PUBLISHER: Allied Market Research | PRODUCT CODE: 1298201
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298201
A used car is one that has been driven or owned before by one or more owners. It is sometimes referred to as a used car or a pre-owned car. There are many places where used automobiles can be purchased, including franchise and independent car dealerships, rental car agencies, public and private yard sales, and leasing offices. Customers at used car dealers can choose from a variety of vehicles. They include used cars with extended service agreements, certified pre-owned vehicles, and inexpensive vehicles. In addition, used vehicle dealers provide clients the option of buying used automobiles online, and customers can use dealer websites to learn more about used cars.
As the auto industry rapidly develops, car prices are rising. New cars are becoming an increasingly expensive purchase for the common person as their prices climb each year. Strangely, a car's average lifespan is dropping despite the ongoing price increase, which is helpful for those looking to buy older cars. Because manufacturers now release updated versions of their vehicles more frequently than they did a few years ago, there are an increasing number of modern cars on the used car current market. Buyers might easily strike a clever deal with a low value owing to this. During the projected period, this element is anticipated to fuel used automobile sales in the personal market.
Moreover, used cars don't lose value as quickly because they've previously gone through this process, but new cars do in the first few years, which is sometimes to businesses' advantage. Used cars often cost less to insure than new cars, which can lower the premiums that businesses must pay. Also, used automobiles cost less than new ones, which may be a huge advantage for businesses that are just started or looking to save money. These elements are predicted to fuel market expansion during the upcoming years.
Sedans are renowned for being comfortable and opulent. The elements that fuel demand for sedans include comfort, a smoother ride in cities, greater boot room, lighter weight, better speed, and fuel efficiency. A rise in emission standards has also raised the desire for electric vehicles, and it has been noted that most of the market's offerings are sedans due to their affordability and low price. As a result, the sedan segment of the used automobile market has development potential due to the comfort and increased space in sedans.
The market for used cars is driven by factors including high prices of new vehicles and affordability concerns, a rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers, and increasing investment by giant automakers in the market. However, unorganized used car sales and lack of regularization are the major factors that hamper the growth of the used cars market.
The market segmentation is based on the vehicle type, propulsion, distribution channel, and region. As per vehicle type, it is divided into hatchback, sedan, and SUV. According to propulsion, it is classified into ICE and electric & hybrid. By distribution channel, it is categorized into franchised dealer, independent dealer, and peer-to-peer. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include: Asbury Automotive Group, Inc., AutoNation, Inc., CarMax Business Services, LLC, Cars24 Services Private Limited, Carvana, Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd., and TrueCar, Inc.