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.
Used Car Market Overview
The new market intelligence report published by the Global market intelligence firm Maximise Market Research indicates the lucrative growth for Used Car Market suppliers in the forecast period through 2029. The MMR has served more than 600 clients across the world since 2017. The research analysts expects a lucrative opportunity for the Used Car market and component manufacturers for the next ten years.
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Market Scope
Used Car Market intelligence report gives an in depth analysis of trends, dynamics and other issues. It assists in identifying the information included in the study as well as assessing the competitive landscape of important firms, market dynamics and other things that can help you determine whether your current marketing plans are on track and how to improve them. The micro and macro variables of the Used Car market were analysed to understand the market insights. The competitive analysis of the Used Car market consists of the key market players profiles and their approaches towards the market. It also analysis the company overview, financial performance, product portfolio and strategies. SWOT and PESTLE analysis were the methodologies undertaken for research that combines quantitative and qualitative research methods.
Segmentation
By vehicle type, based on vehicle type SUV segment is expected to dominate the market with % of CAGR. 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.
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Key Players
• Asbury Automotive Group (US)
• AutoNation Inc.(US)
• CarMax Business Services, LLC(US)
• Cox Automotive(US)
• eBay Inc.(US)
• Vroom Inc(US)
• Group 1 Automotive Inc.(US)
• Hendrick Automotive Group(US)
• LITHIA Motor Inc.(US)
• TrueCar, Inc.(US)
• Sonic Automotive(US)
• Droom Technology (India)
• Trusty Cars Pte. Ltd (UK)
• Alibaba.com (China)
• Scout24 AG (Germany)
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Regional Analysis
The Used Car market report includes a geographic condition of the market, and revenue as well as in-depth research into the business network structure, opportunities and news updates. The major market growth is increased due to new technology and their productivity in the specific regions which boost the market growth. The readers gets a clear vision with help of the report to invest in market in specific regions which are dominant in the industry.
Key Questions answered in the Used Car Market Report are:
- What is Used Car Market?
- What is the forecast period of the Used Car Market?
- What is the competitive scenario of the Used Car market?
- Which region held the largest market share in the Used Car Market?
- What are the opportunities for the Used Car Market?
- What factors are affecting the Used Car market growth?
- Who are the key players of the Used Car market?
- Which company held the largest share in the Used Car market?
- What will be the CAGR of the Used Car market during the forecast period?
- What key trends are likely to emerge in the Used Car market in the coming years?
Key offerings:
- Market Share, Size, and Forecast by Revenue|2022-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis by Used Car
- Landscape- Leading key players and other prominent key players.s
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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