Global Used Car Market is expected to foresee steady growth. Asia-Pacific to witness highest growth!
Global Used Car Market is expected to grow at a CAGR of around 3% during the forecast period 2021-2027. The Used Car Market generated revenue of ~US$ 1,186 billion in 2020. By 2050, the worldwide on-road vehicle fleet is expected to double, with the majority of future car purchases occurring in developing economies. While car ownership is a near-universal ambition, and used vehicles offer a cost-effective way to boost personal mobility, not all used vehicles have the same environmental impact. Older automobiles, whether freshly imported or existing stock, might release a disproportionate quantity of pollutants, such as those that predate Euro 4/IV equivalent norms.
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The worldwide used automobile market is primarily driven by rising customer demand for pre-owned or refurbished vehicles. Individuals that live in urban areas and metropolitan cities, for example, like to buy multiple vehicles for increased mobility and convenience. Furthermore, the increased engagement of women in the workforce has a beneficial impact on the market for secondhand cars, particularly in developing nations. New-vehicle prices hit another all-time high in September 2021, marking the sixth straight record-setting month and surpassing $45,031 for the first time, according to a new report from Kelley Blue Book. This continuous rise in new vehicle price affects the customer mentality and gives them a move towards purchase of used vehicles to fulfill their requirements.
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The global breakout of the COVID-19 epidemic hindered the expansion of the used automobile market. For the first two quarters of 2020, the market size was limited by the global economic crisis and financial instabilities. During this time, severe effects on the automobile industry hampered the used car market. Furthermore, the global economic crisis has impacted consumers, resulting in a drop in car sales. However, due to the risk of infection and to preserve social distance, individuals all over the world have begun to avoid public transportation. According to a recent survey by CARS24, an auto-tech start-up, a significant number of commuters will now look forward to private automobiles in the post-COVID-19 world in order to preserve social distance, but public transportation’s price and convenience will continue to attract daily commuters.
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For a better understanding of the market adoption of Used Car, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. Asia Pacific dominated the market in 2020. In recent years, there has been an increase in demand for automobile subscription services. A vehicle subscription service is a viable alternative to purchasing or leasing a car. A consumer who chooses a vehicle subscription service can utilize the vehicle on a monthly basis for a monthly price that includes maintenance, insurance, and roadside assistance. Customers get good value for their money, which is projected to be a major driving force in the used car market. Some of the major players operating in the market includes AutoNation Inc., PenskeCars, Maruti True Value, Mahindra First Choice Wheels, Group1 Automotive Inc., CarMax, Asbury Automotive Group, Autotrader, TrueCar Inc. and Vroom etc.
Global Used Car Market Segmentation
Market Insight, by Vehicle
Market Insight, by Fuel
Market Insight, by Vendor
Market Insight, by Region
- North America Used Car Market
- United States
- Rest of North America
- Europe Used Car Market
- United Kingdom
- Rest of Europe
- Asia Pacific Used Car Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Used Car Market
Top Company Profiles
- AutoNation Inc.
- Maruti True Value
- Mahindra First Choice Wheels
- Group1 Automotive Inc.
- Asbury Automotive Group
- TrueCar Inc.