Yahoo Finance Used Vehicle Market to Touch USD 1,917.35 Billion by 2027; Decreasing Ownership Period of Cars to Create Favorable Conditions for Market Growth, Says Fortune Business Insights™
Top companies covered in the used vehicle market report are OLX (India), eBay Inc. (California, United States), Cox Automotive (Georgia, United States), CarMax Business Services, LLC (United States), Mahindra First Choice (India), TrueCar, Inc. (California, United States), Scout24 AG (Munich, Germany), LITHIA Motor Inc. (Oregon, United States), Hendrick Automotive Group (North, Carolina, United States), Group 1 Automotive Inc. (Texas, United States), and more players profiled
Pune, India, Jan. 21, 2021 (GLOBE NEWSWIRE) -- The global used vehicle market size is projected to reach USD 1,917.35 billion by 2027, exhibiting a CAGR of 1.64% during the forecast period. Reduced demand for public transport during the current COVID-19 pandemic is likely to spur the adoption of personal vehicles, states Fortune Business Insights™ in its report, titled “Used Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car, Commercial Vehicle), By Vehicle Age (0 to 05 Years, 06 Years to 10 Years, 10 Years and above), By Vendor Type (Organized, Unorganized), By Propulsion Type (ICE, Electric), By Market Type (Offline, Online), and Regional Forecast, 2020-2027”.
Fears of contracting the coronavirus and the strict social distancing rules imposed by governments around the world to stem the transmission of the virus have led to a drastic fall in demand for public transportation. According to the Kerala-based Center for Policy Research, remote working and fewer job opportunities as a result of the coronavirus will lower the demand for public transport and increase the uptake of personal modes of travel. Furthermore, CRISIL Research, an India-based ratings agency, observes that the growing preference for personal vehicles will prove beneficial for the used cars industry, while rise in rural income will stimulate sales of two-wheelers in India. Similar trends are being witnessed in the UK and the US as well, where consumers have shifted towards personal commuting. The COVID-19 pandemic is, thus, anticipated to propel the demand for used vehicles in the near future.
Get Sample PDF Brochure with Impact of COVID19:
https://www.fortunebusinessinsights.com/enquiry/covid19-impact/used-vehicle-market-104665
List of Key Companies Profiled in the Used Vehicle Market Report:
OLX (India)
eBay Inc. (California, United States)
Cox Automotive (Georgia, United States)
CarMax Business Services, LLC (United States)
AutoNation Inc. (Florida, United States)
Asbury Automotive Group (Georgia, United States)
Alibaba.com (Hangzhou, China)
Maruti Suzuki India Limited (India)
Vroom (United States)
Mahindra First Choice (India)
TrueCar, Inc. (California, United States)
Scout24 AG (Munich, Germany)
LITHIA Motor Inc. (Oregon, United States)
Hendrick Automotive Group (North Carolina, United States)
Group 1 Automotive Inc. (Texas, United States)
Competitive Landscape
Key Players to Rely on Acquisitions to Deepen Market Presence
Top competitors in this market are relying on the conventional acquisition strategy to deepen their market foothold and expand their presence. These activities are also enabling companies to diversify their operations and widen their offerings to customers.
As per the report, the global market value stood at USD 1,710.75 billion in 2020 and the market is expected to grow sluggishly in 2021 and 2022. The report features the following:
Intelligent insights into the key market drivers, trends, and restraints;
Holistic analysis of the upcoming market opportunities;
Granular examination of the impact of the COVID-19 outbreak on the market; and
A careful study of the regional prospects and competitive dynamics influencing the market.
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/used-vehicle-market-104665
Driving Factor
Expanding Urban Spaces to Generate Prolific Growth Opportunities
One of the most exciting developments supporting the used vehicle market growth is the speedy expansion of urban areas around the globe. Projections released by the UN in its World Urbanization Prospects in 2018 show that approximately 68% of the global population will be residing in urban areas by 2050. Rising from the current 55%, this increase is estimated to add 2.5 billion dwellers to urban areas by 2050, as per UN data, with nearly 90% of this growth occurring in Asia and Africa. Urban spaces typically have a large proportion of working-class individuals that need cheap and efficient transportation to commute over long distances. Used vehicles provide the optimal solution to such individuals as well-maintained cars can be bought for prices significantly lower than new cars. Moreover, the coronavirus pandemic has led to a severe economic downturn in major economies, which has reduced consumers’ purchasing powers, particularly in developing economies. As a result, the adoption of used cars is on the rise in large cities across the globe and as urban agglomerates continue to swell, the demand for pre-used vehicles is also likely to expand.
Regional Insights
Asia Pacific to Hold Dominant Market Position; North America to Display Healthy Growth
Asia Pacific led the used vehicles market share in 2019 with a market size of USD 1,215.27 billion and is expected to dominate during the forecast period. This is mainly attributable to the booming demand for passenger vehicles in the rapidly developing economies of Asia Pacific such as China and India. In addition to this, improving access to the internet and increasing activities of online vehicle retailers in this region will further aid market growth.
In North America, widespread popularity of pre-owned cars, especially among the youth, will ensure sustained market growth in the region. On the other hand, the market in Europe will experience dynamic growth in the coming years on account of the rising sales of electric vehicles in the region.
Key Industry Developments:
August 2020: Asbury Automotive Group announced the successful acquisition of Park Place Dealerships, augmenting its annual revenues by USD 1.7 billion. Park Place owns and operates a high-profile portfolio of premium luxury dealerships and also possesses large tracts of real estate in the country.
January 2020: Hendrick Automotive Group inaugurated a satellite outlet for pre-owned BMW cars and other vehicles in south Charlotte, offering amenities such as Wi-Fi, loaner vehicles, and refreshments to customers.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/used-vehicle-market-104665
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Merger, Acquisitions, and Partnerships
Distributor Analysis – For Major Players
Growth and Penetration Analysis
Porter’s Five Forces Analysis
PEST Analysis
Vendor Landscape
Global Used Vehicle Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – Vehicle Type
Passenger Car
Commercial Vehicle
Market Analysis, Insights and Forecast – By Vehicle Age
0 to 05 Years
6 to 10 Years
10 Years and above
Market Analysis, Insights and Forecast – By Vendor Type
Organized
Unorganized
Market Analysis, Insights and Forecast – By Propulsion Type
ICE
Electric
Market Analysis, Insights and Forecast – By Market Type
Online
Offline
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia pacific
Rest of the World
TOC Continued…!
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/used-vehicle-market-104665
Have a Look at Related Research Insights:
Vehicle Electrification Market Size, Share and Industry Analysis; By Product Type (Start/Stop System, Electric Air Conditioner Compressor, PTC Heater, Electric Vacuum Pump, Electric Water Pump, Electric Oil Pump, Starter Motor & Alternator, Integrated Starter Generator, Actuators). By Vehicle Type (Passenger Cars, Light Commercial Vehicles & Heavy Commercial Vehicles), and Regional Forecast, 2019-2026
Vehicle Tracking Device Market Size, Share & Industry Analysis, By Type (OBD Device, Standalone Tracker, Advance Tracker), By Deployment Vehicle (Commercial Vehicle, Cargo Vehicle, Container Vehicle), By Industry (Metals & Mining, Transportation, Logistics and Construction, Others) and Regional Forecast, 2019-2026
Solar Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car, Commercial Vehicles), By Battery Type (Lithium-Ion, Lead-Acid, Others), By Solar Panel Type (Monocrystalline, Polycrystalline) and Regional Forecast, 2020-2027
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-used-vehicle-market-10460
