Analysts at GMI Research estimates that the Used Car Market was worth USD 1.6 trillion in 2021, and forecast to touch USD 2.2 trillion in 2029, growing at a CAGR of 4.5% from 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

The global used car market is predicted to witness strong demand during the forecast period. The continuous technological advancement such as the introduction of the internet, hybrid, and electric vehicles has helped in changing the position of the end-users in the market. Now, the consumers are now knowledgeable regarding the vehicle, its residual value, quality finance charged, the price applied, and the profit margin that the seller will make in case of a deal. All these aspects have moved the consumer’s preference towards purchasing a second-hand car rather than opting for a brand new car. Moreover, the transparency and symmetry of data among the individuals, along with the expansion of the online sales channel and the strong position of franchise dealers, are some other factors that are contributing to the growth of the used car market share in terms of revenue.

As per the used car market statistics, over the past few years, the used to new vehicle ratio has been drastically surging, both in the developing as well as developed economies. With the rising penetration of the internet and smartphone, particularly in Asian countries, the used car market is getting more traction as the retailer is focusing on digitalization to attract more consumers. For instance, Mercedes-Benz is using blockchain technology to maintain the history of the record related to the carbon footprint of used cars in Beijing. 35% of the car’s carbon footprint is generated by Mercedes-Benz and PlatON, thus encouraging them to reuse their vehicles. Investing in used car management has become one of the market’s needs characterized by the slimming margin, relentless competition, and changing demand of the consumers. The COVID-19 pandemic is likely to have a long-term impact on the automotive market. Individuals are now shifting towards private conveyance rather than traveling through public transport. However, the financial disparities is pushing them to opt for second hand vehicles as they have budget constraints. This is one of the major driver that is surging the growth of the used car market size.

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Vehicle Type – Segment Analysis

Based on the vehicle type, the hatchbacks segment is anticipated to grow at a higher CAGR during the forecast period. The strong demand for hatchbacks as they offer more space provides higher flexibility, and superior visibility is a significant factor that will increase the demand of the segment in the market. Its compact design provides more convenience of driving in narrow spaces as compared to the usual sedan or SUVs.

Fuel Type – Segment Analysis

Based on the fuel type, the alternative fuel vehicles segment is projected to dominate the market during the forecast period. The falling usage of diesel vehicles due to the several strict norms implemented by the government of different countries is a major factor that is discouraging the usage of the diesel vehicle. The excessive emission of NOx by the diesel engine is pushing the customers towards the adoption of other alternative vehicles such as petrol cars. The petrol based car emission standard is less as compared to the diesel-fuelled passenger cars. Moreover, the petrol cars have refined engine, decent fuel efficiency, and gives a strong performance. All these factors are driving the demand of the segment in the market.

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Regional – Segment Analysis:

Based on the region, Asia-pacific region is expected to dominate the global used car market attributed to the accelerating demand for this type of car, especially in China. China is witnessing an increase in the number of organized players with used car trading services. Morever, few Indian car dealers are offering various advanced technology based tools such as virtual online showroom, cloud services, and tracking sales performance, which will further drive the market’s demand. Furthermore, China is planning to sell its registered vehicles to those countries where emission and safety norms are lenient. This factor will result in a downfall in the demand for new cars and energize the demand for used vehicles.

Top Market Players

Various notable players operating in the market, include Cox Automotive, Hertz Car Sales, PenskeCars, EF MOBILITY S.R.O., Pendragon PLC, Arnold Clark Automobiles Limited, Trusty Cars Pte Ltd., Maruti True Value, Mahindra First Choice Wheels, CarMax Business Services, LLC, among others. 

Segments covered in the Report:

The global used car market has been segmented based on vehicle type, fuel type, and regions. Based on vehicle type, the market is segmented into hatchbacks, sedan, sports utility vehicle & others. Based on fuel type, the market is segmented into gasoline, diesel & alternate fuel vehicles. 

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Key questions answered in this research report:

• • At what pace is global used car market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in used car market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global used car market?
  • Which vehicle type generated maximum revenues in 2021 and identify the most promising vehicle type during the forecast period?
  • What are the various fuel type areas of global used car market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 1.6 trillion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Trillion)
Market Segment	By Vehicle type, By Fuel type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Cox Automotive, Hertz Car Sales, PenskeCars, EF MOBILITY S.R.O., Pendragon PLC, Arnold Clark Automobiles Limited, Trusty Cars Pte Ltd., Maruti True Value, Mahindra First Choice Wheels, CarMax Business Services, LLC; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Used car Market by Vehicle type

• • Hatchbacks
  • Sedan
  • Sports utility Vehicle
  • Others

Global Used car Market by Fuel type

• • Gasoline
  • Diesel
  • Alternate Fuel Vehicles

Global Used car Market by Region

• • North America Used car Market (Option 1: As a part of the free 25% customization)
    • By Vehicle type
    • By Fuel type
    • US Market All-Up
    • Canada Market All-Up
  • Europe Used car Market (Option 2: As a part of the free 25% customization)
    • By Vehicle type
    • By Fuel type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Used car Market (Option 3: As a part of the free 25% customization)
    • By Vehicle type
    • By Fuel type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Used car Market (Option 4: As a part of the free 25% customization)
    • By Vehicle type
    • By Fuel type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Used car (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cox Automotive
  • Hertz Car Sales
  • PenskeCars
  • EF MOBILITY S.R.O.
  • Pendragon PLC
  • Arnold Clark Automobiles Limited
  • Trusty Cars Pte Ltd.
  • Maruti True Value
  • Mahindra First Choice Wheels
  • CarMax Business Services, LLC