Used Vehicle Market Analysis
Market Research Future (MRFR) projects the global Used Vehicle Market Size to reach USD
2,000 Billion, registering a CAGR of 7% from 2021 - 2027 (forecast period).
Multiple Factors to Augment Market Growth
Across India, people in rural regions have begun to prefer riding their
two-wheelers to taking public transportation. A similar trend has been observed
in nations such as the United Kingdom and the United States, where customers
have turned to personal commuting rather than public transportation.
In the case of automobiles, the depreciation rate is often higher. By
the first year of possession, the depreciation rate has risen to 30%. Even for
commercial vehicles, depreciation rates in emerging countries and heavily
populated countries like India are greater, ranging between 30-35%. This has provided
consumers the opportunity to buy 1-3-year-old vehicles at a low rate.
The rise of the internet has increased demand for used vehicles among
consumers who lack access to important information. The internet allows
organized dealers to rapidly expand their market. Consumers can afford personal
vehicles through car subscription services without making any financial
commitments. Consumers can use vehicles with monthly costs that cover
insurance, maintenance, and roadside support due to subscription services.
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Used Vehicle Market Report @ https://www.marketresearchfuture.com/sample_request/7616
The Global Market to Grow Post COVID-19 Outbreak
COVID 19 has had a significant impact on the industries in three ways:
production line and product demand, market and supply chain disruption, and
financial impact. This has had a significant impact on the manufacture of new
vehicles and cars, which has aided market expansion. COVID 19 has also lowered
consumer purchasing power due to the negative impact on the economy, causing
people to favor used vehicles and cars over new vehicles. Furthermore, the need
for personal vehicles for safety has increased the market value.
Used Vehicle Market Segmentation
The global Used Vehicle Market Size has been segmented into vehicle age,
vehicle type, propulsion, and sales channel.
By vehicle age, the global Used Vehicle Market Size has been segmented
into 0-5, 6-10, 11-15, 15-20, and > 20 years old.
By vehicle type, the global Used Vehicle Market Size has been segmented
into Passenger Cars, Light Commercial Vehicles, And Heavy Commercial Vehicles.
By propulsion, the global Used Vehicle Market Size has been segmented
into ICE and Electric Vehicles.
By sales channel, the global Used Vehicle Market Size has been segmented
into Franchised, Independent Car Dealers, Rental Car Companies, and Others.
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Used Vehicle Market Regional Analysis
To boost the value of used vehicles, the Singaporean government has
offered tax exemptions for battery-powered and electric vehicles. As a result,
demand for vehicles that use ethanol and methanol is increasing and is
projected to continue indefinitely.
Third-party dealers partner with vehicle manufacturers to build up
subscription offers in countries such as Denmark, the United Kingdom, and the
United States. Dealers supply automotive manufacturers with software that
provides the documents required for purchasing as well as further analysis of
customers' attitudes toward acquiring used vehicles in order to boost the
market growth.
Used Vehicle Market Key Players
·
CarMax
Business Services LLC (US)
·
Manheim (US)
·
Autotrader
Inc. (US)
·
HERTZ CAR
SALES (US)
·
Cox Automotive
Inc. (US)
·
Sun Toyota
(US)
·
Alibaba Group
(China)
·
eBay (US)
·
PenskeCars
(US)
·
TrueCar
·
Inc. (US)
·
Autonation
(US)
·
and Vroom Inc.
(US)
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