According to the National Dealers Automotive Association, there are around 41 major carmakers' trucks selling cars, and sport utility vehicles across the U.S. They mainly sell through 17,000 dealerships. The wide presence of an increasing number of digital vendors associated with online vehicle customers is putting pressure on manufacturers and dealers who are hesitant to adapt. The market growth for used cars observed significant growth in the last few years due to expense competitiveness among new market players and the inability of major share of customers to buy a new car.
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Data Bridge Market Research analyses that the Global Used Car Market was valued at USD 996,906.42 million in 2022 and is expected to reach the value of USD 1700,106.13 million by 2030, at a CAGR of 6.90% during the forecast period 2023-2030. The increasing demand for the used car across the pharmaceutical sector will provide potential opportunities for market growth in the forecast period.
Wide emergence of e-commerce platforms is expected to drive the market's growth rate
E-commerce platforms have significantly changed the automotive retailing market to a great extent. According to the National Dealers Automotive Association, there are around 41 major carmakers selling trucks, cars, and sport utility vehicles across the U.S. They sell mainly through 17,000 dealerships. According to the Digital Commerce 360 Online Vehicle Shopper 2019 Survey, around 49% of consumers are willing to purchase a used vehicle entirely online from e-commerce platforms. Dealers are also investing in e-commerce portals to increase their profit margins.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Vendor Type (Organized, Unorganized), Propulsion (Petrol, Diesel, CNG, LPG, Electric and Others), Engine Capacity (Full Size (Above 2500 CC), Mid-size (Between 1500-2499 CC), Small (Below 1499 CC)) Dealership (Franchised, Independent), Sales Channel (Online, Offline), Vehicle Type (Passenger Car, LCV, HCV & Electric Vehicle)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Group1 Automotive, Inc. (U.S.), AutoNation, Inc. (U.S.), HELLMAN & FRIEDMAN LLC (U.S.), PENDRAGON (U.K.), CarMax Business Services, LLC (U.S.), Manheim (U.S.), THE HERTZ CORPORATION (U.S.), Cox Automotive (U.S.), Sun Toyota (U.S.), eBay Inc. (U.S.), TrueCar, Inc. (U.S.), VROOM (U.S.), Asbury Automotive Group (U.S.), MARUTI SUZUKI INDIA LIMITED (India), Lithia Motors, Inc. (U.S.), Hendrick Automotive Group (U.S.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis
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Segment Analysis:
Global used car market is segmented into six notable segments which are based on the vendor type, propulsion type, engine capacity, dealership, sales channel & vehicle type.
- On the basis of vendor type, the used car market is segmented into organized and unorganized.
The organized segment of scintillation vendor type is anticipated to dominate the used car market
The organized is expected to dominate the global used car market with a CAGR of 7.8% in the forecast period of 2023 to 2030 because of the low cost of the structure since it is operated by the owner itself.
- On the basis of propulsion type, the used car market is segmented into petrol, diesel, CNG, LPG, electric & others.
The petrol segment of propulsion type is anticipated to dominate the used car market
The petrol is expected to dominate the global used car market with a CAGR of 7.2% in the forecast period of 2023 to 2030 since it allows for the faster acceleration, quick starting, and easy combustion of fuel.
- On the basis of engine capacity, the used car market is segmented into full-size (above 2500 CC), mid-size (between 1500-2499 CC), small (below 1499 CC). The small (below 1499 CC) is expected to dominate the global used car with a CAGR of 7.5% in the forecast period of 2023 to 2030 because it is considered as the most efficient to generate more power
- On the basis of dealership, the used car market is segmented into franchised & independent. The franchised is expected to dominate the global used car market with a CAGR of 7.5% in the forecast period of 2023 to 2030 because they provide better warranties than new car dealers for used cars.
- On the basis of sales channel, the used car market is segmented into online & offline. The offline is expected to dominate the global used car with a CAGR of 6.6% in the forecast period of 2023 to 2030 because there is higher transparency of car dealerships and better lucrative deals.
- On the basis of vehicle type, the used car market are segmented into passenger car, LCV, HCV & electric vehicle. The passenger car is expected to dominate the global closed system transfer device with a CAGR of 6.6% in the forecast period of 2023 to 2030 are expected to dominate the market because of the rising preference for personal mobility
Major Players
Data Bridge Market Research recognizes the following companies as the major used car market players in used car market are Group1 Automotive, Inc. (U.S.), AutoNation, Inc. (U.S.), HELLMAN & FRIEDMAN LLC (U.S.), PENDRAGON (U.K.), CarMax Business Services, LLC (U.S.), Manheim (U.S.), THE HERTZ CORPORATION (U.S.), Cox Automotive (U.S.), Sun Toyota (U.S.), eBay Inc. (U.S.), TrueCar, Inc. (U.S.), VROOM (U.S.), Asbury Automotive Group (U.S.), MARUTI SUZUKI INDIA LIMITED (India), Lithia Motors, Inc. (U.S.), Hendrick Automotive Group (U.S.).
Market Development
- In 2020, ASBURY AUTOMOTIVE GROUP acquired the Park Place dealerships. This acquisition supported the company in increasing its revenue by 28% and have expanded the company's product portfolio around 36%, making more stable margins in the market
- In 2019, HELLMAN & FRIEDMAN LLC made a contract to acquire the company from AutoScout24. The aim is to provide value-added marketing solutions since it continues to digitalize its business models in the automobile industry
- In 2019, Group1 Automotive, Inc. expanded its business presence in the New Mexico market with the acquisition of two Lexus dealerships. The dealerships were in New Mexico that had further helped the company to build a footprint in the fast-growing New Mexico market
Regional Analysis
Geographically, the countries covered in the used car market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the used car market during the forecast period 2023 to 2030
North America dominates the used car market because of the wide availability of abundant raw materials and cheap labor. Furthermore, growing internet usage, warranties offered on pre-owned vehicles, online tools for buying or researching used automobiles, and several purchase alternatives are some of the primary factors that will likely boost the market growth.
Asia-Pacific is estimated to be the fastest growing region in used car market the forecast period 2023 to 2030
Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 with increased investment in the healthcare sector. This is because of the organized and semi-organized sales industry growth. Furthermore, China dominates the Asia Pacific used car market because of the highest number of dealers of used car in this region
For more detailed information about used car market report, click here – https://www.databridgemarketresearch.com/ar/reports/global-used-car-market
