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Used Car Market Size to Worth Around US$ 2,120.5 Bn by 2027

·5-min read

The used car market size is expected to be worth around US$ 2,120.5 billion by 2030 and is anticipated to grow at a CAGR of 6% over forecast period 2021 to 2030.

Ottawa, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Ottawa, Sept 27, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the used car market size was valued at US$ 1,411.5 billion in 2020. The market for used car witnessed prominent growth over the past few years and anticipated to grow at the same rate during the coming year. This is mainly attributed to the rising investment from automotive manufacturers for expanding their dealership network. Until recently, automotive dealers and manufacturers have focused primarily on the new vehicle production and sale business; however, they have also started focusing on used car and observe it as an important byproduct for their business growth. This has prominently boosted the market growth for used cars over the upcoming years.

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Moreover, significant advancement in the technology for example development of internet along with the introduction of electric and hybrid vehicles have transformed the buyer’s perspective towards used cars. Further, the quality and reliability of the used cars have also attracted significant number of customers that positively favors the market growth. Presently, increased customer knowledge about the vehicle, quality finance charges, residual value of vehicle, and availability also propels the market growth during the forthcoming years.

Report Coverage

Details

Market Size in 2030

US$ 2,120.5 Billion

Growth Rate in 2021 and 2030

CAGR of 6%

Base Year

2020

Forecast Period

2021 to 2030

Segments covered

Vehicle Type, Vendor Type, Fuel Type, Size, Sales Channel

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Key companies profiled

CarMax Business Service LLC, Alibaba.com, Asbury Automotive Group, Hendrick Automotive Group, Scout24 AG, TrueCar Inc., Lithia Motor Inc., Group 1 Automotive Inc., AutoNation Inc., eBay Inc.

Nonetheless, the corona virus outbreak has disrupted the automotive industry to a greater extent and brought its sales significantly down from its prior value. However, as per the analysis, the post pandemic era expected to witness an upsurge in the vehicle sales as people prefer self-owned vehicles rather than shared vehicles. Further, the financial disparities anticipated to hamper the market growth for used car in the coming years.

By vehicle type, electric vehicle witnessed the fastest growth rate over the forthcoming years because of shifting customer preference from conventional vehicles to electric-powered vehicles. In addition, the market growth for electric vehicles is also favored by the increasing number of government policies to promote the adoption of electric cars in order to curb the rate of pollution in the region. In accordance to the same, government of various regions are offering incentives and other tax benefits to promote the adoption of electric vehicles. Hence, the aforementioned factors propel the demand for electric vehicles in the coming years.

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Based on fuel type, other segment expected to register prominent growth over the upcoming years due to large number of customers switching from conventional fuels to environment-friendly fuels such as CNG gas and electric-powered cars. This is mainly because of alarming rate of rise in the global pollution. In developing nations CNG gas powered vehicles have shown significant demand over the past few years and estimated to rise at the same rate in the near future.

On the basis of size, the global used car market has been classified into mid-size, compact, and SUVs. Compact sized vehicles are the most-preferred choice of customers in today’s era owing to scarcity of space. Hence, the compact size segment witnessed significant growth over the forecast period and also capture prominent revenue share in the present time.

Based on region, the Asia Pacific held the largest revenue share in the global used car market of approximately 36% in the year 2020. This is primarily because of large number of developing nations present in the region. In addition, the region accounted to hold the major share of middle-class population that also favors the significant demand of used cars in the region. China is the front-runner in the Asia region with the highest demand for used passenger cars.

The used car market experiences intense competition owing to huge surge in the new market entrants. The market for used car is a niche market and thus requires less investment that favors the entry of new market players in the global market. In addition, as new market players focus significantly in the technology integration and expanding their business using internet, they grow faster compared to older ones.

Some of the magnificent industry participants listed in the global used car market include CarMax Business Service LLC, Alibaba.com, Asbury Automotive Group, Hendrick Automotive Group, Scout24 AG, TrueCar Inc., Lithia Motor Inc., Group 1 Automotive Inc., AutoNation Inc., and eBay Inc. among others.

The global used car market research report classifies the market as follows:

By Vehicle Type

  • Conventional

  • Hybrid

  • Electric

By Vendor Type

  • Unorganized

  • Organized

By Fuel Type

  • Diesel

  • Petrol

  • Others

By Size

  • Mid-Size

  • Compact

  • SUVs

By Sales Channel

  • Offline

  • Online

By Regional Outlook

  • North America

    • US

    • Rest of North America

  • Europe

    • UK

    • Germany

    • France

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Rest of Latin America

  • Middle East & Africa (MEA)

    • GCC

    • North Africa

    • South Africa

    • Rest of the Middle East & Africa

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