Used Cars Market Size, Scope, Demand, Growth and Forecast Report to 2027
A used car is also referred as pre-owned car or secondhand car which was previously owned by one or more retail owners. These cars are sold through traditional walk-in used stores, independent vehicle dealers, and online platforms. The increase in demand for luxury cars, shorter ownership periods, and a growing preference of two-wheeler owners to upgrade to small and compact cars are propelling the market growth.
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Market Drivers
Growing demand for the vehicle subscription services from the past few years which expected to boost the global used cars market growth. A vehicle subscription service defined as an alternative to owning or leasing a vehicle. By opting for a subscription service for a car, a consumer can use a car on a monthly basis by paying monthly fees, which include insurance, maintenance, and roadside assistance. The inability of customers to buy new vehicle became one of the reasons for growing the investments made by key players to generate their dealership network in the market. These networks help market key players to brand and make used car options viable. Furthermore, rapid change in technology or the introduction of new models at short intervals allows customers to sell or exchange their old car with a new one.
Market Restraints
Lack of consumer trust is a main challenging factor which expected to hamper the global used cars market growth over the forecast period. Also, expansion of car-sharing services may limit the global used cars market growth.
Market Key Players
Various key players are discussed in this report such as AutoNation Inc., Asbury Automotive Group, Alibaba.com, Cox Automotive, CarMax Business Services, LLC, eBay Inc., Group 1 Automotive Inc., Hendrick Automotive Group, LITHIA Motor Inc., Scout24 AG, TrueCar, Inc., etc.
Market Taxonomy
By Vehicle Type
- Electric
- Conventional
- Hybrid
By Vendor Type
- Organized
- Unorganized
By Fuel Type
- Petrol
- Diesel
- Others
By Sales Channel
- Online
- Offline
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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