Used Vehicle Market: Recent Industry Developments and Growth Strategies Adopted by Players
A used vehicle, or secondhand vehicle, or pre-owned vehicle, is a vehicle that was previously owned by one or more retail owners. Used vehicles are sold through traditional walk-in used car stores, online platforms, and independent vehicle dealers. Furthermore, franchises, including social media and online used-car companies, help people buy and sell used cars.
Demand for the vehicle subscription services has been rising in the last few years. A vehicle subscription service is an alternative to owning or leasing a vehicle. By opting for a subscription service for a vehicle, a consumer can use a vehicle on a monthly basis by paying a monthly fees, which includes maintenance, insurance, and roadside assistance. Customers get value for money, which is expected to be a major factor that drives the used vehicle market.
Increase in number of automobile manufacturers operating in the used vehicle market along with increasing number of online vehicle dealerships has changed the perception of the customer about the quality of used cars. Moreover, rapid change in technology or introduction of new models of vehicle at short intervals allows customers to sell or exchange their old vehicle with a new vehicle. A key restraint for the used vehicle market is expected to be the expansion of car-sharing services.
The global used vehicle market can be segmented based on vehicle type, vehicle class type, fuel type, vendor type and region. In terms of vehicle type, the used vehicle market can be segregated into passenger vehicle segment, which can be further sub-segmented into mini, hatchback, sedan, SUV/MUV, sportscar, and others. In terms of vehicle type, the market can also be split into commercial vehicles, which include light commercial vehicles and heavy commercial vehicles.
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Based on vehicle class type, the used vehicle market can be bifurcated into mid-size vehicle, luxury vehicle, and premium vehicles. Based on fuel type, the used vehicle market can be divided into petrol, diesel, natural gas, and others. Based on vendor type, the market can be classified into organized, unorganized, online, and offline. Based on region, the global used vehicle market can be segmented into Asia Pacific, Middle East & Africa, North America, Latin America, and Europe.
Asia Pacific is home to major manufacturers and consumers of cars, which contributes to the significant demand and share held by the region of the global used vehicle market. India is a major contributor to the sales of used vehicle in the region, as it has a considerably large population and the ratio of vehicle per one thousand persons is very less. Moreover, the disposable income of the people residing in this country is increasing, which in turn is driving the demand for used vehicles. Demand for used cars is likely to rise in Latin America and Africa, as these regions have a moderate source of income and the ratio of vehicle per one thousand persons is very less in these regions.
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Key players operating in the global used vehicle market include Cars24, Autotrader (Cox Automotive), TrueCar, Truevalue, First choice, PenskeCars (Penske Automotive Group), Alibaba Group, eBay, and Quikr.