Used Car Market Generating Revenue of US$ 2.70 trillion by 2031, At a Booming 6.2% Growth Rate

The Used Car Market, according to a report by SNS Insider, reached a size of USD 1.67 trillion in 2023. The market is projected to reach a value of USD 2.70 trillion by 2031, reflecting a compound annual growth rate (CAGR) of 6.2% during the forecast period from 2024 to 2031.

There is a significant increase in used car sales, with over 130.5 million units sold in 2023 alone. Interestingly, the organized segment of the market, which includes franchised dealerships, is expected to witness the fastest growth. This indicates a potential shift towards a more structured and reliable used car buying experience. Furthermore, the Asia Pacific region is poised for the most significant growth due to a burgeoning middle class and increasing urbanization, creating a strong demand for affordable transportation options. Additionally, online sales have become a critical growth factor in the market. Online platforms in auto marketplaces have played a vital role in simplifying car buying for consumers with a single click. A combination of these advancements has led to a significant surge in demand for used cars. In addition, growth has been driven by factors such as affordability, easy availability of used cars, the growing need for personal mobility, and the emergence of various online players to organize the market. For instance, in 2019, Ebay Inc. launched a new eBay Motors application to streamline the online used car buying and selling process.

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Leading Key Players of Used Car Market

• com
• Cox Automotive
• eBay Inc.
• Scout24 AG
• Asbury Automotive Group Inc.
• AutoNation Inc.
• Lithia Motors Inc.
• Big boy Toyz Ltd LLC
• Cars24
• Group1 Automotive Inc.
• Hendrick automotive group
• CarMax Business Services
• Mahindra First Choice Wheels Ltd.
• TrueCar Inc.

Used Car Market Empowered Buyers Drive Growth with Online Sales, Transparency

The used car market is experiencing a surge, driven by a shift in focus from manufacturers and dealers. Facing increased competition, they’re now prioritizing this once-overlooked segment. This, coupled with consumers’ growing access to information online, has empowered them to make informed decisions, leading to a rise in used car purchases.  Furthermore, online sales platforms and certified pre-owned programs are fostering trust and simplifying the car buying process.  In essence, a combination of transparency, online convenience, certified programs, and established dealerships are acting as strong growth drivers for the used car market.

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Segment Analysis

The used car market is segmented by Body Type, Fuel Type, and Region.

Body Type

The SUV segment held the largest market share of 40% in 2023. SUVs offer a blend of space and size while remaining compact compared to traditional off-road vehicles, making them ideal for buyers in various regions. Additionally, SUVs boast higher residual values due to great demand and a wider supply network.

Fuel Type

The petrol segment dominated the market with a share of 42.5% in 2022. This dominance can be attributed to the declining use of diesel vehicles due to government policies discouraging the purchase of used diesel cars. The other fuel segment, which includes CNG-powered vehicles, is expected to witness significant growth, particularly in developing countries.

Rising Demand in China, India Fuels Regional Dominance

The Asia Pacific region held the largest market share of approximately 35.0% in 2021, primarily due to the rapid growth in demand for used vehicles in China. Over the forecast period, Asia Pacific is projected to maintain its lead position due to the rising popularity of used cars in China, India, and other Asian countries. North America held a significant market share in 2023 and is likely to witness steady growth in the coming years. Traditionally, unorganized players have dominated the used car market in emerging economies like Mexico, India, China, and Brazil. However, organized players are increasingly offering value-added services like free servicing and towing at dealerships, which is helping them

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War, Economy Impacting The Used Car Market

The conflict in Ukraine has disrupted supply chains, pushing consumers towards the used car market. However, rising fuel prices and economic uncertainty could dampen growth. An economic slowdown might see a decrease in demand, particularly for premium models. Conversely, affordability could become a priority, boosting the demand for budget-friendly used cars. Financing challenges and an increased supply of used cars due to economic hardship are also potential factors. The overall impact hinges on the severity and duration of the economic downturn

Strategic Alliances and Premium Makeovers Drive Innovation

The used car market is witnessing exciting developments, collaboration and premiumization.

“The partnership between Jardine Cycle & Carriage and Carro, a car marketplace in Southeast Asia, was formed in June 2023. This strategic alliance aims to expand access to high-quality used cars and bolster digital services, showcasing the industry’s growing emphasis on collaboration to strengthen market presence”.

Key Takeaways From The Market Report

• Understand the key growth drivers like online sales and consumer preference for affordability, allowing you to tailor strategies that align with future market trends.
• Leverage market size, growth projections, and segment analysis to make informed choices about market entry, product development, and resource allocation.
• Gain insights into emerging markets like Asia Pacific to capitalize on untapped customer segments and high-growth potential.
• Stay ahead with the latest trends on online sales platforms, certified pre-owned vehicle programs, and strategic collaborations.

Table of Content- Major Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. The SNS Graph
9. Used Car Market Segmentation, By Propulsion
10. Used Car Market Segmentation, By Operating Speed
11. Used Car Market Segmentation, By Application
12. Regional Analysis
13. Company Profiles

Continue…

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