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Used Car Market : size was valued at USD 974.9 Bn. in 2021 and the total revenue is expected to grow at 8.4% of CAGR through 2022 to 2029, reaching nearly USD 1,858.6 Bn.
The report also helps in understanding Global Used Car Market Dynamics, structure by analyzing the market segments and project the Global Used Car Market size. Clear representation of comUsed Car itive analysis of key players by type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Used Car Market make the report investor’s guide.
Used Car Market Overview:
Used Car Market Research Report examined the current state of definitions, classifications, applications, and the structure of the industrial chain. The report gives objective expert comments on the current market condition, previous market performance, production and consumption rates, demand and supply ratios, and income generation estimates for the projected term. The Used Car market report also provides information on the strategic aspirations and company growth plans of the major organizations operating in the Used Car sector. Among the approaches examined in the study are mergers and acquisitions, government and corporate transactions, partnerships and collaborations, joint ventures, brand marketing, and product launches. To summarise what has already been discussed, the research presents a thorough picture of the Used Car industry in both global and regional markets.
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Used Car market segment analysis:
By vehicle type, SUVs (sports utility vehicles) are slowly gaining traction in the used car market after performing well in the new car market. The share of SUVs in Maruti Suzuki's True Value increased marginally from 5-6% to 17% in the last year in India. The report has covered the analysis of local market by country with market size and share of local organized players. The company, which only sells luxury used cars, saw a nearly 16% increase in volume in FY22, with SUV sales significantly outpacing sedan sales. Pre-owned car sales are expected to reach 4.2-4.4 million units in FY22, up from 3.8 million units in FY21. According to MMR Survey, India's used car market is expected to have 7 million vehicles by FY26. According to CARS24, the market will be valued at $50 billion by FY25 from $25 billion in FY21. SUVs are considered ideal drives by buyers in various regions today because they provide space and size while remaining compact compared to off-road vehicles. With high demand and a larger supply network, the market's replacement cost for SUVs is now higher. The European region has seen significant demand traction for used SUVs.
Key players:
• Alibaba.com
• Asbury Automotive Group
• AutoNation Inc.
• CarMax Business Services, LLC
• Cox Automotive
• eBay Inc.
• Group 1 Automotive Inc.
• Hendrick Automotive Group
• LITHIA Motor Inc.
• Scout24 AG
• TrueCar, Inc.
• Sonic Automotive
• Droom Technology
• Vroom Inc
• Trusty Cars Pte. Ltd
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COVID-19 Impact on Used Car market:
The COVID-19 outbreak has had a significant impact on the global Used Car industry. Used Car Production facilities have been halted due to the global economic slump and a lack of manpower. The COVID-19 pandemic has led to a significant and extended drop in production utilization, and travel prohibitions and facility closures have kept personnel away from their facilities, causing the Used Car market to decelerate in 2020. The negative impact of COVID-19 on the Used Car market, on the other hand, is expected to be transitory, and the sector is expected to revive significantly by early 2023
Regional Analysis:
The region portion of the research also provides key market influencing aspects and changes in market regulation that impact the market’s current and future trends. New sales, replacement sales, national demographics, regulatory actions, and import-export taxes are some of the major variables used to assess the market scenario for various locations. Furthermore, while providing forecast analysis of national data, the existence and availability of global brands, as well as the hurdles they encounter due to strong or weak comUsed Car ition from local and domestic brands, as well as the effect of sales channels, are taken into account.
The research provides a comprehensive review of the Used Car market’s presence in various sectors and nations. The research analyst aims to discover hidden development potential that may be utilized by organizations in various parts of the world by doing a thorough geographical study of the sector. Global Used Car Market research provides exact knowledge that enables market participants to comUsed Car e successfully with their greatest comUsed Car itors based on growth, sales, and other crucial aspects. In the research study, significant market aspects such as market drivers and barriers are separated from essential development prospects and industry trends.
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