Increasing preference for a used car as it is very cost-effective compared to a new car is to drive the global used car market through 2027.
According to TechSci Research report “Used Car Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027F”, Global used car market stood around USD 813.79 billion in the year 2021 and is estimated to reach USD1375.43 billion in 2027 growing with a CAGR of 9.40% in the forecasted years. The global used car market is driven by the growing vehicle usage across the country, as the used cars have many benefits over new cars such as a used car being way cheaper than a new car as its value has already undergone depreciation, they have lower customization costs compared to a new car, and lower insurance premiums as well. Used cars come with warranties that cover the most expensive components of a car such as a drivetrain for 200,000 miles. By buying the certified pre-owned car from a dealer they provide a warranty that extends the manufacturer’s original warranty. Used cars generally have a lower insurance premium compared to a new car, while buying a new car may require the buyers to have full insurance coverage but in used cars, buyers spend less on insurance if they’re paying cash for a used car. These all features are increasing the demand for the used car across the globe in many countries.
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The global used car market has been segmented based on vehicle type, by propulsion type, and by sales channel, end-use, by region. In terms of vehicle type, the global used car market is segmented into sedan, SUV/MPV, and hatchback. Owing to the cost-effectiveness of used cars compared to new cars, the demand for the used car has increased in the past few years. In this segment, the sedan has the largest market share of 35.12% in 2021 and the SUV/MPV segment is anticipated to maintain its dominance and reach 38.34% market share by 2027. SUV has various benefits over the other segment as it has a drivetrain option, SUV has easier gotten in and out option as it is very spacious. The SUV/MPV share is experiencing a growing trend and is anticipated to be the fastest-growing segment during the forecast years advancing at a CAGR of 9.64%.
In terms of propulsion type, the global used car market is segmented into internal combustion engines and electric. Over time, the sales of electric vehicles have increased in many countries, governments are taking steps to increase the number of electric vehicles in the country as electric vehicles are more ecofriendly and emit very fewer amounts of pollutants compared to Internal combustion engines vehicles. In the global used car market, the electric car segment accounts for a very less share of 4.65% whereas the internal combustion engine has a market share of 95.35% in the year 2021. Internal combustion engine-based vehicles have the largest market share in the global used car market because in many countries electric vehicles have been recently introduced and are not very popular yet among the buyers. In many countries, the charging infrastructure is not available in many cities due to which drivers face difficulties in charging the electric car. Due to all these drawbacks buyers prefer internal combustion engine-based cars. Owing to this, the internal combustion engine has the largest market share in the propulsion segment.
In sales channel, the global used car market is segmented into offline and online. In most of the country people prefer to buy car offline as they examine everything personally and have trust issues for buying a car online. In the past few years online, shopping has come as an acceptance among the people and buying goods by using online application is easier compared to buying offline. In many countries there are various online platforms which provide used cars easily. One can find a used car easily by using various online platforms. The share of offline segment is 10.8% whereas online segment has 89.92% in 2021 in the global used car market. The online segment is expected to grow in the coming up years and has a market share of 14.67% in 2027. Buying a car offline is a very usual trend among the buyers in almost every country, as they prefer to take test drives and they prefer to see personally all the features of the car which they are going to buy. Buying a car online does not provide many options to buyers such as personally seeing the cars and taking the test drive due to which many buyers prefer to buy cars offline. During the forecast period, the online segment is expected to grow as the use of internet has increased which is helping the buyers to buy cars from various places.
As a measure to counter the spread of the COVID-19 pandemic, many countries across the globe imposed lockdowns in the second and third quarters of 2020 due to which the sales of new cars went down. However, the demand for used cars increased as they were easily available in the market and were cheaper compared to new cars. The used car sales increased by 20-30% after lockdown restrictions were eased. Another factor which led to an increase in demand for used cars is that due to COVID-19, many people avoid traveling by public transport and prefer to have a personal vehicle. Another reason that has increased the sales of used cars is digitalization as many start-ups are offering used cars at the best price and buyers are getting different options and car of their own choice easily.
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Some of the major companies operating in the global used car market are CarMax, Inc, AutoNation, Inc, Hendrick Automotive Group (North Carolina, U.S.), Penske Automotive Group, Inc, Arnold Clark Automobiles Limited, Asbury Automotive Group, Mahindra First Choice Wheels, Lithia Motors Inc., TrueCar, Inc (California, U.S), CarGurus, Inc. Apart from these companies, local unorganized car dealers are also increasing their marketing activities and enriching their product portfolio in many countries to increase their customer outreach.
“In 2021, Asia-Pacific accounted for the largest share i.e., 28.95% in the global used car market. Europe region is expected to maintain its dominance over the next five years with a market share of 27.33%. There are many benefits of having a used car such as cost-effectiveness, fewer taxes, lesser paperwork, low depreciation, etc., said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Used Car Market By Vehicle Type (Sedan, SUV/MPV, Hatchback), By Propulsion Type (Internal Combustion Engine, Electric), By Sales Channel, By End Use, By Region, By Company (2021), Forecast & Opportunities, 2017- 2027F, has evaluated the future growth potential of global used car market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global used car market.
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