Market Research Report
Used Cars Market Size By Vehicle Type, By Fuel Type, By Sales Channel, By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Used Cars Market Size By Vehicle Type, By Fuel Type, By Sales Channel, By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: March 31, 2021
Global Market Insights Inc.
Content info: 250 Pages
Delivery time: 2-3 business days
Used Cars Market Size By Vehicle Type (Hatchback, Sedan, SUV), By Fuel Type (Gasoline, Diesel, Hybrid/Electric), By Sales Channel (Peer-to-Peer, Franchised Dealers, Independent Dealers), By End-Use (Personal, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027.
The used cars market is likely to witness healthy revenue growth owing to high presence of numerous automobile car dealers, rapid increase in the online platforms, growing use of diesel-based fuel and changing patterns of car ownership. Used cars are often sold through an assortment of outlets, which includes private party sales, auctions, leasing offices, rental car companies, and franchise & independent car dealers.
Though automakers are continuously introducing brand-new car models, the COVID-19 pandemic has pushed several users towards the option of buying used cars. The all-encompassing economic slump caused by the pandemic has made used cars a more viable option for potential buyers. As a result, the market for used cars has seen a sudden rise in terms of sales.
The used car market is also an appropriate place for those who are looking for a decent car at a reasonable price or for first-time drivers. Buying used cars comes with numerous advantages for the user. The main benefit of purchasing a used car is that the buyer gets the car at an affordable price, which means that the user would have to apply for smaller loan with lower interest.
The used cars market is segmented into different segments in terms of vehicle type, fuel type, sales channel, end-use, and regional landscape.
With respect to vehicle type, the used cars market is classified into SUV, sedan, hatchback and others. Among these, the SUV vehicle type segment will witness a high market share owing to the rising adoption of SUVs across Europe and North America.
Based on fuel type, the market for used cars is categorized into hybrid/electric, diesel, gasoline, and others. Diesel segment will witness increasing demand over the coming years due to fuel economy offered by diesel engines. In comparison to petrol cars, diesel engines produce less greenhouse gasses and are also much cheaper.
With respect to sales channel, the market is bifurcated into independent dealers, franchised dealers, and peer-to-peer. Here, the peer-to-peer segment is expected to witness a high growth rate over the coming time period owing to the rapid increase in the online platforms.
In terms of end-use, the overall used cars market is divided into commercial and personal. In 2020, the personal end-use segment held a majority market share and will witness robust growth over the projected time period. The growth is majorly accredited to the changing car ownership patterns.
From a regional frame of reference, used cars market in Latin America will witness a robust growth owing to the presence of various car dealers in the region.