Global Used Car Market
Global Used Car Market was valued at USD 974.9 billion in 2021 and is slated to reach USD 1355.15 billion by 2027 at a CAGR of 7.80 % from 2022-2027.
A used, pre-owned, or second-hand car has had one or more retail owners in the past. There are several venues to buy used automobiles, including franchise and independent car dealerships, rental car companies, buy-here-pay dealerships, leasing offices, auctions, and private party transactions. Several car dealerships offer "no-haggle" prices, "certified" pre-owned cars, and extended warranties or service contracts.
Market Drivers
The automotive industry has noticed an increase in demand for cutting-edge vehicle amenities including power steering, climate control, and anti-lock brakes. As a result, new cars are now more expensive. Furthermore, the price increase in 2019—which was led by mainstream passenger car segments—indicates the problems with affordability in the new market. As a result, used car sales have increased significantly in the automotive industry when compared to new car sales. The market for used cars is expected to rise as a result. Due to the rising demand for hatchbacks that offer flexibility while driving in confined areas, the used hatchback car market in Europe is predicted to increase at a growth rate of over 3.5% through 2028. Top automakers including Audi AG, BMW AG, Mercedes-Benz, and VW are heavily represented in the used car market, which helps the sector's growth because they provide a wide range of hatchback vehicle types. Competitors in the market provide hatchback vehicles with a high roofline and a small body.
Market Restraints
The lack of strict laws and regulations controlling the purchase of used cars would hinder the growth of the used car market. The market's ability to expand will be hampered by high rates of used-car depreciation. Because fewer people are using public transit, the coronavirus pandemic has had a detrimental effect on the demand for second-hand cars globally.
Impact of COVID-19
The COVID-19 pandemic harmed market demand in 2020 because it forced governments to implement strict containment measures, regional lockdowns, social seclusion, and quarantine periods. due to a movement in customer demand towards personal mobility and the easing of lockdowns. This encouraged company owners to use online marketplaces for the sale of secondhand cars with flexible financing options. The industry is predicted to have significant expansion soon due to the increased customer demand for used automobiles in price-sensitive regions.
Recent Developments
HELLMAN & FRIEDMAN LLC and AutoScout24 have a deal in place for HELLMAN & FRIEDMAN LLC to purchase the business in December 2019. Because it is continuing to digitalize its business models in the automotive sector, the company hopes to offer value-added marketing solutions through this acquisition.
Group1 Automotive, Inc. announced the purchase of two Lexus dealerships in December 2019 to expand its commercial presence in the New Mexico market. This helped the business establish a presence in the quickly expanding New Mexico market.
Market Segmentation
Global Used Car Market is segmented into vendor type, propulsion, engine capacity, dealership, sales channel, and vehicle type. By vendor type such as organized, or unorganized. By propulsion such as petrol, diesel, CNG, LPG, electric, and others. By engine capacity such as full size (above 2500 cc) mid-size (between 1500-2499 cc), and small (below 1499 cc). By dealerships such as franchised, and independent. By sales channels such as online, and offline. By vehicle type such as passenger car, LCV, HCV & electric vehicle.
Regional Analysis
Global Used Car Market is segmented into five regions North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. In terms of revenue growth, Asia-Pacific dominates the used automobile market. The expansion of the organized and semi-organized sales business is mostly to blame. Due to the largest concentration of used automobile sellers in the Asia Pacific, China controls the market there. Europe is anticipated to experience the quickest growth throughout the projection period of 2021–2027 thanks to the accessibility of inexpensive labor and an abundance of raw materials. In addition, rising internet usage, warranties provided on previously owned cars, online tools for searching for or purchasing used cars, and different purchase options are some of the other key elements that are likely to spur market expansion.
Key Players
This report includes a list of numerous key players, namely 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.).
Market Taxonomy
By Vendor Type
• Organized
• Unorganized
By Propulsion
• Petrol
• Diesel
• CNG
• LPG
• Electric
• Others
By Engine Capacity
• Full Size (Above 2500 CC)
• Mid-size (Between 1500-2499 CC)
• Small (Below 1499 CC)
By Dealership
• Franchised
• Independent
By Sales Channel
• Online
• Offline
By Vehicle Type
• Passenger Car
• LCV
• HCV
• Electric Vehicle
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa.
Global Used Car Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Used Car Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Used Car Market, By Vendor Type
5.1 Y-o-Y Growth Comparison, By Vendor Type
5.2 Global Used Car Market Share Analysis, By Vendor Type
5.3 Global Used Car Market Size and Forecast, By Vendor Type
5.3.1 Organized
5.3.2 Unorganized
6 Global Used Car Market, By Propulsion
6.1 Y-o-Y Growth Comparison, By Propulsion
6.2 Global Used Car Market Share Analysis, By Propulsion
6.3 Global Used Car Market Size and Forecast, By Propulsion
6.3.1 Petrol
6.3.2 Diesel
6.3.3 CNG
6.3.4 LPG
6.3.5 Electric
6.3.6 Others
7 Global Used Car Market, By Engine Capacity
7.1 Y-o-Y Growth Comparison, By Engine Capacity
7.2 Global Used Car Market Share Analysis, By Engine Capacity
7.3 Global Used Car Market Size and Forecast, By Engine Capacity
7.3.1 Full Size (Above 2500 CC)
7.3.2 Mid-size (Between 1500-2499 CC)
7.3.3 Small (Below 1499 CC)
8 Global Used Car Market, By Dealership
8.1 Y-o-Y Growth Comparison, By Dealership
8.2 Global Used Car Market Share Analysis, By Dealership
8.3 Global Used Car Market Size and Forecast, By Dealership
8.3.1 Franchised
8.3.2 Independent
9 Global Used Car Market, By Sales Channel
9.1 Y-o-Y Growth Comparison, By Sales Channel
9.2 Global Used Car Market Share Analysis, By Sales Channel
9.3 Global Used Car Market Size and Forecast, By Sales Channel
9.3.1 Online
9.3.2 Offline
10 Global Used Car Market, By Vehicle Type
10.1 Y-o-Y Growth Comparison, By Vehicle Type
10.2 Global Used Car Market Share Analysis, By Vehicle Type
10.3 Global Used Car Market Size and Forecast, By Vehicle Type
10.3.1 Passenger Car
10.3.2 LCV
10.3.3 HCV
10.3.4 Electric Vehicle
11Global Used Car Market, By Region
11.1 Global Used Car Market Share Analysis, By Region
11.2 Global Used Car Market Size and Forecast, By Region
12 North America Used Car Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 North America Used Car Market Share Analysis, By Vendor Type
12.3 North America Used Car Market Size and Forecast, By Propulsion
12.4 North America Used Car Market Size and Forecast, By Engine Capacity
12.5 North America Used Car Market Size and Forecast, By Dealership
12.6 North America Used Car Market Size and Forecast, By Sales Channel
12.7 North America Used Car Market Size and Forecast, By Vehicle Type
12.8 North America Used Car Market Size and Forecast, By Country
12.8.1 U.S.
12.8.2 Canada
12.8.3 Mexico
13 Europe Used Car Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Europe Used Car Market, Share Analysis, By Vendor Type
13.3 Europe Used Car Market, Size and Forecast, By Propulsion
13.4 Europe Used Car Market, Size and Forecast, By Dealership
13.5 Europe Used Car Market, Size and Forecast, By Engine Capacity
13.6 Europe Used Car Market, Size and Forecast, By Sales Channel
13.7 Europe Used Car Market, Size and Forecast, By Vehicle Type
13.8 Europe Used Car Market, Size and Forecast, By Country
13.8.1 Germany
13.8.2 France
13.8.3 UK
13.8.4. Rest of Europe
14 Asia Pacific Used Car Market Analysis and Forecast (2022-2027)
14.1 Introduction
14.2 Asia Pacific Used Car Market, Share Analysis, By Vendor Type
14.3 Asia Pacific Used Car Market, Size and Forecast, By Propulsion
14.4 Asia Pacific Used Car Market, Size and Forecast, By Dealership
14.5 Asia Pacific Used Car Market, Size and Forecast, By Engine Capacity
14.6 Asia Pacific Used Car Market, Size and Forecast, By Sales Channel
14.7Asia Pacific Used Car Market, Size and Forecast, By Vehicle Type
14.8 Asia Pacific Used Car Market, Size and Forecast, By Country
14.8.1 China
14.8.2 Japan
14.8.3 India
14.8.4. Rest of Asia Pacific
15 Latin America Used Car Market Analysis and Forecast (2022-2027)
15.1 Introduction
15.2 Latin America Used Car Market, Share Analysis, By Vendor Type
15.3 Latin America Used Car Market, Size and Forecast, By Propulsion
15.4 Latin America Used Car Market, Size and Forecast, By Dealership
15.5 Latin America Used Car Market, Size and Forecast, By Engine Capacity
15.6 Latin America Used Car Market, Size and Forecast, By Sales Channel
15.7 Latin America Used Car Market, Size and Forecast, By Vehicle Type
15.8 Latin America Used Car Market, Size and Forecast, Country
15.8.1. Brazil
15.8.2.Rest of Latin America
16 Middle East Used Car Market Analysis and Forecast (2022-2027)
16.1 Introduction
16.2 Middle East Used Car Market, Share Analysis, By Vendor Type
16.3 Middle East Used Car Market, Size and Forecast, By Propulsion
16.4 Middle East Used Car Market, Size and Forecast, By Dealership
16.5 Middle East Used Car Market, Size and Forecast, By Engine Capacity
16.6 Middle East Used Car Market, Size and Forecast, By Sales Channel
16.7 Middle East Used Car Market, Size and Forecast, By Vehicle Type
16.8 Middle East Used Car Market, Size and Forecast, By Country
16.8.1. Saudi Arabia
16.8.2. UAE
16.8.3. Egypt
16.8.4. Kuwait
16.8.5. South Africa
17Competitive Analysis
17.1 Competition Dashboard
17.2 Market share Analysis of Top Vendors
17.3 Key Development Strategies
18 Company Profiles
18.1 Group1 Automotive, Inc. (U.S.)
18.1.1 Overview
18.1.2 Offerings
18.1.3 Key Financials
18.1.4 Business Segment & Geographic Overview
18.1.5 Key Market Developments
18.1.6 Key Strategies
18.2 AutoNation, Inc. (U.S.)
18.2.1 Overview
18.2.2 Offerings
18.2.3 Key Financials
18.2.4 Business Segment & Geographic Overview
18.2.5 Key Market Developments
18.2.6 Key Strategies
18.3 HELLMAN & FRIEDMAN LLC (U.S.)
18.3.1 Overview
18.3.2 Offerings
18.3.3 Key Financials
18.3.4 Business Segment & Geographic Overview
18.3.5 Key Market Developments
18.3.6 Key Strategies
18.4 PENDRAGON (U.K.)
18.4.1 Overview
18.4.2 Offerings
18.4.3 Key Financials
18.4.4 Business Segment & Geographic Overview
18.4.5 Key Market Developments
18.4.6 Key Strategies
18.5 CarMax Business Services, LLC (U.S.)
18.5.1 Overview
18.5.2 Offerings
18.5.3 Key Financials
18.5.4 Business Segment & Geographic Overview
18.5.5 Key Market Developments
18.5.6 Key Strategies
18.6 Manheim (U.S.)
18.6.1 Overview
18.6.2 Offerings
18.6.3 Key Financials
18.6.4 Business Segment & Geographic Overview
18.6.5 Key Market Developments
18.6.6 Key Strategies
18.7 THE HERTZ CORPORATION (U.S.)
18.7.1 Overview
18.7.2 Offerings
18.7.3 Key Financials
18.7.4 Business Segment & Geographic Overview
18.7.5 Key Market Developments
18.7.6 Key Strategies
18.8 Cox Automotive (U.S.)
18.8.1 Overview
18.8.2 Offerings
18.8.3 Key Financials
18.8.4 Business Segment & Geographic Overview
18.8.5 Key Market Developments
18.8.6 Key Strategies
18.9 Sun Toyota (U.S.)
18.9.1 Overview
18.9.2 Offerings
18.9.3 Key Financials
18.9.4 Business Segment & Geographic Overview
18.9.5 Key Market Developments
18.9.6 Key Strategies
18.10 eBay Inc. (U.S.)
18.10.1 Overview
18.10.2 Offerings
18.10.3 Key Financials
18.10.4 Business Segment & Geographic Overview
18.10.5 Key Market Developments
18.10.6 Key Strategies
