Market Research Report
China Used Car Market (by Type, Vehicle Age, Price & Region): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)
|China Used Car Market (by Type, Vehicle Age, Price & Region): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)|
Published: December 1, 2020
Content info: 113 Pages
Delivery time: 1-2 business days
China used car market is predicted to reach US$162.54 billion in 2024, witnessing growth at a CAGR of 3.21% over the period 2020-2024. The factors such as increasing car ownership, rising disposable income, accelerating penetration of online advertising, expanding urbanization and escalating demand for affordable used cars would drive the growth of the market. However, the market growth would be challenged by mounting concerns regarding vehicle emissions, fluctuating prices of used cars and lack of trust. A few notable trends include proliferating sales through online platforms, mounting penetration of internet and reduced rates of car insurance premiums.
China used car market has been segmented on the basis of type, vehicle age and price. In terms of type, China used car market can be bifurcated into Sedan, SUV, Minivan and other cars. On the basis of vehicle age, the market can be categorized into 3-10 years, under 3 years and 10 years & older. Whereas, China used car market can also be split into US$4500 and under, between US$4500-US$7500, between US$7500-US$12000 and more than US$12000, on the basis of price.
The fastest growing regional market is East China due to escalating demand for affordable used owing to their low price and excellent condition, accelerating penetration of online advertising, mounting penetration of internet enabling the availability of information of the used car and resulting in growing customer inclination towards used car. Further, the sudden outbreak of COVID-19 has created an unfavorable impact on the market as the great lockdown has halted various industrial activities, causing supply chain disruption and decline in product demand in the automotive sector.
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