The global used car industry is expected to reach $2.67 trillion by 2030

DUBLIN, May 30, 2022 /PRNewswire/ — The “Used Car Market Size, Share and Trend Analysis Report by Vehicle Type (Hybrid, Conventional, Electric), by Vendor Type, by Fuel Type, by Size, by Delivery Channel sales, by region and segment forecast, 2022-2030” report has been added to from ResearchAndMarkets.com offer.

The size of the global used car market is expected to reach USD 2.67 trillion by 2030. The market is expected to grow at a CAGR by 6.1% from 2022 to 2030. Growing technological advancements such as the implementation of digital technology in the market and the use of artificial intelligence to improve the online shopping experience are expected to drive demand market during the forecast period. Some of the other factors such as transparency between owner and buyer and certified used vehicle programs have also impacted the used car market.

Additionally, the growing adoption of used electric and hybrid cars has become one of the notable trends in recent years. The increase in the number of new electric vehicles (EVs) and hybrid cars registered over the past few years is now trickling down to the market. For example, European countries like GermanyGreat Britain, Spainand Austria experienced a significant volume of sales of gasoline, electric vehicles and hybrid vehicles.

Globally, the growth of online sales channels has also changed the overall consumption of used cars. As online automotive retailing accounts for only a small percentage of total used car sales, there is significant growth potential for this segment. Additionally, car dealerships use their websites as a sales generation and marketing channel to drive buyers to the showroom where consumers make the purchase. However, nowadays consumers are looking for e-commerce options for all of their purchases. Additionally, there is an increase in the number of digital sellers, such as Vroom; Carvana Inc.; eBay Motors; and Shift Technologies Inc., which specifically cater to online vehicle buyers and increase market competitiveness.

Increasing investment in the SUV segment is also one of the major reasons, which caters to the demand pull in the market. Luxury brands have invested in launching vehicles in the SUV segment to complement their inventory of existing sports collections. With the availability of a network of used car supply chains in the market, significant traction is expected in terms of sales volume in the market. Moreover, the significant change in people’s transportation habits such as the choice of individual mobility with their own vehicle is expected to create a large increase in the market.

Additionally, the COVID-19 outbreak will increase the demand for compact and midsize cars at affordable prices. For fear of being infected, people opt for private transport rather than public transport. This is one of the main driving factors for used car sales during this pandemic period and its aftermath.

Moreover, one of the notable phenomena emerging these days is the sale of gasoline-powered vehicles as fossil fuels are cheaper with the epidemic. Additionally, the impact of COVID is visible in the automotive industry with surging sales in the used car market despite falling growth in the new car sales segment. The majority of customers are looking for more affordable, safe and reasonable means of transport to purchase (both ergonomically and economically). This is also driving the demand for entry-level used compact car segments. With job uncertainties and varying cash flows in economies, individuals would prefer used cars to new cars.

Used Car Market Report Highlights

  • Digitally generated leads with online sales channels are expected to grow in importance, and physical/offline dealerships are expected to remain under heavy pressure due to the COVID outbreak.
  • The organized dealer should resist the demand for used cars and eventually hold a significant share of the market.
  • Data analytics tools and artificial intelligence are helping non-bank financial companies reduce the efficiency of the underwriting process. Used car dealers who have this opportunity are partnering with financial agencies, and this process will further help to make loans easily accessible to customers.
  • The Asia Pacific The region is expected to experience significant growth over the forecast period, mainly due to the increase in supply and demand for affordable used cars.

Main topics covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Used Car Market Variables, Trends and Scope
3.1 Market Segmentation and Scope
3.2 Used Car Value Chain Analysis
3.3 Market Dynamics
3.3.1 Market Drivers
3.3.1.1 High Growth of Online Sales Channel Platform
3.3.1.2 Growing demand for affordable vehicles
3.3.1.3 Increase in the number of franchise dealers organized in the market
3.3.2 Market constraints
3.3.2.1 Quality associated with the used car
3.3.3 Market opportunities
3.3.3.1 Increasing demand in developing countries
3.3.3.2 Use of digital technologies on online platform in used car market
3.4 Industry Analysis – Porter’s
3.4.1 Supplier supply
3.4.2 Purchasing power
3.4.3 Threat of Substitution
3.4.4 Threat of a new entrant
3.4.5 Competitive Rivalry
3.5 Key Opportunities – Prioritized
3.6 Used Car Market Key Company Analysis, 2021
3.6.1 Key Company Analysis, 2021
3.6.2 List of Major Market Players
3.7 Used Car Pest Analysis
3.7.1 Policy
3.7.2 Economic
3.7.3 Social networks
3.7.4 Technological

Chapter 4 Used Car: Vehicle Type Estimates and Trend Analysis
4.1 Used car market share by vehicle type, 2021 & 2030
4.2 Hybrid
4.2.1 Hybrid used car market, by region, 2017 – 2030
4.3 Conventional
4.3.1 Conventional used car market, by region, 2017 – 2030
4.4 Electrical
4.4.1 Used Electric Car Market, by Region, 2017 – 2030

Chapter 5 Used Car Supplier Type Estimates and Trend Analysis
5.1 Used Car Market Share by Type of Supplier, 2021 & 2030
5.2 Organized
5.2.1 Organized market for used cars, by region, 2017- 2030
5.3 Unorganized
5.3.1 Unorganized Used Car Market, by Region, 2017 – 2030

Chapter 6 Used Car: Fuel Type Estimates and Trend Analysis
6.1 Used Car Market Share by Fuel Type, 2021 & 2030
6.2 Diesel fuel
6.2.1 Diesel Used Car Market, by Region, 2017 – 2030
6.3 Gasoline
6.2.2 Gasoline Used Car Market, by Region, 2017 – 2030
6.4 Others
6.2.3 Other used car market, by region, 2017 – 2030

Chapter 7 Used Car: Size Estimates and Trend Analysis
7.1 Used car market share by size, 2021 & 2030
7.2 Compact
7.2.1 Compact Car Market, by Region, 2017- 2030
7.3 Medium size
7.3.1 Midsize used car market, by region, 2017- 2030
7.4 SUV
7.4.1 Used Car SUV Market, by Region, 2017- 2030

Chapter 8 Used Car: Sales Channel Estimates and Trend Analysis
8.1 Used cars market share by sales channel, 2021 & 2030
8.2 Offline
8.2.1 Offline used car market, by region, 2017 – 2030
8.3 Online
8.3.1 Online used car market, by region, 2017 – 2030

Chapter 9 Used Car: Regional Estimates and Trend Analysis

Chapter 10 Competitive Landscape
10.1 Alibaba.com
10.1.1 Company Overview
10.1.2 Financial performance
10.1.3 Product Benchmarking
10.1.4 Recent Developments
10.2 CarMax Business Service, LLC
10.2.1 Company Overview
10.2.2 Financial performance
10.2.3 Product Benchmarking
10.2.4 Recent Developments
10.3 Asbury Automotive Group
10.3.1 Company Overview
10.3.2 Financial performance
10.3.3 Product Benchmarking
10.3.5 Recent Developments
10.4 TrueCar, Inc.
10.4.1 Company Overview
10.4.2 Financial performance
10.4.3 Product Benchmarking
10.4.4 Recent Developments
10.5 Scout24 AG
10.5.1 Company Overview
10.5.2 Financial performance
10.5.3 Product Benchmarking
10.5.4 Recent Developments
10.6 Lithia Motor Inc.
10.6.1 Company Overview
10.6.2 Financial performance
10.6.3 Product Benchmarking
10.6.4 Recent Developments
10.7 Hendrick Automotive Group
10.7.1 Company Overview
10.7.2 Financial performance
10.7.3 Product Benchmarking
10.7.4 Recent Developments
10.8 Group 1 Automotive Inc.
10.8.1 Company Overview
10.8.2 Product Benchmarking
10.8.3 Recent Developments
10.9 eBay Inc.
10.9.1 Company Overview
10.9.2 Product Benchmarking
10.9.3 Recent Developments
10.10 AutoNation Inc.
10.10.1 Company Overview
10.10.2 Product Benchmarking
10.10.3 Recent Developments

For more information on this report, visit https://www.researchandmarkets.com/r/573o7w

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