A used car is the second-hand vehicle that is prevalent for resale. Several outlets such as franchise and independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell used cars.
According to the report analysis, ‘Used Car Market: Current Analysis and Forecast (2021-2027)’ states that because of a shift in worldwide car ownership patterns, the market is predicted to rise during the projected duration. Through 2027, the market will grow due to growing demand for off-lease vehicles from car dealers, franchises, and leasing agencies, as well as the augmenting the acceptability of car subscriptions. New cars and other vehicles have seen their resale value depreciate during recent years all around the world. As a result, used automobile acceptance is augmenting rapidly over the world, and the number of used car purchaser has enlarged dramatically. Furthermore, as the requirement for economical second-hand cars grows in emerging countries, the number of organized car sellers is augmenting. During the forecast duration, all of these aspects are expected to assist the worldwide used car market’s growth.
Based on Vehicle type, the market is classified into Hatchback, Sedan and SUV. The hatchback car market is projected to augment through 2027, due to the augmenting popularity of compact automobiles in several countries. Several characteristics of hatchback automobiles, such as their high roofline and compact shape, as well as their lower pricing when associated to used SUVs and sedans, are contributing to their augmented market share.
Based on vendor, the market is classified in organized and unorganized market. The organized vendor sector accounted for the greatest share owing to continues augment in the number of organized car vendors in the underdeveloped countries owing to the growing demand for affordable second-hand cars.
Aspects such as high cost of new vehicles, concerns concerning affordability, rise in requirement for off-lease cars & subscription service by the franchise, leasing offices, and car dealers are witnessed to boost the growth of the used cars market. However, unorganized sales of used cars and shortage of regularization limit the growth of the global market. Moreover, advent of e-commerce & online technologies, steady augment in organized/semi-organized sales in emerging countries, augment in electric vehicle business around the globe, and requirement for car sharing services are projected to offer profitable opportunities for the growth of the used cars market.
In the Asia Pacific region, China with the growing number of organized players with used car trading services has enlarged its market footprint in the Asian market. Some of the Indian car dealers deliver a rich array of advanced technology-enabled tools, which comprise mobile-based applications, a virtual online showroom, cloud services for lead managements system, tracking sales performance, and digital marketing assistance. In addition, this extent of advancement in the Indian used car industry generates great opportunities for the customer base. Within the region, Indonesia, Malaysia, Indonesia, South Korea, and other underdeveloped countries have shown proficient potential for the market. Therefore, it is predicted that during the near years the market of used car will increase around the globe more significantly over the near future.
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