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Used Car Market Size is projected to reach USD 2.75 trillion by 2030, growing at a CAGR of 6.17%: Straits Research

New York, United States, Sept. 22, 2022 (GLOBE NEWSWIRE) — Used automobiles are sold through various channels, including franchise and independent car dealers, rental car agencies, auctions, private party sales, and leasing offices. The high cost of new vehicles also discourages many consumers from buying them, which raises the market for used vehicles. Due to reasons including the high cost of new cars, concerns about affordability, and rising demand from franchisees, leasing offices, and car dealers for off-lease vehicles and subscription services, the market for used cars is predicted to grow.

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High Cost of Vehicle and Affordability Concern Drives the Global Market

The car industry has been witnessing increased demand for advanced vehicle features such as power steering, climate control, and anti-lock braking systems. This has led to an addition in the price of new cars. Moreover, the price increase in 2019, led by mainstream passenger car segments, poses a sign of affordability challenges in the new market. An increase in vehicle prices is returning to the used market. Therefore, the automotive market has witnessed increased used vehicle sales compared to new vehicles. This is expected to fuel the demand for used vehicles shortly.

Growth of E-commerce and Online Technologies Creates Tremendous Opportunities

People can now access information much more efficiently due to advancements in the telecom industry, increased internet connectivity, and rising urbanization. Owners of used cars use these components to share information about their vehicles and advertise them swiftly. This online platform has shortened sales, enabling more parties to sell and buy cars.

Report Scope

Report Metric Details
Market Size USD 2.75 Trillion by 2030
CAGR 6.17% (2020-2030)
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Trillion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Vehicle Type, Fuel Type, Distribution Channel, Regions
Geographies Covered North America, Europe, Asia-Pacific, LAME, and Rest of the World
Key Companies Profiled/Vendors Asbury Automotive Group Inc, Autonation Inc, Big Boy Toyz Ltd, Carmax Business Services LLC, Cars24 Services Private Limited, Group1 Automotive Inc, Hendrick Automotive Group, Lithia Motors Inc
Key Market Opportunities Growing E-commerce and Online Technologies
Key Market Drivers High Vehicle Prices and Affordability Concerns
Rising Demand for Off-Lease Cars and Subscription Service

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Regional Analysis

Asia-Pacific is the largest global used car market shareholder and is expected to grow at a CAGR of 9.3% during the forecast period. Demand for various vehicle types, from entry-level petrol to high-end diesel, is increasing in Asia-Pacific. Strict government regulations on old automobiles, urbanization, rising fuel prices, and technology developments in the used car sector significantly impact the used car market globally. Additional factors influencing the expansion of the used car industry include an increase in population, simple affordability, an increase in discretionary income, low vehicle ownership rates among millennials due to high vehicle expenses, and a decrease in the population-to-car ratio.

Europe is anticipated to grow at a CAGR of 10.2% during the forecast period. It is anticipated that the European used car market will continue to rule and grow significantly during the projection period due to the increased popularity of shared mobility. The major forces driving the expansion of the used car market in Europe are low pricing and a rise in demand for cab-hailing services.

North America is expected to experience an increase in demand for used cars compared to other regions because countries like the U.S., Canada, and Mexico have one of the highest rates of used car sales. It is anticipated that the market for used vehicles in North America will grow dramatically due to the high cost of new cars. The North American used car market is predicted to grow significantly throughout the forecast period due to rising internet usage, online tools for buying or researching used automobiles, warranties offered on pre-owned vehicles, and various purchase alternatives.

Key Highlights

  • The global used car market size was valued at USD 1,503 billion in 2021. It is projected to reach USD 2,755 billion by 2030, growing at a CAGR of 6.17% during the forecast period (2022-2030).
  • Based on vehicle type, the global used car market is bifurcated into hatchbacks, sedans, and SUVs. The SUV segment is the highest contributor to the market and is expected to grow at a CAGR of 7.8% during the forecast period.
  • Based on fuel type, the global used car market is bifurcated into petrol, diesel, and others. The petrol segment owns the highest market share and is expected to grow at a CAGR of 7.9% during the forecast period.
  • Based on distribution channels, the global used car market is bifurcated into franchised dealers, independent dealers, and others (private sales, offline, online). The franchised dealer segment is the highest contributor to the market and is expected to grow at a CAGR of 8.9% during the forecast period.
  • Asia-Pacific is the largest global used car market shareholder and is expected to grow at a CAGR of 9.3% during the forecast period.

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The global used cars market’s major key players are

  • Asbury Automotive Group Inc
  • Autonation, Inc
  • Big Boy Toyz Ltd
  • Carmax Business Services LLC
  • Cars24 Services Private Limited
  • Group1 Automotive Inc.
  • Hendrick Automotive Group
  • Lithia Motors, Inc
  • Mahindra First Choice Wheels Ltd
  • Truecar, In

Global Used Cars Market: Segmentation

By Vehicle Type

  • Hatchback
  • Sedan
  • SUV

By Fuel Type

  • Petrol
  • Diesel
  • Others

By Distribution Channel

  • Franchised Dealer
  • Independent Dealer
  • Others (Private Sales, Offline, Online)

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Used Car Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Vehicle Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Hatchback
      1. Market Size & Forecast
    3. Sedan
      1. Market Size & Forecast
  5. Fuel Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Petrol
      1. Market Size & Forecast
    3. Diesel
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Vehicle Type
        2. By Fuel Type
      3. Canada
        1. By Vehicle Type
        2. By Fuel Type
      4. Mexico
        1. By Vehicle Type
        2. By Fuel Type
      5. Latin America
        1. By Vehicle Type
        2. By Fuel Type
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Vehicle Type
        2. By Fuel Type
      3. France
        1. By Vehicle Type
        2. By Fuel Type
      4. U.K.
        1. By Vehicle Type
        2. By Fuel Type
      5. Italy
        1. By Vehicle Type
        2. By Fuel Type
      6. Spain
        1. By Vehicle Type
        2. By Fuel Type
      7. Rest of Europe
        1. By Vehicle Type
        2. By Fuel Type
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Vehicle Type
        2. By Fuel Type
      3. China
        1. By Vehicle Type
        2. By Fuel Type
      4. Australia
        1. By Vehicle Type
        2. By Fuel Type
      5. India
        1. By Vehicle Type
        2. By Fuel Type
      6. South Korea
        1. By Vehicle Type
        2. By Fuel Type
      7. Rest of Asia-Pacific
        1. By Vehicle Type
        2. By Fuel Type
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Vehicle Type
        2. By Fuel Type
      3. South Africa
        1. By Vehicle Type
        2. By Fuel Type
      4. Kuwait
        1. By Vehicle Type
        2. By Fuel Type
      5. Rest of Middle East & Africa
        1. By Vehicle Type
        2. By Fuel Type
  7. Company Profile
    1. Asbury Automotive Group
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2.  Autonation, Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3.  Big Boy Toyz Ltd
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/used-car-market/toc

Market News

  • In February 2022, AutoNation’s Q4 net income soars on higher used-vehicle revenue. Auto retail giant’s used-vehicle revenue cushioned the blow from low new-vehicle inventories.
  • In May 2022, Asbury Automotive was poised to overtake rivals. Asbury Automotive, formerly the smallest of the public dealership groups in the United States, became a legitimate giant following an astonishing 20 months of deal-making.

News Media

An Introduction to the Global Automotive Aftermarket Industry in 2020

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About Straits Research Pvt. Ltd.

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