Market Research Report
Global Used Car Market (2021 Edition) - Analysis By Car Age (0-5 Years, 6-10 Years, 11 and Above), Propulsion Type, Sales Channel, By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2021-2026)
|Published by||Azoth Analytics||Product code||1008907|
|Published||Content info||250 Pages
Delivery time: 2-3 business days
|Global Used Car Market (2021 Edition) - Analysis By Car Age (0-5 Years, 6-10 Years, 11 and Above), Propulsion Type, Sales Channel, By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2021-2026)|
|Published: May 31, 2021||Content info: 250 Pages||
The used car market is a huge but untapped market opportunity in most of the countries. A highly fragmented market, the used car market could be beneficial for major dealers across countries to consolidate their position and also to leverage the online sales channel which is highly under-penetrated. However, Covid-19 pandemic has significantly affected the used car market with automotive dealers mostly clearing their inventories than purchasing old cars as consumers' spending power has been massively affected because of recurrent lockdowns and hampering of economic activities.
The Global Used Car Market was valued at USD 871.25 Billion in the year 2020. There has been a slow shift towards the digitisation of records over many years with the trend of E-commerce increasing with a greater pace and this is tending to propel the Used Car Market as people are getting more flexibilities and ease of access.
America region holds the major Used Car market share with the region witnessing good demand for Used Car in the past years which is impelling the market growth. Further, 6-10 Years old used cars segment is expected to hold the major share of Used Car Market. In the United States, generally people buy a car which is being used for 6-7 years because it is a sweet spot for the used car market. At that age, the customer gets a good value for the car and there are also lots of offers which make that old car value for money.
ICE propulsion type used cars is expected to hold a very larger market share of Used Car Market than Electric propulsion type cars. But nowadays people are moving toward the electric propulsion type cars as they are eco-friendly and they are more value for money.