PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490313
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490313
Second-Hand Vehicle Trading Service Market size was valued at USD 1,449.03 Million in 2023, expanding at a CAGR of 11.02% from 2024 to 2032.
The purchasing and selling of used automobiles, trucks, motorbikes, and other vehicles between customers, dealerships, and other organizations is facilitated by second-hand vehicle trading services. These services offer offline and online marketplaces where people and companies may list their cars for sale and get in touch with possible buyers.
Second-Hand Vehicle Trading Service Market- Market Dynamics
Growing shift in consumer preference and e-commerce sector are expected to propel market demand
The rising trend of used cars that are in demand is influenced by shifting consumer preferences, such as a preference for SUVs and crossovers over sedans. Furthermore, variables such as growing interest in classic or historic automobiles affect the market for used cars. Interest in used electric and hybrid cars has surged as worries about carbon emissions and environmental sustainability have grown. The market for secondhand electric and hybrid cars is anticipated to grow as more people place a higher priority on environmentally friendly modes of transportation.
Technological developments have simplified the process for consumers to obtain information about used cars, evaluate costs, and complete transactions online. The way used cars are bought and sold has changed dramatically because of platforms that provide virtual tours, vehicle history data, and online auctions. Many people may find it more affordable to buy used cars rather than new ones due to factors like rising new car prices, rising loan rates, and shifting banking procedures. Thus, the growing development of the e-commerce industry is expected to fuel market growth.
Second-Hand Vehicle Trading Service Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.02% over the forecast period (2024-2032)
Based on Type segmentation, the C2C segment was predicted to show maximum market share in the year 2023, owing to high consumer preference.
Based on Vehicle Type segmentation, the hatchback segment was the leading Vehicle Type in 2023, due to the high demand for the small-sized car among families.
Based on Application segmentation, the car rental segment was the leading Application in 2023, mainly due to the rapidly growing car rental service industry.
On the basis of region, Asia Pacific was the leading revenue generator in 2023, owing to high growing developments mobility sector in transportation.
The Global Second-Hand Vehicle Trading Service Market is segmented on the basis of Type, Vehicle Type, Application, and Region.
The market is divided into two categories based on Type: C2C and B2C. The C2C segment dominates the market. The B2C segment is expected to grow at the fastest CAGR with the use of personalized digital platforms for buying & selling.
The market is divided into four categories based on Vehicle Type: hatchback, sedan, SUVs, and others. The hatchback segment dominates the market. The rising demand for Second-Hand small cars, hatchback is boosting the segment growth.
The market is divided into five categories based on Application: personal owners, car rental, government, enterprise, and others. The car rental segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising demand for second-hand vehicles gained traction among car rental service providers.
Second-Hand Vehicle Trading Service Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is estimated to dominate the global Second-Hand Vehicle Trading Service market. In countries like India, and China, there is high demand for used cars when compared with first buyers. Several auto companies have started pre-owned car business in the region. These regions are further split as per the nations bringing business for the companies.
Second-Hand Vehicle Trading Service Market is moderately fragmented in nature. Market players engage in new service offerings, strategic partnerships, collaboration, etc. to increase their reach. Second-Hand Vehicle Trading Service Market players focus on developing advanced tech solutions to keep people interested in pre-owned and used cars. For example, eBay Motors is a popular online marketplace for automotive parts and vehicles, including new and used cars, motorcycles, and trucks. Sellers bid for vehicles price on the marketplace.
In August 2022, Lexus, a subsidiary of Toyota, has introduced its Lexus Certified Programmes in the Indian market. Lexus India hopes that by launching this initiative, existing Lexus vehicle owners will be able to get a higher resale value.
In 2024, Volvo started its certified used-car business across Indian market to expand their service network.