Used Cars Market Size, Market Status and Future Forecasts to 2028

The global used cars market is anticipated to be valued at $1,970.0 billion by 2028, surging from $1,179.8 billion in 2020, at a noteworthy CAGR of 6.8%.

Analysis of Covid-19 Impact on Used Cars Market

The Covid-19 impact on used cars market has been moderate. The imposed lockdown measures across the world affected the automobile industry for the sales of new vehicles, but the used cars sector was considerably less affected by the Covid-19 pandemic. The general population find used cars economically more feasible as compared to the new cars. According to "True Value an organized used car retailer" of India, demand for used cars surged during the pandemic with the preference for personal mobility getting stronger. At Maruti True Value, inquiries witnessed a growth of 6% in FY21. These factors are expected to impact the used cars market positively.

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Global Used Cars Market Analysis

The arrival of organized players in the market in developing nations is anticipated to aid the growth of used cars market in the forecast period. Original equipment manufacturers (OEMs) in the used car businesses offer professionally managed services along with value for money and customized propositions to customers in-turn enabling them to achieve their aspiration to upgrade to a higher segment with a pre-owned car through both online and offline presence. These factors are anticipated to aid the growth of used cars market in the forecast period.

The utilization of e-commerce channels for promotion and sales of used cars is expected to open opportunities for the used cars market. The independent dealers and franchise owners are expected to utilize e-commerce for lead generation and product display for used cars. In addition to this, implementation of technology is projected to open newer investment avenues in the industry. For instance, in February 2020 the German company Mercedes-Benz began the implementation of blockchain technology to store and maintain a maintenance history to record the carbon footprint of used cars in Beijing. These new developments are anticipated to open new scope of opportunities for the global used cars market

Global Used Cars Market, Segmentation

The global used cars market is segmented based on vehicle type, fuel type, distribution channel and region.

Vehicle Type:

The systems segment is further classified into hatchback, sedans, SUV and others. Among these, the SUV sub-segment is anticipated to generate the maximum revenue and surpass $790.2 billion by 2028, with an increase from $444.9 billion in 2020.

Fuel Type:

The application segment is further classified into petrol, diesel, and others. Among these, others subsegment is anticipated to have the fastest growth in the forecast period and surpass $472.6 billion by 2028, with an increase from $275.7 billion in 2020.

Distribution Channel:

The distribution channel segment is further divided into franchised dealer and independent dealer. The independent dealer sub-segment is projected to be most dominating in the global market in terms of distribution channel and register a revenue of $1181.60 billion during the forecast timeframe of 2021-2028.

Region:

The used cars market for the Asia-Pacific region generated a revenue of $309.8 million in 2020 and is further projected to reach up to $546.7 million by 2028. The Asia-Pacific region is expected to be the most lucrative region for the used cars market in the forecast period.

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Key Players in the Global Used Cars Market

Some of the leading global used cars market players are

TrueCar, Inc
Lithia Motors, Inc.
Group 1 Automotive, Inc.
THE HERTZ CORPORATION
Pendragon PLC
Asbury Automotive Group, Inc.
AutoNation, Inc
CarMax Business Services LLC
Cox Automotive
Hendrick Automotive Group.

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

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