Global Used Vehicle Market Size [2021-2028] | to Reach USD 1,969.72 Billion with a CAGR of 1.79%

Key Prominent Players Covered in the Used Vehicle Market are Alibaba.com, Group 1 Automotive Inc., Asbury Automotive Group, Hendrick Automotive Group, AutoNation Inc., LITHIA Motor Inc., CarMax Business Services, LLC, Scout24 AG, Cox Automotive, TrueCar, Inc., eBay Inc., Mahindra First Choice, Maruti Suzuki India Limited, Vroom, OLX and Others

Pune, India, Dec. 08, 2021 (GLOBE NEWSWIRE) -- The global used vehicle market size stood at USD 1,710.75 billion in 2020. The market size is projected to grow at a CAGR of 1.79% during the forecast period from 2021 to 2028 and is estimated to reach USD 1,969.72 billion by 2028. This information is provided by Fortune Business Insights™, in its report, titled, “Used Vehicle Market, 2021-2028.”

According to our research analysts, secondhand cars have observed an upsurge in sales as the possession of cars has deteriorated to about 3 to 4 years. Moreover, declining ownership and growing progressions in digital technologies have refined the online buying experience of cars coupled with augmented car subscription facilities. Therefore, this is expected to bolster the demand for used vehicles during the forecast period of 2021-2028.

Industry Development

May 2021: AutoNation Inc., who is an automobile retailer based in North America has expanded its footmark in San Antonio, U.S. moreover, the company is scheduling to inaugurate over 130 stores in the U.S. by end of 2026.

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Increasing Inclination for Private Transport amid COVID-19 to Support Growth

The coronavirus pandemic outburst has left the automobile industry in a condition of great confusion. Post the outbreak, customers have witnessed to be inclined towards using private transportation owing to protection and distance standards.

Likewise, the exponential financial recession is probable to hamper the acquisition of fresh vehicles, leading to travelers preferring second-hand cars. Consequently, this is estimated to boost the used vehicle market growth during the pandemic.

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Devaluation of Cars Factor to Amplify Demand for Used Automobiles

Devaluation is a serious factor that works in favor of the fluctuation towards used vehicles from fresh vehicles. For example, the devaluation rate is approximately 30% in the first year itself of the car bought.

The high downgrading rate of novel cars shall unquestionably impact the attitude of customers selecting high-value cars, which makes buying second-hand vehicles an additional value-for-money option. Therefore, the approval of second-hand cars in society is also rising. This is expected to sustain and spur the used vehicle market growth in the upcoming years.

Regional Insights

Asia Pacific is expected to hold the largest used vehicle market share over the forecast period owing to the rising demand for used vehicles in China. Furthermore, growing sales in countries such as India and other Asian nations are backing the growth of the market in this region.

North America is projected to display substantial growth in the market. This growth can be accredited to the augmented sales of used vehicles over the last few years.

The market in Europe is categorized by the increasing demand for used passenger cars and commercial vehicles.

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Collaborations among Companies to Safeguard Their Brand Values in Global Market

Important players in the market are incessantly rooting for efficient tactics to endorse their products and institute their positions in the market. One such approach is to unveil new products by collaborating with other companies to expand their reach to end-users.

List of Key Players Covered in this Market Report

• Alibaba.com (Hangzhou, China)

• Group 1 Automotive Inc. (Texas, U.S.)

• Asbury Automotive Group (Georgia, U.S.)

• Hendrick Automotive Group (North Carolina, U.S.)

• AutoNation Inc. (Florida, U.S.)

• LITHIA Motor Inc. (Oregon, U.S.)

• CarMax Business Services, LLC (Kennesaw, U.S.)

• Scout24 AG (Munich, Germany)

• Cox Automotive (Georgia, U.S.)

• TrueCar, Inc. (California, U.S.)

• eBay Inc. (California, U.S.)

• Mahindra First Choice (Mumbai, India)

• Maruti Suzuki India Limited (New Delhi, India)

• Vroom (New York, U.S.)

• OLX (Amsterdam, Netherlands)

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Segmentation

On the basis of vehicle type, the market is segregated into passenger cars and commercial vehicles. The passenger car segment dominated the market in 2020. Used cars with added dependability and quality have altered customers’ approaches and have thus augmented passenger vehicle sales.

By vehicle age, the market is divided into 0 to 05 Years, 06 Years to 10 Years, and 10 Years and above.

In terms of vendor type, the market is branched into organized and unorganized.

On the basis of propulsion type, the market is bifurcated into internal combustion engine (ICE) and electric.

By market type, the global market is fragmented into offline and online.

Geographically, the global market is segregated into North America, Europe, Asia Pacific, and the rest of the world.

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