Used Cars Market to value US$ 2 trillion by 2028, Says Global Market Insights Inc.
Major used cars market participants are Asbury Automotive Group, AutoScout24, CarMax, Carvana, Cox Automotive, Arnold Clark Automobiles, Group 1 Automotive, Emil Frey, Inchcape Group, Maruti Suzuki India, TrueCar, Uxin Group Lithia Motors, Lookers PLC, Mahindra First Choice Wheels, Mobile.de, and AutoNation.
SELBYVILLE, Del., April 25, 2022 /PRNewswire/ -- The used cars market is expected to surpass USD 2 trillion by 2028, as reported in a research study by Global Market Insights Inc. Substantial increase in urbanization supported by vehicle ownership trends is likely to augment the industry growth.
Increasing independent dealers in different regions around the globe are providing lucrative growth prospects for the industry. Customers can purchase automobiles that have been professionally refurbished and are equipped with in-car entertainment systems from independent dealers. These players also provide a diverse choice of automobiles from various manufacturers, resulting in a favorable industry outlook. Used car dealerships often offer warranty & service packages with their pre-owned vehicles. Most dealers and manufacturers provide certified used cars that have undergone all essential inspections.
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The demand for hybrid/electric cars is increasing due to stringent emission standards & regulations and a growing demand for low or zero-emission automobiles. Governments of several countries offer purchase incentives and tax breaks for hybrid vehicles including HEVs and PHEVs, thereby promoting the sales of used cars. The market for HEV is increasing led by the high sales volume in the U.S., Japan, and China. Improvements in EV charging infrastructure are spurring additional investments by used car market players to provide high-quality used cars.
The positive outlook of mortgage lending for vehicles is stimulating the Asia Pacific used cars market growth. Banks and microfinance organizations have been established throughout the region to provide individuals with low-interest loans. For instance, HDFC Bank in India offers pre-owned car loans with hassle-free processing, minimal documentation, and instant disbursal. These institutions support their consumers by providing various repayment options such as monthly, bi-monthly, quarterly, and half-yearly plans. Auto finance companies and commercial banks allow individuals to take advantage of cash discounts from OEMs to procure used cars.
Some of the major findings of the used cars market report are:
The used cars market is witnessing a high growth rate due to a significant increase in the availability of used cars through the integration of online portals and car vending machines. This makes it easier for buyers to compare & buy used automobiles, increasing industry growth. Customers can easily select an optimum car model and pick it up from a car vending machine as per their convenience.
The used cars market is experiencing growth owing to the surging demand for Sedan cars with increased interior space. Better comfort amenities, such as rear AC vents and armrests, are offered by companies. Market players are integrating touchscreen infotainment systems and enhanced safety features to increase the customer base.
Compared to gasoline, diesel fuel can hold more energy per gallon, making it more inexpensive & economical. It also has better economy & torque that enables used cars to accelerate faster while using less gasoline. The growing popularity of diesel pick-up trucks will assist in industry expansion in North America and Europe.
The used cars market is witnessing growth on account of the various benefits of buying vehicles from franchised dealers. Increased investments in the restoration and maintenance of used cars by franchised car dealers are expanding their market shares.
Used cars are extensively used for personal purposes owing to the certified programs for vehicles. Lucrative financing options and the ease of purchasing offered by used car sellers have increased market demand. Low-income consumers are more likely to invest in affordable used cars that provide better safety & protection.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Used cars industry 360º synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Vehicle type trends
2.1.4 Fuel type trends
2.1.5 Sales channel trends
2.1.6 End-use trends
Chapter 3 Used Cars Industry Insights
3.1 Introduction
3.2 COVID-19 impact
3.3 Ukraine-Russia war impact
3.4 Industry ecosystem analysis
3.5 Technological & innovation landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Increasing number of online platforms for used car sales globally
3.7.1.2 Rising adoption of digital technologies in the used car market in North America and Europe
3.7.1.3 Rising prominence of rental service providers and car subscription in Asia Pacific
3.7.1.4 Dynamic patterns of car ownership in Latin America
3.7.1.5 Increasing preference for refurbished used cars in Middle East & Africa
3.7.2 Industry pitfalls & challenges
3.7.2.1 High cost of servicing & maintenance associated with used cars
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: [email protected]
SOURCE Global Market Insights Inc.
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