Based on SNS Insider, with rising disposable incomes, consumers are more likely to purchase a used car as a second vehicle or for recreational purposes
Pune, April 26, 2023 (GLOBE NEWSWIRE) -- The Used Car Market had a value of USD 1.68 trillion in 2022, and it is projected to increase to USD 2.93 trillion by 2030, with a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period from 2023 to 2030, as reported by SNS Insider.
Market Report Scope
Used cars, also known as second-hand cars or pre-owned cars, are vehicles that have been previously owned and used by one or more individuals. These vehicles are typically sold through a variety of channels, including dealerships, private sales, and online marketplaces. Advances in technology and manufacturing have led to increased durability and reliability of used cars, making them a more attractive option for those looking for a cost-effective mode of transportation.
Over the past few years, the used car market has experienced impressive expansion, with new players competing fiercely on pricing. As the cost of new vehicles has become increasingly prohibitive, customers have turned to the market in search of more affordable options. This shift in consumer behavior has boosted sales volume, and industry players have responded by investing in the development of their dealership networks to better serve the market. These networks have proved instrumental in building brand recognition and increasing the appeal of used car options.
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Impact of Recession
The impact of a recession on the used car market can vary depending on a range of factors, including the severity and duration of the recession, the state of the economy, and consumer behavior. While a recession can create challenges for the market, it can also provide opportunities for both buyers and sellers, making it a complex and dynamic segment of the automotive industry.
Key Regional Development
The used car market has seen significant growth in the Asia Pacific region, with China being the major contributor to this growth. The region has the largest share of the market, in terms of shipment, and is projected to continue expanding at a high compound annual growth rate (CAGR) over the forecast period. India and other Asian countries have also witnessed an increase in sales of used cars, further contributing to the growth of the market in this region. On the other hand, the North American region has experienced a notable market share in the used car industry. While growth in this region has been slow in recent years, it is expected to remain steady in the coming years.
Key Takeaway from Used Car Market Study
The SUV segment is expected to experience rapid growth in the market. With the increasing demand for larger and more versatile vehicles, SUVs have become a popular choice among consumers in recent years. As a result, the demand for used SUVs is also on the rise, with many buyers opting for pre-owned vehicles as a more affordable option.
The franchised dealer segment is poised to experience rapid growth in the market. Franchised dealerships are known for their comprehensive inventory, reliable customer service, and trusted reputation. As a result, consumers often prefer to purchase used cars from franchised dealerships as they offer a higher level of assurance and quality assurance.
Recent Developments Related to Used Car Market
Sheerdrive, a used-car platform, has successfully raised a pre-series A round of funding led by JITO Angel Network. The funding round is expected to help the platform expand its operations and reach a wider customer base.
Volvo, the renowned Swedish car manufacturer, has announced plans to expand its certified used-car business throughout India. The company is looking to capitalize on the growing demand for high-quality, pre-owned vehicles in the Indian market and increase its presence in this space.
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Market Size in 2022
US$ 1.68 Trillion
Market Size by 2030
US$ 2.93 Trillion
CAGR of 7.2% From 2023 to 2030
• by Fuel Type (Petrol, Diesel, Others)
Alibaba.com; Cox Automotive; eBay Inc.; Scout24 AG; Asbury Automotive Group, Inc., AutoNation, Inc., Lithia Motors, Inc., Big boy Toyz Ltd, LLC, Cars24 services private limited, Group1 Automotive Inc., Hendrick automotive group, CarMax Business Services, Mahindra First Choice Wheels Ltd., and TrueCar, Inc
•High cost of new automobiles.
Table of Contents
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Used Car Market Segmentation, by Fuel Type
9. Global Used Car Market Segmentation, by Vehicle type
10. Global Used Car Market Segmentation, by Distribution Channels
12. Company Profiles
13. Competitive Landscape
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