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Global Used Car Market Overview
The used car or pre-owned car market comprises buying and selling used cars either through online or traditional platforms. The global used car market is projected to exhibit substantial growth rate during the forecast period (2020–2030). It is mainly due to rapidly increasing number of organized used car (pre-owned cars) dealers and rise in the online platforms, enabling used car trading. The online platforms enable visitors to get all the relevant information about the available used cars in different configurations and price range. Customers may also avail lucrative offers to finance their cars through these platforms based on their credit profiles.
On the basis of vehicle type, the used car market is categorized into hatchback, sedan, and sport utility vehicle (SUV). Among these, the market in the SUV category is expected to witness significant growth during the forecast period. It can be attributed to the increasing preference and ownership of these cars in the market globally.
Based on vendor type, the used car market is categorized into organized, semi-organized, and unorganized. Among these, the organized category is expected to witness fastest growth during the forecast period. This growth can be attributed to the fact that organized car dealers are more trustworthy and offer lucrative deals and services as compared to dealers in other categories.
Based on fuel type, the used car market is categorized into gasoline and diesel. Between these, gasoline fuel-based cars have dominated the global market in recent years. It is mainly due to its lesser price and minimal maintenance cost. Additionally, the price gap of gasoline and diesel have come down rapidly in recent years, which, in turn, has further reduced the gap between running costs of gasoline and diesel-based cars leading to less purchase of used diesel cars currently.
Geographically, the used car market is divided into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). Among these, APAC is expected to dominate the market during the forecast period. This can be owing to rising disposable incomes and increasing car ownership, leading to shift or upgrade to pre-owned cars from the two-wheelers.
Used Car Market Dynamics
Rapid shift to buy used cars from the vehicle manufacturer-dealers is the major trend in the market. Many automobile manufacturers have entered into the used car market and are aiming to increase their share in it by being organized dealers. Their brand values enable them to attract more consumers and sell the used cars with several attractive offers, such as instant discount, easy payment schemes, and initial regular maintenance services at low cost. Hence, increasing preference of buying pre-owned cars from vehicle manufacturer-dealers is a major trend in the market.
High financing cost of the used cars is seen as major restraint in the growth of the used car market. Financial institutions provide the financing facility to only satisfactory credit profile holders and after proper assessment of the used car. As the value of car goes down, it becomes difficult for the financial institutions to provide lucrative offers to every customer. Hence, the high financing cost is seen as the restraints in the growth of the market.
Used Car Market Competitive Landscape
The global used car market is dominated by the presence of unorganized players. However, the market is witnessing an increase in the number of organized players. Some of the leading players present in the market are Alibaba Group Holding Ltd., Hertz Car Sales (Hertz Corp.), TrueCar Inc., Autotrader Inc., PenskeCars (Penske Automotive Group), CARS24 Services Pvt. Ltd., OLX Cash My Car, Ford Assured (Ford Motor Co.), Mahindra First Choice Wheels (Mahindra & Mahindra Ltd.), Maruti True Value (Maruti Suzuki India Ltd.), and eBay Inc.
The report covers country-wise used car market analysis. Some of the major countries covered in the report are the U.S., Canada, U.K., France, Germany, Russia, Italy, China, Japan, India, South Korea, Australia, Brazil, Argentina, Mexico, South Africa, Egypt, and the U.A.E.
Used Car Market Segmentation
By Vehicle Type
By Vendor Type
By Fuel Type