Used Vehicle Market worth USD 2,210.7 billion by 2027, registering a CAGR of 5.61% - Report by MRFR


Used Vehicle Market worth USD 2,210.7 billion by 2027, registering a CAGR of 5.61% - Report by MRFR

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Market Overview

A used vehicle is one of the popular names amongst the second-hand product industry. As the name suggests, a used vehicle is essentially a commodity that is put on resale. The Used Vehicle Market has shown significant growth in the last few years. Second-hand vehicles occupy a large chunk of the given industry now. Various dealing platforms such as walk-in car showrooms, private dealers, rental services, internet-based leases, and rentals are driving the growing popularity of second-hand vehicles. The vast availability of the internet and updated information on vehicles are key factors that are supporting Used Vehicle Market Growth. 

Different countries and regions apply separate regulatory bodies and maintenance laws for second-hand vehicles. For instance, Canada alone regulates their Used Vehicle Industry through two different entities, i.e., Ontario Motor Vehicle Industry and Alberta Motor Vehicle Industry Council. There are strict Government regulations regarding vehicular emissions all over the world. Several types of vehicle subscription packages enable end-user facilities like insurance, maintenance, roadside services, etc., for a monthly fee. These factors are pushing popularity according to the Used Vehicle Market Trends. 

Drivers: Used Vehicle

Used Vehicle Market

 

Surging Prices of New Vehicles Increases the Market Value 

Semiconductor chips are essential components required for the production of new cars and trucks. The shortages of new vehicles and higher prices have pushed more people towards used vehicles. Recent shortages of microchips pushed used-car prices to record levels, reducing the production of new vehicles. Additionally, rental car companies, normally a source of vintage used vehicles, are keeping their cars longer because they can't get new ones.

Rise in the global economy and online vehicle reselling platforms drives the used vehicle market value. Additionally, rising distributors and stores of used vehicles and growth in OEMs and MRO service outsourcing push market growth. Also, the increasing numbers of automotive part manufacturers foster the growth of the market. 

COVID-19 Impacts 

The COVID-19 impacted the used vehicle industry in two ways. On one side, where the pandemic disrupted nearly all the regular sources of used cars, the used car market saw continued interest from buyers. Automakers faced a number of problems ranging from obtaining raw materials to attracting workers from quarantines to delivering end products.

Besides, strict lockdown mandates halted production facilities and forced several manufacturers to cut down their production output. While the pandemic has obstructed sales of new autos, pre-owned cars are in demand as cost-conscious buyers seek value for money. Consumers are shunning mass transit systems to avoid catching Covid-19, and people are extending their leases of rental vehicles.

As travel and tourism businesses came to a halt, new car sales by car rentals were far fewer in the past year. Rental car companies are buying used cars themselves to rebuild their fleets sold in last year. The market demand is anticipated to pick up further following the uplift of the lockdown in many countries. 

The global second-hand vehicle market is projected to gain positive momentum in the upcoming years. Basing on market performance, the Used Vehicle Market is supposed to rise at 5.3% CAGR for the forecast period 2020-2027. Important key factors being the cost-effective utility received by the users, rapid investments from major automobile companies, etc. The desired Used Vehicle Market Growth is supposedly reached a peak by the end of 2027. The growing popularity of the market is inviting serious restraints too. Increasing market players are alarming the Government regulations for vehicular regulations in different countries.

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Market Segmentation

The global Used Vehicle Industry can be classified into various segments based on multiple factors. A popular segment for used vehicles is based on vehicle age. This segment may consist of cars – groups of 0-5, 6-10, 11-15,15-20, and more than 20 years old. Another important segment is based on vehicle type. Different types under this segment are heavy commercial vehicles, light commercial vehicles, and passenger cars. Passenger Cars, i.e., Sedans, SUVs, Sports Cars, etc., hold a notable portion of the global Used Vehicle Market Size.  Basing on the propulsion, the market segment for used vehicles are divided into Internal Combustion Engines and Electric Vehicles (i.e., Battery EV, Plug-in EV, and Hybrid EV). Franchises, private dealers, and rentals are segmented for sales channel factors.

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Regional Analysis

There are four prime regions for the global market for used vehicles are North America, Asia-Pacific, Europe, and the rest (Africa, Middle-East, South America, etc.). North America is estimated to spread its market share a lot during the forecast period according to the global Used Vehicle Market Trends. The major factor for the growth is the rising demand for passenger vehicles in the US and Canada. In the Asia-Pacific, the expansion of automobile markets in India, China, and Japan are showing positive trends for the market. The Asia-Pacific region is said to grow the largest Used Vehicle Market Share in between the forecast years.   

Competitive Analysis

List of the Key Companies Profiled in the Used Vehicle Market Research Report are:

  • Manheim (US)
  • CarMax Business Services LLC (US)
  • Autotrader Inc. (US)
  • Cox Automotive Inc. (US)
  • HERTZ CAR SALES (US)
  • Sun Toyota (US)
  • eBay (US)
  • Alibaba Group (China)
  • PenskeCars (US)
  • Autonation (US)
  • TrueCar Inc. (US)
  • Vroom Inc. (US)

The used vehicle market witnesses major strategic approaches, such as mergers acquisitions, collaboration, expansion, and technology launch. Key players make strategic investments to drive research and development activities and expansion plans. 

For instance, recently, on July 5, 2021, Stellantis launched a used-vehicle e-commerce solution, following a successful trial in Belgium. Stellantis Owned Retail has adopted SelliWay as the platform to digitize its used-vehicle business. Integrated with the used-vehicle expert tool bee2link, SelliWay enables 100% of the sale of used vehicles to take place online, from vehicle trade-in to e-payment and delivery. 

 

Industry News

The increasing demand for mini and SUV passenger cars in many regions is contributing to the Used Vehicle Market Growth by a lot. Top stakeholders in the second-hand vehicle market. i.e., Manheim, Alibaba Group, Autotrader, etc. are growing their market share with each passing year. The steady flow of investments from the E-commerce industry in China, Japan, India, the US, and Canada is influencing the growth of the Used Vehicle Market ShareBoth in developed and fast-developing countries, the demand for used vehicles is increasing due to ongoing industrialization and adequate per capita income.

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Key Questions Addressed by the Report

  • What was the historic market size?
  • Which segmentation (Product/ Capacity) is driving market?
  • What will be the growth rate?
  • How are the key players in this market?
  • What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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