Used Car Market: Current Analysis and Forecast (2021-2027)
Emphasis on Vehicle (Hatchback, Sedan, SUV); Fuel (Petrol, Diesel, Others); Vendor (Organized, Unorganized); Region/Country
Global Used Car Market was valued at ~US$ 1,186 billion in 2020 and is anticipated display a CAGR of around 3% over the forecast period (2021-2027). The used automobile market is very fragmented, but internet sales platforms and coordinated sales procedures have helped a majority of dealers around the world consolidate their market position. To boost market growth, automakers have taken the initiative by cooperating with e-commerce dealers. Customers are persuaded to buy used or new vehicles online by sales of high-quality goods and the initiative of renowned companies. Transparency and symmetry of information among customers and buyers, the rise of the online sales channel, certified used vehicle programme, and the strong position of franchise dealers are all important elements in fueling the growth of used automobiles. The used-to-new vehicle ratio has risen in recent years in both developed and developing countries, for the reasons outlined before.
Insights Presented in the Report
“Amongst Vehicle, Hatchback segment dominated the market in 2020”
Based on Vehicle, the market is segmented into Hatchback, Sedan and SUV. The hatchback car market is expected to grow through 2027, owing to the growing popularity of compact automobiles in various countries. Several characteristics of hatchback automobiles, such as their high roofline and compact shape, as well as their lower pricing when compared to used SUVs and sedans, are contributing to their increased market share.
“Amongst Fuel, Petrol segment dominated the market in 2020.”
Based on fuel type, the market is segmented into petrol, diesel, and others. Petrol-powered vehicles still sell the most with the largest volume share, but the continuous rise in oil prices may lead to decrease in demand “Amongst Vehicle, Organized segment dominated the market in 2020.”
Based on vendor, the market is segmented in organized and unorganized market. The organized vendor segment accounted for the largest share due to continues rise in the number of organized car vendors in the developing countries due to the rising demand for affordable second-hand cars
“Asia-Pacific represents as the largest market.”
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, UK, France, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. Asia-Pacific dominated the market in 2020. The used-car market in India is still in its infancy, and it is on the verge of moving from infancy to growth and maturity. Because the sector is highly unorganized and the replacement cycle of a car is still high, the new-car industry still dominates annual sales in China, with a ratio of a new car to a used car of 0.5. As of FY20, it is 1.55 in India, whereas it is 2.3 and 3.4 in developed countries like the United States and the United Kingdom, respectively. 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
Customization Options:
The Global Used Car Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
1. Market Introduction
- Market Introduction
2. Research Methodology Or Assumption
- Research Methodology Or Assumption
3. Market Synopsis
- Market Synopsis
4. Executive Summary
- Executive Summary
5. Used Car Market Covid-19 Impact
- Used Car Market Covid-19 Impact
6. Used Car Market Revenue, 2019-2027f
- Used Car Market Revenue, 2019-2027f
7. Market Insights By Vehicle Type
- Market Insights By Vehicle Type
8. Market Insights By Fuel Type
- Market Insights By Fuel Type
9. Market Insights By Vendor Type
- Market Insights By Vendor Type
10. Market Insights By Region
- Market Insights By Region
11. Used Car Market Dynamics
- Used Car Market Dynamics
12. Used Car Market Opportunities
- Used Car Market Opportunities
13. Used Car Market Trends
- Used Car Market Trends
14. Emission And Fuel Economy Regulations
- Emission And Fuel Economy Regulations
15. Demand And Supply Side Analysis
- Demand And Supply Side Analysis
16. Legal And Regulatory Framework
- Legal And Regulatory Framework
17. Competitive Scenario
- Competitive Scenario
18. Company Profiled
- Company Profiled
19. Disclaimer
- Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Used Car Market were the three major steps undertaken to create and analyze the adoption of Used Car across various regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Used Car Market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Used Car, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by vehicle, by fuel, and by vendor. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Used Car Market in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing online platform for used cars etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Used Car across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Used Car Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Used Car market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of source, product, and type doe major country/region globally.
The main objective of the Used Car Market Study
The current & future market trends of Used Car were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Used Car in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include vehicle, fuel, and vendor
- Defined analysis of the regulatory framework for the Global Used Car industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Used Car for the major regions & countries
- Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
- Company profiles of the Used Car Market players and the growth strategies adopted by them to sustain in the fast-growing market
Deep dive regional & country level analysis of the industry
Related Reports
Customers who bought this item also bought
India 3PL Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Services (Domestic Transportation Management, International Transportation Management, Value-Added Warehousing and Distribution); By End User (Automobile, Chemical, Construction, Consumer Retail, Energy, Manufacturing, Life Sciences and Healthcare, Technology, and Others), and Regions (North India, East India, West India, and South India)
November 5, 2024
