Used Car Market size was valued at USD 1056.7 Bn. in 2022 and the total revenue is expected to grow at 8.4% of CAGR through 2023 to 2029, reaching nearly USD 1,858.6 Bn.
Used Car Market Overview
A new market intelligence report published by Maximize Market Research, a global market intelligence firm, indicates the potential for significant growth in the Used Car Market for suppliers during the forecast period through 2029. The report includes an analysis of the growth drivers, major restraints, upcoming challenges, and prevailing opportunities in the global Used Car Market, as well as a list of key players and their business strategies.
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Used Car Market Report Scope and Research Methodology
The Used Car Market dynamics are thoroughly analyzed in the report, providing the reader with insights into emerging market trends, drivers, restraints, opportunities, and challenges at global and regional levels. Maximize Market Research collected the data through primary research surveys with product dealers, suppliers, international market supplies, and dealers, as well as a dedicated team of subject matter experts who meticulously track and analyze the Used Car Market industry. The bottom-up approach was employed to estimate the Used Car Market size. The report also includes a list of several ongoing development projects from various industries, followed by information on key projects that are in the development stage and may have a positive or negative impact on the global Used Car Market.
Used Car Market Dynamics
The cost of ownership of the pre-owned car is significantly less in comparison to a new one, due to high taxes, RTO registration fees, and expensive vehicle insurance. Small towns are expected to fuel this growth as the share of non-metro cites in used vehicle sales is expected to increase up to 70% from the current next 4-5 years. Compared to pre-COVID levels the demand for a pre-owned car is decreased up to 20-30% after the unlocking in 2020.
Used Car Market Regional Insights
The report includes a region-wise detailed analysis of the Used Car Market including market dynamics, regional market structure and key players in each region. The regions are North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa.
Used Car Market Segmentation
by Vehicle Type
1. Hatchback
2. Sedan
3. SUV
by Fuel Type
1. Petrol
2. Diesel
3. Others
by Distribution Channel
1. Online
2. Offline
by Vendor Type
1. Organized
2. Unorganized
by Size
1. Compact
2. Mid-size
3. SUVs
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Used Car Market Key Players
1. Asbury Automotive Group (US)
2. AutoNation Inc.(US)
3. CarMax Business Services, LLC(US)
4. Cox Automotive(US)
5. eBay Inc.(US)
6. Vroom Inc(US)
7. Group 1 Automotive Inc.(US)
8. Hendrick Automotive Group(US)
9. LITHIA Motor Inc.(US)
10. TrueCar, Inc.(US)
11. Sonic Automotive(US)
12. Droom Technology (India)
13. Trusty Cars Pte. Ltd (UK)
14. Alibaba.com (China)
15. Scout24 AG (Germany)
Key Questions answered in the Used Car Market Report are:
• What is Used Car Market?
• What is the expected Used Car Market size in 2029?
• How the major segments of the global Used Car Market are expected to develop during the forecast period?
• Who are the top suppliers and producers in the Used Car Market industry?
• What is the expected Used Car Market size by the end of the forecast period?
• Which region held the largest Used Car Market share in 2022?
• Who are the key players in the Used Car Market industry?
• Which Used Car Market segment is expected to grow at a high rate during the forecast period?
Key Offerings:
• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2023−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Application, Technology, Type, End-User, and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
o Competitive landscape – Market Leaders, Market Followers, Regional player
o Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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