NY, USA, December 28, 2022 (GLOBE NEWSWIRE) — Research Dive Global used car market. According to the report, the global market is expected to exceed $1.97 trillion and grow at a CAGR of 6.8% over the estimated period of 2021-2028.This comprehensive report provides a comprehensive overview of the current and future landscape of the global market by presenting key features such as growth drivers, growth opportunities, restraints and developments over the forecast period. The report also provides all the necessary and important market statistics to help new players gain insight into the global market conditions.
Impact of the COVID-19 pandemic on the used car market
The 2020 COVID-19 pandemic surge has had a moderate impact on the growth of the global used car market. To meet their vehicle needs during the pandemic, people have turned to the option of buying used cars due to the economic downturn. increased. Some used car dealers have adopted online sales methods to provide convenient service during the pandemic. These factors have significantly fueled the market growth amid the pandemic.
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Factors Affecting Used Car Market Growth
The major factor driving the growth of the global used car market is the significant increase in demand for used cars due to the declining resale prices of new cars. Moreover, the presence of a large number of major used car dealers in developing countries is estimated to open up lucrative opportunities for market growth during the forecast period. However, lack of financing options for purchasing used cars, such as loans from organized sector banks, is expected to hamper the market growth.
This report categorizes the global used car market into vehicle type, fuel type, distribution channel, and region.
SUV sub-segment gaining a notable share of the market
The SUV sub-segment of the vehicle type segment is expected to observe major growth and garner $790.2 billion during the forecast period. This growth is primarily due to rising demand for first-class cars in developed countries, rising adoption of SUVs, and rising disposable incomes for people around the world.
Gasoline Subsegment Seeing Significant Growth
The gasoline sub-segment of the fuel type segment will hold the major share of the market and is expected to exceed $915.1 billion during the forecast period. This growth is primarily due to growing demand for cost-effective gasoline vehicles over diesel vehicles.
Independent Dealer Subsegment Witnessing Rapid Growth
The independent dealer sub-segment of the distribution channel segment is projected to grow significantly and reach $1181.6 billion during the forecast period. A major reason for this growth is that independent dealers offer large volumes of a wide variety of used vehicles in terms of vehicle age and other factors.
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Asia-Pacific used car market to observe rapid growth
This report analyzes the global used car market across multiple regions such as North America, Asia Pacific, Europe and LAMEA. Among these, the Asia-Pacific market has observed rapid growth and is projected to reach $546.7 billion in the estimated period. This growth is mainly due to the growing need for transportation facilities in developing countries such as India and China, rapid urbanization, and rising per capita income of people in the region.
Major players in the market
The report presents some of the key players operating in the global used car market.
- Group One Automotive Co., Ltd.
- Asbury Automotive Group Inc.
- Pendragon PLC
- Hendrick Automotive Group
- True Car Co., Ltd.
- Lithia Motors Co., Ltd.
- Autonation Co., Ltd.
- Hearts Corporation Co., Ltd.
- Carmax Business Services LLC
- cox auto
These players are taking various initiatives, such as new product launches, investments in strategic alliances and collaborations, etc., to gain dominance in the global market.
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For example, in July 2022, CarzSo, a VR-based automotive technology company, launched India’s first used car showroom in the Metaverse.
The report also provides numerous industry insights, including top strategic initiatives and developments, new product launches, performance, Porter’s Five Forces analysis, and SWOT analysis of the forefront players functioning in the global market. To do.
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