Aug 04, 2021 (Market Insight Reports) -- Selbyville, Delaware According to the research report titled 'Used Cars Market Size By Vehicle Type (Hatchback, Sedan, SUV), By Fuel Type (Gasoline, Diesel, Hybrid/Electric), By Sales Channel (Peer-to-Peer, Franchised Dealers, Independent Dealers), By End-Use (Personal, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027', available with Market Study Report LLC, global used cars market is slated to grow substantially over 2021-2027.
Emergence of online automotive retail platforms, increasing presence of various automobile car dealers, accelerated adoption of diesel-based fuel and changing trends in car ownership are catalyzing global used cars market growth. Moreover, the economic turbulence amid the COVID-19 pandemic has driven customers to opt for used cards despite the continuous launch of new car models by automakers.
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On the contrary, high costs associated with servicing costs and maintenance of used cars are likely to hamper the growth of the business domain over 2021-2027, claims the study.
For the unversed, used cars are sold through many outlets such as rental car companies, auctions, private party sales, leasing offices, and franchise & independent car dealers.
Speaking of vehicle type, SUV, sedan, and hatchback are the key segments covered in the global used cars industry report. Among these, the SUV segment is expected to capture considerable market share over the analysis timeframe, creditable to rising product adoption in North America and Europe.
Based on fuel type, the industry vertical is fragmented into diesel, gasoline and hybrid/electric. The diesel segment is anticipated to materialize as lucrative growth avenue in the ensuing years owing to its high fuel economy offered by diesel engines. Moreover, lower production of greenhouse gases and its inexpensiveness than petrol cars are further favoring the segmental expansion.
In terms of sales channel, the industry is segregated into independent dealers, franchised dealers and peer-to-peer. Of these, the peer-to-peer segment is slated to grow momentously through 2027, accreditable to spike in online platforms.
Based on end-user terrain, among commercial and personal, the latter segment held the majority of global used cars industry share in 2020 and is poised to grow further by 2027 due to changing car ownership preferences.
As per expert verbatim, Latin America is slated to grow momentously through 2027 owing to changing car ownership patterns and strong presence of car dealers in the region.
Parallelly, digitalization of used cars in Europe and North America, rising demand for refurbished used cars in Middle East & Africa as well as proliferating number of rental service providers and car subscription in Asia Pacific are anticipated propel the market growth in the respective regions.
Leading companies in global used cars market sphere are Asbury Automotive Group, Buy My Car, Carvana Co., Group 1 Automotive, Inc., Arnold Clark Automobiles Ltd., Inchcape plc, AutoScout24, The Emil Frey Group, Lithia Motors, Inc., AutoNation, Inc., Cox Automotive, Inc., and CarMax among others.
Questions and Answers: Global used cars market
Question 1: What are the major growth catalysts of global used cars industry?
Answer: Emergence of online automotive retail platforms, increasing presence of various automobile car dealers, accelerated adoption of diesel-based fuel, and changing trends in car ownership are catalyzing the market growth.
Question 2: How will Latin America contribute to worldwide used cars market remuneration?
Answer: Changing car ownership patterns and strong presence of car dealers have allowed Latin America to emerge as a key revenue generator for global used cars industry.
Question 3: Which are the major contenders in global used cars market sphere?