USD 931.9 billion
Report ID: SQSG25C2008 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 167 | Figures: 79
Global Used Cars Market size was valued at USD 931.9 billion in 2021 and is poised to grow from USD 996.906 billion in 2022 to USD 1700.1 billion by 2030, growing at a CAGR of 6.9% in the forecast period (2023-2030).
Increased internet accessibility and availability of various apps, and websites have increased awareness among people about vehicles and advanced features. Urbanisation and the use of technology along with various advertising and media have made the buying and selling of cars easy and hustle-free. Moreover, there is a craze for luxury facilities of the car, which cost high. There are people who can not afford to buy new cars but look forward to used cars with those luxury features. Increased Urbanisation and the increasing middle-class population are expected to create high market demand for used cars in upcoming years.
Increased population and the rising cost of cars have inclined people to go for used cars. Ownership of care is low among millennials. Increasing population and the rising cost of maintenance of a vehicle along with other accompanying constraints increase the demand for used cars and hence paves way for higher market growth.
US Used Cars Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 931.9 billion
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Global Used Cars Market is segmented based on Type, Distribution Channel, vendor type, fuel type, size, sales channel, and Region. Based on Type Used Cars Market is categorised into: SUV, Hatchback and Sedan. By Vendor Type, the Used Cars Market is segmented into organised and unorganised. By Fuel Type, Used Cars Market is segmented into Petrol, Diesel, Others. Based on the Distribution channel Used Cars Market is categorised into: Independent Dealer, Franchise Dealer, Based on size, the Used Cars Market is segmented into Mid-Size, SUVs, Compact. Based on the sales channel, the Used Cars Market is segmented into online and offline. Based on the region it is categorised into: North America, Europe, Asia-Pacific, South America, and MEA.
Used Cars Market Analysis by Type
On the basis of market analysis by type the market segment is expected to grow for SUVs. SUV, the Sport Utility Vehicle is very popular and per the recent survey in China out of 5 passenger vehicles sold 2 are SUVs. SUV cars are popular for being a combination of on -road-use vehicles and off-road vehicles and provide rough and tough appeal.SUV cars sales are estimated to increase by 50 million units by 2023. Owing to the popularity of SUVs the market is anticipated to rise for Used SUV cars in the forecasted period.
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On the basis of the region, the Asia Pacific held the largest share of the global used cars market. The market share was over 35% in 2021. The rapid growth of market demand in China for used cars is attributed to this rising share. The Asia Pacific is estimated to propel the highest market share over the estimated period. increasing sales of the used car in China, India, and other Asian countries is a major contributing factor to the market growth.
The number of organised market players is rising, China is leveraging its market presence in the Asia Pacific region. Various deals and vendors have come up with advanced technologies of marketing, personalised mobile applications, eye-catching advertisements, and digital marketing methods are paving way for huge prospects in the market. Malaysia, Indonesia, and South Korea are estimated to be potential markets in upcoming years.
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In the Global Used Cars Market, few big and medium-sized market players account for a large portion of market revenue. Major players are implementing numerous tactics and strategies including mergers and acquisitions, strategic agreements and contracts leveraging ways to generate high market revenue.
Used Cars Market Top Players Company Profiles
Used Cars Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global used cars market analysis, current initiatives to provide a comprehensive platform for used cars, as well as rising product launches and services by key players are expected to raise market competition over the projection period. Furthermore, increased R&D activities in electric vehicles are expected to be a valuable resource in the growth of the Global Used Cars Market over the forecast period.
|Market size value in 2021||USD 931.9 billion|
|Market size value in 2030||USD 996.906 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Used Cars Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Used Cars Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25C2008