According to IMARC Group’s latest report, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global used car market is expected to exhibit a growth rate (CAGR) of 9.1% during 2023-2028. A used car is a pre-owned vehicle that is refurbished and repaired to working conditions before the sale. Also known as second-hand vehicles, used cars are more affordable as compared to new vehicles and do not need registration fees and other charges. They provide better reliability and value for the amount paid. They are available at several outlets, like rental car companies, private party sales, and independent car stores.
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Market Trends and Drivers:
With rapid urbanization and a growing worldwide population, the demand for used cars is expanding. The rising preference for personal vehicles among people in metropolitan cities for convenience and enhanced travel experience is further expected to increase the demand for used cars across the globe. Furthermore, the increasing awareness regarding the benefits of using second-hand vehicles on environmental health among individuals is driving the market growth. Moreover, used cars depreciate at a much slower rate after that first-year period which makes them a much better investment as compared to new vehicles. Apart from this, the expansions and improvements in online refurbished car retail channels and the increasing demand for pre-owned luxury cars are expected to encourage the market growth. This is further supported by the integration of advanced technologies by market players to provide transparency and improved reliability to customers.
Used Car Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the used car market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Alibaba Group Holding Limited
- Arnold Clark Automobiles Limited
- Asbury Automotive Group Inc.
- AutoNation Inc.
- CarMax Business Services LLC
- Cox Automotive Inc. (Cox Enterprises Inc)
- eBay Inc.
- Group1 Automotive Inc.
- Lithia Motors Inc.
- Pendragon PLC
- TrueCar Inc.
Key Market Segmentation:
The report has segmented the global used car market based on vehicle type, vendor type, fuel type, sales channel and region.
Breakup by Vehicle Type:
- Sports Utility Vehicle
Breakup by Vendor Type:
Breakup by Fuel Type:
Breakup by Sales Channel:
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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