Used Vehicle Automotive Market: A used vehicle is a vehicle that has previously had one or more retail owners. The used vehicle are now easily sold through a variety of channels such as franchises and the independent dealers, leasing offices, auctions, and private party sales. Different countries have different laws and regulations for used vehicle sales. Rise in focus of automakers towards setting up used vehicles networks in different parts and growing inclination of consumers towards the used vehicles owing to the affordability and improved after sales services one of the key factor driving the demand for the used vehicles in upcoming years. Moreover, market growth is further anticipated to be driven by the substantial risen penetration for the online platforms such as OLX, Quikr, etc., which have further enabled used vehicle dealers to reach to a larger audience.
Based on vehicle type, market is segmented into small, mid-size and luxury. Based on vehicle age, market is segmented into 0-5, 6-10, 11-15, 15-20, and above 20 years old. Based on propulsion type, market can segmented into electric vehicle (EV) and Internal Combustion Engine (ICE). Moreover, the electric vehicle has further subdivided into plug-in EV, battery EV, and hybrid EV. Based, market type market can be segmented into organized and semi-organized/unorganized type. Based on the sales channel, market is segmented into independent car dealers, franchised, rental car companies, and others. Based on the fuel type, market is segment include petrol, diesel and CNG.
Some of the key additional factors, such as an increase in income levels, raise demand for luxury cars, shorter vehicle ownership periods, the boom in import-export and a rising preference for the two-wheeler owners for upgrade to small and compact cars have further supported the demand of used vehicles market. However, some of the key challenges such as lack of financing or the expensive financing options over many countries for the used cars is further expected to impact the market growth of the market. Substantial rise in use of Smartphone and internet penetration in the emerging economies, especially in Asia Pacific further propelled the demand of used vehicles, the used vehicle market is getting organized as used car retailers have started using digitalization offerings attractive services and facilitations such as enormous number of photos and videos on the online platform and easy online instant finance service is drawing attention from large audience globally.
Used Vehicles Major Companies: Some of the key player operating in used vehicle market include CARS24, Maruti True Value, Mahindra First Choice Wheels, Hyundai H Promise, Honda Auto Terrace, Ford Assured, Toyota U Trust, BMW Premium Selection, Audi Approved Plus, Mercedes-Benz Certified Car Trade, and OLX
Used Vehicles Market Future Outlook: Asia-Pacific is expected to hold the largest market share owing to the growing automotive industry in China, India, and Japan. Moreover, increased production and sales of SUVs is expected is further expected to boost the demand for the used vehicle in the region. North American region is expected to grow at a significant rate due to the growing demand for passenger vehicle in the US and Canada.
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Qatar Auto Finance Market Outlook to 2023 –By Banks, Non Banking Financial Companies and Captives, By New and Used Vehicles Financed, By Type of Vehicle Financed (Motor Bikes, Cars and Light Commercial Vehicles) and By Loan Time Period
Ankur Gupta, Head Marketing & Communications