Used Cars Market Value to Reach $2.6 Trillion by 2031: Allied Market Research
Rise in the cost of new cars and affordability issues, and an increase in demand from franchises, leasing offices, and car dealers for off-lease vehicles and subscription services drive the growth of the global used cars market. By propulsion, the ICE segment held the major share in 2021. By region, Asia-Pacific would showcase the fastest CAGR by 2031.
Portland, OR, March 29, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global used cars market was estimated at $1.4 trillion in 2021 and is expected to hit $2.6 trillion by 2031, registering a CAGR of 6.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Second Hand Cars Market Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022 to 2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.4 Trillion |
| Market Size in 2031 | $2.6 Trillion |
| CAGR | 6.5% |
| No. of Pages in Report | 302 |
| Segments Covered | Vehicle Type, Propulsion, Distribution Channel, and Region |
| Drivers | Rise in the cost of new cars and affordability issues |
| Increase in demand from franchises, leasing offices, and car dealers for off-lease vehicles and subscription services | |
| Opportunities | Various car manufacturers and used car dealers are becoming more prevalent |
| Growth of Online Technologies and E-Commerce | |
| Restraints
| Unorganized used cars sales |
| Lack of regularization
|
Covid-19 Scenario:
- The COVID-19 pandemic had a significant impact on the global used cars market because of a decline in income, a lack of funds, and an increase in the preference for private vehicles to maintain social distance.
- Due to the COVID-19 pandemic, many customers prefer to purchase used cars online, which promotes the market’s expansion of the online technologies and e-commerce sector.
- However, some automotive companies struggled during the pandemic as supply chain disruptions and manufacturing halted. But as the global situation has recovered, the market has now got back on track.
The report offers a detailed segmentation of the global used cars market based on vehicle type, propulsion, 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 in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on vehicle type, the SUV segment accounted for the highest share in 2021, generating nearly half of the global used cars market revenue and is projected to rule the roost by 2031. Simultaneously, the same segment would also showcase the fastest CAGR of 7.4% during the forecast period. The segments such as hatchback and sedan are also analyzed in the report.
Based on propulsion, the ICE segment contributed to more than 90% of the global used cars market revenue and is projected to dominate the market in terms of revenue during the forecast period. On the other hand, the electric and hybrid segment would portray the fastest CAGR of 13.6% during the forecast period.
Based on distribution channel, the peer-to-peer segment held the major share in 2021, garnering more than two-fifths of the global used cars market revenue and is projected to maintain its dominance by 2031. However, the franchised dealer segment would display the fastest CAGR of 7.4% during the forecast period. The independent dealer segment is also studied in the report.
Based on region, Europe held the major share in 2021, garnering more than half of the global used cars market revenue and is projected to rule the roost by 2031. However, the Asia-Pacific region would showcase the fastest CAGR of 7.8% during the forecast period. The other provinces studied in the report include North America and LAMEA.
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The leading market players analyzed in the global used cars 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 embraced several strategies including 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 by the top players.
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