Data Bridge Market Research predicts that the global used car market will be worth US$996,906.42 million in 2022 and will be worth US$107,106.13 million by 2030, at a CAGR of 6.90% during the forecast period. is predicted to reach In addition to market insights such as market value, growth rate, market segments, geographic scope, market players, and market scenarios, market reports curated by the Data Bridge market research team include in-depth expert analysis, import-export analysis , price analysis, production consumption analysis, and pestle analysis.
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Exhaustive market research and research into trends in consumer and supply chain dynamics covered in the extensive Used Vehicles market report helps companies formulate strategies regarding sales, marketing, and promotions. Additionally, the market research conducted in this industry report sheds light on the business challenges, market structure, opportunities, drivers, and competitive landscape. It helps you get an extreme sense of the evolving industry dynamics before your competitors. If a company wants to gain a competitive advantage in this fast-changing market, then choosing such a market research report is highly recommended.
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Rising disposable income of workers is fueling the growth of the market as it allows individuals to purchase cars within their limited budget. According to Statistics Canada, disposable income for lower-income households increased by 3% and he by 3.3% respectively in the early stages of 2021. In contrast, the income of high-end households fell by 6.4% over the same period and then increased by 3.9%. The growth of the used car market has grown significantly in recent years due to cost competitiveness among new market participants and the inability of a large portion of customers to purchase new cars.
Vehicles that have had one or more retail owners in the past are referred to as pre-owned, pre-owned, or pre-owned vehicles. Franchised and private car dealers, car rental agencies, pay dealers, leasing offices, auctions, and private party sales are just a few of the places you can buy used cars. Some car dealers offer ‘no bargain prices’, ‘certified’ pre-owned vehicles, extended service contracts or warranties.
Concerns about high cost and affordability of new cars
The automotive sector is increasing demand for advanced vehicle features such as power steering, climate control and anti-lock braking systems. As a result, new cars are now more expensive. Moreover, the issue of affordability in new markets is illustrated by price increases in 2019. This was driven by the mainstream passenger car segment. As a result, used car sales are surging faster than new car sales in the automotive industry. This is expected to increase the demand for old cars.
Growing demand for versatile hatchback vehicles
Hatchback vehicles are in use in Europe and are expected to expand at a growth rate of over 3.5% by 2028. This is driven by increasing demand for hatchbacks that offer flexibility while driving in tight spaces. The development of the used car market is underpinned by the significant presence of top automakers such as Audi AG, BMW AG, Mercedes-Benz and Volkswagen. Because these manufacturers offer a wide selection of hatchback models. Market players offer hatchback vehicles with high rooflines and compact designs.
Global Used Car Market: Competitive Analysis
This report includes top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies. Competitive analysis helps vendors define the alignment or fit between their capabilities and future growth prospects opportunities.
The report delves into the recent significant developments by leading vendors and their innovation profiles in the global used car market.
Group1 Automotive, Inc. (USA), AutoNation, Inc. (USA), HELLMAN & FRIEDMAN LLC (USA), PENDRAGON (UK), CarMax Business Services, LLC (USA), Manheim (USA), THE HERTZ CORPORATION (USA) , Cox Automotive (USA), Sun Toyota (USA), eBay Inc. (USA), TrueCar, Inc. (USA), VROOM (USA), Asbury Automotive Group (USA), MARUTI SUZUKI INDIA LIMITED (India), Lithia Motors , Inc. (USA), Hendrick Automotive Group (USA).
The report also includes a strategic profiling of key market players, a systematic analysis of their core competencies, and a depiction of the competitive landscape of the market. This research study helps buyers in understanding the various drivers and constraints along with their impact on the market during the forecast period. This report is based on market type, organization size, on-premises availability, and end-user organization type. The used car report conveys the idea of high-level analysis and opportunity identification of key market segments.
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A good used car market research report successfully combines the best attributes such as top-notch spirit, practical solutions, dedicated research and analysis, innovation, talent solutions, integrated approach, latest technology and dedication. Configurable. In addition, strategic planning helps us improve and enhance our products according to customer preferences and trends. This report consists of market shares and approaches of all the major competitors or key players in this industry. In addition, this market report also highlights various strategies used by other key players in the market or this industry.
Geographically, this report is segmented into several major regions, covering sales (MT), revenue (Million USD), market share, and growth rate for these regions.
**North America (USA, Canada, Mexico)
**Europe (Germany, France, UK, Russia, Italy, Rest of Europe)
**Asia Pacific (China, Japan, Korea, India, Southeast Asia, Australia)
**South America (Brazil, Argentina, Colombia, Rest of South America)
**Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa, Rest of Middle East and Africa)
What are the market factors explained in the report?
Key Strategic Developments: The study includes R&D, new product launches, M&A, agreements, partnerships, collaborations, joint ventures, and regional analysis of key competitors operating in the market on a global and regional scale. Key strategic developments of the market are included, including growth.
Key Market Features: This report covers key markets including price, revenue, capacity, demand/supply, utilization rate, gross production, production rate, market share, consumption, import/export, cost, CAGR, and gross margin. analyzed the features. In addition, the report also provides a comprehensive study of key market dynamics and their latest trends along with relevant market segments and sub-segments.
Analytical Tools: The Global Used Vehicle Market report includes the precisely studied and analyzed data of the key industry players and their market scope by means of several analytical tools. Analytic tools such as Porter’s His Five Forces Analysis, Feasibility Study and ROI Analysis are used to analyze the growth of key players functioning in the market.
Main points of TOC:
Chapter 1. Report overview
Chapter 2 Global Growth Trends
Chapter 3 Market Share by Key Players
Chapter 4 Breakdown Data by Type and Application
Chapter 5 Market by End User/Application
Chapter 6. COVID-19 Outbreak: Impact on the Used Car Industry
Chapter 7 Opportunity Analysis in Covid-19 Crisis
Chapter 8 Market Drivers
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Used car market: main highlights
CAGR of the market during the forecast period.
Detailed information on the factors boosting the growth of the market.
Market size estimation and contribution to the parent market
Predictions about future trends and changes in consumer behavior
Analysis of market competitive landscape and detailed information about vendors
Comprehensive details of the factors that will challenge market vendor growth
Why Buy This Report
**This used car report provides a pinpoint analysis of the changing competitive dynamics
**Provides a forward-looking perspective on various factors driving or restraining the growth of the used car market
**Provides a six-year forecast evaluated based on used car market growth projections
** Helps understand key product segments and their future
** Provides pinpoint analysis of changing competitive dynamics and stays ahead of competitors
** Gain complete insight into the used car market and help you make informed business decisions by making in-depth analysis of market segments
Thank you for reading this article. You can also get individual chapter-by-chapter sections or region-by-region report versions, such as North America, Europe, MEA, and Asia-Pacific.
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About Data Bridge Market Research, Private Ltd
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