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 car market progressed in the country with the growth of the organized and semi-organized sales sectors.

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Regional Analysis

 Asia Pacific accounted for the largest revenue share of over 35.0% in 2021, in terms of shipment, majorly owing to the rapid growth of demand in China for used vehicles. Asia Pacific is expected to expand at the highest CAGR over the estimated period. This is attributed to the growing sales of used cars in India, China, and other Asian countries. The North American region held a notable market share in 2021 and is anticipated to witness steady growth in the years to come due to the plummeting growth in the imminent years.

Market Segmentation

The Global Used Vehicle Market has been segmented into Vehicle Type, Vendor Type, and Fuel Type

Based on Vehicle Type, The Global Used Vehicle Market has been segmented into hatchbacks, sedans, and sports utility vehicles. The hatchbacks segment accounted for the largest market share owing to their practicality, low maintenance cost, good for learners, offer good boot space, and resale value.

Based on Vendor Type, The Global Used Vehicle Market has been segmented into organized and unorganized. The organized segment dominated the highest market share due to growing sales of used cars in metro cities and growing adoption of online platforms Cardekho, Car24, Droom, etc.

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Based on Fuel Type, The Global Used Vehicle Market has been segmented into Petrol, Diesel, and Others. The petrol segment dominated the highest market share due to growing the prices of diesel in India so people are now accepting petrol cars instead of diesel cars.

Key Players

Some of the key market players are Sun Toyota (US), Alibaba Group (China), eBay (US), PenskeCars (US), TrueCar, Inc. (US), Autonation (US), CarMax Business Services LLC (US), Manheim (US), Autotrader Inc. (US), HERTZ CAR SALES (US), Cox Automotive Inc. (US), and Vroom Inc. (US)