobile, a used car has a slower depreciation rate, is cost-effective, and offers lower charges for registration, insurance, and customization.

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Used Car Market Trends:

The rising concern among consumers toward the high costs and affordability of new vehicles is primarily driving the used car market. Besides this, the escalating product demand, owing to the increasing environmental concerns in individuals, as it aids in minimizing carbon dioxide (CO2) emissions and spillage of battery chemicals associated with the manufacturing and disposal of vehicles, is further augmenting the market growth. Moreover, the growing popularity of online platforms to sell used cars since they provide transparency and enhance user convenience through additional features, including the enormous database of photos and videos of used automobiles, instant financial services, and the ability to monitor documents, performance, and service records of the vehicles, is also catalyzing the global market. Apart from this, the incorporation of artificial intelligence (AI) to collect and analyze motorcar data, provide detailed information on the state and damages, and assist dealers in calculating the right price for the used vehicle, is acting as another significant growth-inducing factor. Furthermore, the inflating rising consumer expenditure capacities, the expanding digitalization of retail processes, and the elevating requirement for luxurious cars are anticipated to propel the used car market over the forecasted period.

Used Car Market 2023-2028 Competitive Analysis and Segmentation:

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

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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.

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