Portland, OR, March 29, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the used car market was estimated at $1.4 trillion in 2021 and is expected to reach $2.6 trillion by 2031, registering a CAGR of 6.5% from 2022 to 2031. The report provides a detailed analysis of the changing market trends, major segments, key investment pockets, value chains, regional. landscapes and competitive scenarios. The report is a useful source of information for major market players, new entrants, investors, and stakeholders to design future strategies and take steps to strengthen their market position.
Request a sample report – https://www.alliedmarketresearch.com/request-sample/6794
Second Hand Car Market Report Coverage and Details:
| Coverage of the report | Details |
| Forecast period | 2022 to 2031 |
| base year | 2021 |
| Market size in 2021 | 1.4 trillion dollars |
| Market size in 2031 | 2.6 trillion dollars |
| CAGR | 6.5% |
| Number of pages in the report | 302 |
| Segments covered | Vehicle type, propulsion, distribution channel and region |
| drivers | Rising cost of new cars and affordability issues |
| Increased demand for franchises, rental offices and car dealerships for rental vehicles and subscription services | |
| opportunities | Various car manufacturers and used car dealers are becoming more and more common |
| Growth of online technologies and e-commerce | |
| restrictions | Unorganized sale of used cars |
| Lack of regularization |
Covid-19 scenario:
- The COVID-19 pandemic had a significant impact on the global used car market due to a decrease in income, lack of funds and an increased preference for private vehicles to maintain social distancing.
- Due to the COVID-19 pandemic, many customers prefer to buy used cars online, which promotes the expansion of the market for the online technology and e-commerce sector.
- However, some auto companies struggled during the pandemic as supply chain disruptions and manufacturing ground to a halt. But as the global situation has recovered, the market has gotten back on track.
The report provides detailed segmentation of the global used car market by vehicle type, powertrain, distribution channel and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors and new entrants to determine the sub-segments to tap for growth in the coming years.
Get a full research report (302 page PDF) – https://www.alliedmarketresearch.com/used-cars-market/purchase-options
Based on vehicle type, the SUV segment accounted for the highest share in 2021, generating almost half of the revenue of the global used car market and is projected to rule by 2031. Simultaneously, the same segment would also show the highest CAGR rapid 7.4% during the forecast period. Segments such as hatchback and sedan are also analyzed in the report.
Based on powertrain, the ICE segment contributed more than 90% of the revenue in the global used car market and is expected to dominate the market in terms of revenue during the forecast period. On the other hand, the electric and hybrid segment would account for the fastest CAGR of 13.6% during the forecast period.
By distribution channel, the peer-to-peer segment held the largest share in 2021, accounting for more than two-fifths of the global used car market revenue and is expected to maintain its dominance in 2031. No however, the franchised dealership segment would show the fastest CAGR of 7.4% during the forecast period. The independent dealers segment is also studied in the report.
By region, Europe held the largest share in 2021, garnering more than half of the global used car market revenue and is projected to rule by 2031. However, the Asia-Pacific region would show the fastest CAGR of 7, 8% during the forecast period. The other provinces studied in the report include North America and LAMEA.
Interested in getting the research report? Check before you buy – https://www.alliedmarketresearch.com/purchase-enquiry/6794
Major market players analyzed in the global used car market report include Carvana, Group1 Automotive Inc., cars24, Asbury Automotive Group, Inc., CarMax Inc., Hendrick Automotive Group, AutoNation, Inc., Mahindra First Choice, Lithia Motors, Inc. ., and TrueCar, Inc. These market players have adopted various strategies such as partnership, expansion, collaboration, joint ventures and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments of the leading players.
Similar reports we have on the automotive industry:
Used bicycle market Research report 2023-2035
Used truck market Research report 2023-2035
Market of material used for air transport Research report 2023-2035
