The Booming Business of Used Vehicles: Trends, Challenges, and Opportunities
Market Research Future Insights According to MRFR analysis, the global Used Vehicle Market is expected to register a CAGR of ~ 6.1% from 2022 to 2030 and hold a value of over USD 1,355.15 billion by 2030. A used car is a second-hand vehicle that is existing for resale. Several outlets such as franchise and independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell cast-off vehicles. The COVID-19 epidemic had a minimal impact on the industry. With the augmented number of people preferring individual mobility and more finance options obtainable in the used car market, the market is set to raise considerably. Abridged cash inflow owing to the epidemic has forced buyers to look for substitutions other than new cars, and the used car industry has high growth potential in these terms. As the sales and production of new vehicles have been delayed owing to the epidemic, the used car market is gaining traction among buyers. However, the used c...