Global Used Car Market: Industry Analysis and Forecast 2020 -2026

Global Used Car Market is anticipated to reach US$ XX Mn by 2026 from US$ XX Mn in 2019 at a CAGR of 6.1% during a forecast period.
Global Used Car Market Overview

Used cars are second-hand cars mostly sold through traditional walk-in used car stores, online platforms, and independent vehicle dealers. The dealers like eBay, Alibaba Group, and others made it hassle-free to sell and buy a car, which earlier was not so much synchronized and arranged. This in turn is expected to drive the growth of the used car market during the forecast period.

The report covers the detailed analysis of the global used car industry with the classifications of the market based on vehicle type, fuel type, and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player’s contribution in it.

Global Used Car Market

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The report has profiled key players in the market from different regions. However, the report has considered all market leaders, followers and new entrants with investors while analyzing the market and estimation of market size. The manufacturing environment in each region is different and focus is given to the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed.
Global Used Car Market Dynamics

The rising number of car launches of new models and variants, coupled with the increasing presence of independent dealers in various countries across the globe, is another major reason for the growth of the second-hand car market.

The factors like availability of information of the used car through online portals, rise in demand for the off-lease vehicle by the franchise, car dealers, and leasing offices, stringent vehicular emissions regulations, and the growing demand for car subscription services through websites and smartphone applications are driving the growth of the used car market globally.

\Similarly, some market players such as Maruti and Mahindra & Mahindra are offering specific dealerships and warranties on used cars are creating the demand for the used cars. Also, these used cars have affordable rates that even middle-class people living in developing countries can buy, which is fueling the growth of the used car market during the forecast period.

The factors like lack of standardization and unorganized used car sales, the higher reduction rate of the vehicle, and the demand for car-sharing services, are expected to hinder the growth of the used car market during the forecast period.
Global Used Car Market Segmentation Analysis

By Vehicle Type, the used car market is segmented into passenger vehicles and commercial vehicles. Among these passenger vehicles holds a maximum share of XX% in the global used car market in 2019 and are expected to hold XX% of market share during the forecast period. The rise in the average age of vehicles and demand for used cars like hatchback, sedan, SUV/MUV, sports car, and others are driving the growth of passenger vehicles across the world.

Similarly, increase in demand for advanced features, rise in the standard of living, increasing purchasing power capacity, rise in per capita income of individuals, increasing industrialization, changing way of life, and high disposable incomes are some of the factors for the growth of the automatic window trim Market globally. The growing interest of consumers towards safety, premium, luxury, and comfortable vehicles with affordable prices, is expected to drive the growth of the used car market during the forecast period.

Global Used Car Market

By Fuel Type, the used vehicle market can be divided into petrol, diesel, natural gas, and others. Among these petrol-based fuel is advanced for four to six-cylinder engines, found in most of today’s common cars and expected to hold XX% in market share of the used car during the forecast period.

Global Used Car Market

The Asia Pacific used cars market is expected to reach 21.7 Million Units by the year 2026, while Latin America will expand at a 7.5% CAGR during the forecast period due to the production of used car trading services and technologies like virtual online outlets & mobile-based applications for tracking car performance together with the increasing number of organized companies in China and India.

Where China being the world`s second-largest economy, is estimated to reach a projected market size of 34.1 Million Units by the year 2026 at a CAGR of 8.8% during the forecast period. The Used Car Market in the U.S. holds 29.6 Million Units in the year 2019 and countries like Japan and Canada are expected to grow at 3.3% and 5.1% during the forecast period.

For more information visit :  https://www.maximizemarketresearch.com/market-report/global-used-car-market/97254/

Global Used Car Market Scope: Inquire before buying

Global Used Car Market
Global Used Car Market by Region:

• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Global Used Car Market Key Players

• Cars24,
• Autotrader (Cox Automotive)
• TrueCar
• Truevalue
• First choice,
• PenskeCars (Penske Automotive Group)
• Alibaba Group
• eBay
• Quikr
• CarMax Business Services, LLC (US)
• Manheim (US)
• HERTZ CAR SALES (US)
• Cox Automotive, Inc. (US)
• Sun Toyota (US)
• PenskeCars (US)
• Autonation (US)
• Vroom, Inc. (US)

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