Used Car Market Trends, Scope, Demand, Opportunities and Forecast by 2026
According to IMARC Group’s latest report, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global used car market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 6% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
Request for a free sample copy of this report: https://www.imarcgroup.com/used-car-market/requestsample
A used car refers to a second-hand vehicle that was previously owned by one or more retail owners. Used automobiles are generally repaired and refurbished to working conditions, following which they are listed for sale. These cars are commonly available for resale through various outlets, such as auctions, leasing offices, traditional franchise and independent car stores, rental car companies, and private party sales. Since these cars offer cost-efficient solutions to individuals while minimizing the depreciation of the vehicle, they are gaining widespread prominence among the masses.
Market Trends and Drivers:
The global used car market is primarily driven by the increasing green consciousness among the masses. With an enhanced focus on sustainable development, individuals are preferring the adoption of refurbished cars with attractive deals, which is providing an impetus to the market growth. Moreover, numerous used car retailers are digitalizing their processes and operations. They are also attempting to reach a broader customer-base by participating in online sales to offer complete transparency to their users. These players are also investing in advanced technologies, such as artificial intelligence and big data analytics, to differentiate their brand and offerings from traditional used car dealers on the internet, which is expected to provide numerous growth opportunities in the market.
The electrification of vehicles and the introduction of the latest models of automobiles at short intervals have created an escalating demand for newer used car models equipped with advanced technologies. This is expected to create a positive outlook for the market. Furthermore, the increasing integration of blockchain technologies in an attempt to gather and store the maintenance history record of the carbon footprint of the used cars is acting as another major growth-inducing factor. Some of the other factors contributing to the used car market growth include the rising demand for second-hand luxury cars and significant improvements in the online refurbished car retail channels.
Used Car Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the used car market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Arnold Clark Automobiles Limited
- eBay Inc.
- CarMax Business Services LLC
- Pendragon PLC
- TrueCar Inc.
- Alibaba Group Holding Limited
- Lithia Motors Inc.
- AutoNation Inc.
- Group1 Automotive Inc.
- Cox Automotive Inc. (Cox Enterprises Inc)
Key Market Segmentation:
The report has segmented the global used car market on the basis of vehicle type, vendor type, fuel type, sales channel and region.
Breakup by Vehicle Type:
- Sports Utility Vehicle
Breakup by Vendor Type:
Breakup by Fuel Type:
Breakup by Sales Channel:
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Buy full report with table of contents: https://www.imarcgroup.com/used-car-market
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
Browse Related Reports:
Car Rental Market Report: https://www.imarcgroup.com/car-rental-market
Electric Commercial Vehicle Market Report: https://www.imarcgroup.com/electric-commercial-vehicle-market
Automotive Ignition System Market Report: https://www.imarcgroup.com/automotive-ignition-system-market
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800