According to Custom Market Insights (CMI), the global Used Cars Market size was estimated at USD 1.72 Trillion in 2022 and is anticipated to reach around USD 2.72 Trillion by 2030, recording a CAGR of roughly 6.2% between 2023 and 2030.
The used cars market has experienced significant growth due to the cost competitiveness among new market players, as well as the inability of a significant share of customers to afford a new car. For further insights on growth prospects, consult CMI.
Browse the full “Used Car Market Size, Trends and Insights By Vehicle Type Outlook (Hybrid, Conventional, Electric), By Vendor Type Outlook (Organized, Unorganized), By Fuel Type Outlook (Petrol, Diesel, Others), By Size Outlook (Compact, Mid-size, SUVs), By Sales Channel (Online, Offline), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2030” report at https://www.custommarketinsights.com/report/used-car-market/
Used Cars Market: Dynamics
The used cars market is influenced by various dynamics that impact its growth and development. One of the primary dynamics is the increasing cost of new cars, which has resulted in a shift towards used cars. With the increasing price of new cars, customers are turning to used cars, which offer them an economical option to own a vehicle. Moreover, the increasing awareness of environmental concerns, such as carbon footprint and pollution, has led to the growing demand for electric and hybrid vehicles in the used cars market.
Another dynamic is the emergence of online platforms for buying and selling used cars. The rise of digitalization has made it easier for customers to buy and sell used cars. Online platforms have also enabled customers to compare prices, read reviews, and select the best deals, thereby increasing market transparency and competition.
Furthermore, the regulatory environment, including government policies, emission standards, and safety regulations, has a significant impact on the used cars market. For instance, regulations related to diesel vehicles, including their usage and emission standards, have impacted the demand for diesel-powered cars in the used cars market.
In addition, the emergence of new technologies, such as advanced driver-assistance systems (ADAS) and connected cars, is also impacting the used cars market. Customers are now looking for vehicles that offer these technologies, which provide improved safety and convenience.
Used Cars Market: COVID-19 Analysis
The COVID-19 pandemic had a significant impact on the used cars market. The pandemic resulted in disruptions in the supply chain and production processes of the automotive industry, leading to a shortage of new cars. As a result, the demand for used cars increased, and the market witnessed significant growth during the pandemic. Additionally, with people’s financial uncertainty, they opted to buy used cars instead of new ones, resulting in increased demand.
However, the pandemic also had negative effects on the market, such as temporary closures of dealerships and a decrease in consumer confidence. The restrictions on movement and the closure of businesses also led to a decline in the availability of used cars, as fewer people were trading in their cars or buying new ones.
The pandemic also resulted in a shift in consumer preferences towards contactless transactions and online purchases. This led to an increase in the adoption of digital platforms for buying and selling used cars, and many dealerships and online platforms started offering virtual tours and test drives to facilitate contactless transactions.
Overall, the used car market proved to be more resilient during the pandemic than the new car market. As the world slowly recovers from the pandemic, the used cars market is expected to continue its growth trajectory, driven by factors such as affordability, sustainability, and the increasing availability of online platforms for buying and selling used cars.
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- Porsche’s new division, Porsche Approved, will start selling used cars in India on June 8, 2022, according to an official statement made in June 2022. The Porsche Centre Kochi in Kerala, India, is where this new business will start.
- In July 2022, Toyota Kirloskar Motor opened a store in India to sell used cars. The automaker has set up TUCO as a one-stop shop for all value-added services related to buying a used Toyota, such as financing (through Toyota Financial Services India), RTO help, insurance, and accessory sales.
Key Market Players
- Asbury Automotive Group
- AutoNation Inc.
- CarMax Business Services LLC
- Cox Automotive
- eBay Inc.
- Group 1 Automotive Inc.
- Hendrick Automotive Group
- LITHIA Motor Inc.
- Scout24 AG
- TrueCar Inc.
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