Used Automobile Market Measurement is projected to achieve USD 2.75
New York, United States, Sept. 22, 2022 (GLOBE NEWSWIRE) — Used vehicles are bought by way of varied channels, together with franchise and impartial automotive sellers, rental automotive companies, auctions, non-public social gathering gross sales, and leasing places of work. The excessive price of latest automobiles additionally discourages many shoppers from shopping for them, which raises the marketplace for used automobiles. Resulting from causes together with the excessive price of latest vehicles, issues about affordability, and rising demand from franchisees, leasing places of work, and automotive sellers for off-lease automobiles and subscription companies, the marketplace for used vehicles is predicted to develop.
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Excessive Value of Car and Affordability Concern Drives the World Market
The automotive trade has been witnessing elevated demand for superior automobile options reminiscent of energy steering, local weather management, and anti-lock braking techniques. This has led to an addition within the value of latest vehicles. Furthermore, the value improve in 2019, led by mainstream passenger automotive segments, poses an indication of affordability challenges within the new market. A rise in automobile costs is returning to the used market. Subsequently, the automotive market has witnessed elevated used automobile gross sales in comparison with new automobiles. That is anticipated to gasoline the demand for used automobiles shortly.
Development of E-commerce and On-line Applied sciences Creates Large Alternatives
Individuals can now entry data rather more effectively as a consequence of developments within the telecom trade, elevated web connectivity, and rising urbanization. House owners of used vehicles use these parts to share details about their automobiles and promote them swiftly. This on-line platform has shortened gross sales, enabling extra events to promote and purchase vehicles.
Report Scope
| Report Metric | Particulars |
| Market Measurement | USD 2.75 Trillion by 2030 |
| CAGR | 6.17% (2020-2030) |
| Historic Knowledge | 2019-2020 |
| Base 12 months | 2021 |
| Forecast Interval | 2022-2030 |
| Forecast Models | Worth (USD Trillion) |
| Report Protection | Income Forecast, Aggressive Panorama, Development Components, and Traits |
| Segments Coated | Car Kind, Gasoline Kind, Distribution Channel, Areas |
| Geographies Coated | North America, Europe, Asia-Pacific, LAME, and Remainder of the World |
| Key Firms Profiled/Distributors | Asbury Automotive Group Inc, Autonation Inc, Huge Boy Toyz Ltd, Carmax Enterprise Companies LLC, Cars24 Companies Personal Restricted, Group1 Automotive Inc, Hendrick Automotive Group, Lithia Motors Inc |
| Key Market Alternatives | Rising E-commerce and On-line Applied sciences |
| Key Market Drivers | Excessive Car Costs and Affordability Considerations Rising Demand for Off-Lease Vehicles and Subscription Service |
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Regional Evaluation
Asia-Pacific is the biggest international used automotive market shareholder and is predicted to develop at a CAGR of 9.3% through the forecast interval. Demand for varied automobile sorts, from entry-level petrol to high-end diesel, is rising in Asia-Pacific. Strict authorities laws on outdated vehicles, urbanization, rising gasoline costs, and expertise developments within the used automotive sector considerably impression the used automotive market globally. Further elements influencing the growth of the used automotive trade embrace a rise in inhabitants, easy affordability, a rise in discretionary revenue, low automobile possession charges amongst millennials as a consequence of excessive automobile bills, and a lower within the population-to-car ratio.
Europe is anticipated to develop at a CAGR of 10.2% through the forecast interval. It’s anticipated that the European used automotive market will proceed to rule and develop considerably through the projection interval because of the elevated recognition of shared mobility. The most important forces driving the growth of the used automotive market in Europe are low pricing and an increase in demand for cab-hailing companies.
North America is predicted to expertise a rise in demand for used vehicles in comparison with different areas as a result of international locations just like the U.S., Canada, and Mexico have one of many highest charges of used automotive gross sales. It’s anticipated that the marketplace for used automobiles in North America will develop dramatically because of the excessive price of latest vehicles. The North American used automotive market is predicted to develop considerably all through the forecast interval as a consequence of rising web utilization, on-line instruments for getting or researching used vehicles, warranties supplied on pre-owned automobiles, and varied buy options.
Key Highlights
- The international used automotive market measurement was valued at USD 1,503 billion in 2021. It’s projected to achieve USD 2,755 billion by 2030, rising at a CAGR of 6.17% through the forecast interval (2022-2030).
- Based mostly on automobile kind, the worldwide used automotive market is bifurcated into hatchbacks, sedans, and SUVs. The SUV section is the best contributor to the market and is predicted to develop at a CAGR of seven.8% through the forecast interval.
- Based mostly on gasoline kind, the worldwide used automotive market is bifurcated into petrol, diesel, and others. The petrol section owns the best market share and is predicted to develop at a CAGR of seven.9% through the forecast interval.
- Based mostly on distribution channels, the worldwide used automotive market is bifurcated into franchised sellers, impartial sellers, and others (non-public gross sales, offline, on-line). The franchised supplier section is the best contributor to the market and is predicted to develop at a CAGR of 8.9% through the forecast interval.
- Asia-Pacific is the biggest international used automotive market shareholder and is predicted to develop at a CAGR of 9.3% through the forecast interval.
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The worldwide used vehicles market’s main key gamers are
- Asbury Automotive Group Inc
- Autonation, Inc
- Huge Boy Toyz Ltd
- Carmax Enterprise Companies LLC
- Cars24 Companies Personal Restricted
- Group1 Automotive Inc.
- Hendrick Automotive Group
- Lithia Motors, Inc
- Mahindra First Selection Wheels Ltd
- Truecar, In
World Used Vehicles Market: Segmentation
By Car Kind
By Gasoline Kind
By Distribution Channel
- Franchised Supplier
- Unbiased Supplier
- Others (Personal Gross sales, Offline, On-line)
By Areas
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Analysis Methodology
- Main Analysis
- Analysis Methodology
- Assumptions & Exclusions
- Secondary Knowledge Sources
- Market Overview
- Report Segmentation & Scope
- Worth Chain Evaluation: Used Automobile Market
- Key Market Traits
- Drivers
- Restraints
- Alternatives
- Porter’s 5 Forces Evaluation
- Bargaining Energy of Suppliers
- Bargaining Energy of Patrons
- Menace of Substitution
- Menace of New Entrants
- Aggressive Rivalry
- Market Share Evaluation
- Car Kind Overview
- Introduction
- Market Measurement & Forecast
- Hatchback
- Market Measurement & Forecast
- Sedan
- Market Measurement & Forecast
- Introduction
- Gasoline Kind Overview
- Introduction
- Market Measurement & Forecast
- Petrol
- Market Measurement & Forecast
- Diesel
- Market Measurement & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Measurement & Forecast
- America
- North America
- U.S.
- By Car Kind
- By Gasoline Kind
- Canada
- By Car Kind
- By Gasoline Kind
- Mexico
- By Car Kind
- By Gasoline Kind
- Latin America
- By Car Kind
- By Gasoline Kind
- Europe
- Market Measurement & Forecast
- Germany
- By Car Kind
- By Gasoline Kind
- France
- By Car Kind
- By Gasoline Kind
- U.Ok.
- By Car Kind
- By Gasoline Kind
- Italy
- By Car Kind
- By Gasoline Kind
- Spain
- By Car Kind
- By Gasoline Kind
- Remainder of Europe
- By Car Kind
- By Gasoline Kind
- Asia Pacific
- Market Measurement & Forecast
- Japan
- By Car Kind
- By Gasoline Kind
- China
- By Car Kind
- By Gasoline Kind
- Australia
- By Car Kind
- By Gasoline Kind
- India
- By Car Kind
- By Gasoline Kind
- South Korea
- By Car Kind
- By Gasoline Kind
- Remainder of Asia-Pacific
- By Car Kind
- By Gasoline Kind
- Center East & Africa
- Market Measurement & Forecast
- Saudi Arabia
- By Car Kind
- By Gasoline Kind
- South Africa
- By Car Kind
- By Gasoline Kind
- Kuwait
- By Car Kind
- By Gasoline Kind
- Remainder of Center East & Africa
- By Car Kind
- By Gasoline Kind
- Introduction
- Firm Profile
- Asbury Automotive Group
- Firm Overview
- Monetary Efficiency
- Current Developments
- Product Portfolio
- Autonation, Inc
- Firm Overview
- Monetary Efficiency
- Current Developments
- Product Portfolio
- Huge Boy Toyz Ltd
- Firm Overview
- Monetary Efficiency
- Current Developments
- Product Portfolio
- Asbury Automotive Group
- Conclusion & Suggestion
- Acronyms & Abbreviations
Desk of Content material and Determine @ https://straitsresearch.com/report/used-car-market/toc
Market Information
- In February 2022, AutoNation’s This fall internet revenue soars on larger used-vehicle income. Auto retail big’s used-vehicle income cushioned the blow from low new-vehicle inventories.
- In Could 2022, Asbury Automotive was poised to overhaul rivals. Asbury Automotive, previously the smallest of the general public dealership teams in the USA, grew to become a legit big following an astonishing 20 months of deal-making.
Information Media
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