Used Car Market to grow at 9.40% CAGR in Value Terms by 2027

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.

Browse more than 152 market data figures and spread through 110 Pages and an in-depth TOC on “Global Used Car Market"

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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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Used Car Market to grow at 9.40% CAGR in Value Terms by 2027

 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.

Browse more than 152 market data figures and spread through 110 Pages and an in-depth TOC on “Global Used Car Market"

https://www.techsciresearch.com/report/used-car-market/11749.html

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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MENA Used Car Market to Register Growth with a CAGR of 6.00% until 2026 – TechSci Research

 Growing preference for luxury cars as well as need for personal transportation coupled with the growth of middle income group population is expected to boost the growth of used car sales in MENA countries.

According to TechSci Research report, “MENA Used Car Market By Vehicle Type (Small Cars, Mid Cars and Luxury Cars), By End Use (Institutional Vs Individual), By Fuel Type (Petrol/Gasoline, Diesel and Others), By Country (Iran, Saudi Arabia, United Arab Emirates, Egypt, Morocco, Kuwait, Oman, Qatar, Tunisia, Bahrain, Lebanon, Jordan, and Rest of MENA), Competition Forecast & Opportunities, 2016-2026F”, MENA Used Car Market is anticipated to grow at a robust rate of 6.00% during the forecast period, owing to rising demand for used mid cars from non-native executive employees. In MENA countries, executive employees are mostly posted from outside the countries, and are not permanent residents. Hence, they prefer a non-expensive used car for personal transportation. Saudi Arabia and Iran are the two most contributing countries to the MENA used car market. Recently, the removal of ban from women drivers in Saudi Arabia has resulted in an increase of women drivers. Moreover, opting for self-driving gives many women a sense of empowerment. Many women are learning to drive and are hitting Saudi roads with four-wheelers and several women with foreign licenses have already obtained Saudi driving licenses. All the above factors are expected to increase the sales of used four-wheelers in Saudi Arabia, which in turn is further going to boost the used car market in MENA. It has been observed that Saudis use their car for a range of activities including daily commuting to schools, offices and shopping. Long-distance travelling and desert safaris are preferred weekend getaways for them. Toyota, Nissan, Mazda are among the most preferred brands in Saudi Arabia, and models like Toyota Camry, Toyota Land Cruiser, Toyota Vitz, Nissan Sunny, Mazda Atenza, etc. are popular among used car customers of Saudi Arabia.

Browse more than 69 market data figures spread through 122 Pages and an in-depth TOC on   "MENA Used Car Market"

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MENA Used Car Market is segmented by Vehicle Type, Fuel Type, End Use, By Country and By Company. In terms of fuel type, market is divided into Petrol/Gasoline, Diesel and others. The majority of used car sales come from Iran, Saudi Arabia and United Arab Emirates. These countries are highly oil driven economies, with Saudi Arabian oil and gas sector roughly accounting for 42% of the country’s GDP in 2019. As a result, the price of petrol/gasoline is comparatively cheaper than other countries in the world. Owing to cheaper petrol/gasoline price and lower vehicle maintenance costs, the MENA used car market was highly dominated by the Petrol/Gasoline segment in 2020, registering a market share of more than 85% in terms of used car units sold across the region. Used Passenger cars running on eco-friendly sources of energy like Electricity, Hydrogen, etc. lie in ‘Others’ segment. These vehicles have lower lifetime running costs due to lower refueling costs as compared to the conventional non-renewable sources powered four-wheelers. Apart from having lower lifetime running costs, used passenger cars run on clean sources of energy, being favorable to environment thus they are a profitable choice for fleet owners over conventional used cars. Owing to the growing environmental concerns and increasing global temperatures, the used cars running on other fuels are anticipated to be the fastest growing segment, registering a CAGR of 8% in terms of units sold in the forecast years across the region.

COVID-19 has largely affected the economies of the Middle Eastern and North African countries. Walk-ins in the car showrooms decreased and imports were halted for a certain period of time. With negative impacts on employment, consumers started contracting their spending in a lot of countries. This resulted used car market to witness a decline in the sales for the year 2020 in MENA countries. Moreover, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA) the sales of new car sales decline massively by 15% in 2020 as compared to 2019 figures. In United Arab Emirates this new car sales contracted by more than 44%. Such massive impact on new car sales signified consumer preference depreciation on investment on cars and moreover, imports of used car also decline massively due to import halt. Hence, these factors are impacting used car market which also witnessed a decline.

The used car market is scattered in MENA region when comes to market competition. Abdul Latif Jameel IPR Company Limited is an authorized Toyota dealer in Saudi Arabia. Since consumers mostly prefer Toyota for new as well as used cars in most of the countries in MENA. Therefore, Abdul Latif Jameel IPR Company Limited with its widespread network of used car showrooms is the leader in MENA Used Car Market. It is followed by companies like Kayishha (SellAnyCar), YallaMotor, Al Futtaim Automotive Group LLC, CarSwitch, DubiCars, Copart Inc., etc.

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“Abdul Latif Jameel IPR Company Limited dominated the market in the year 2020, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with attractive scheme benefits to its customers as well as withstanding government’s safety and emission norms. The demand for used cars is anticipated to increase globally in the coming years, on account of growing new car sales and this trend will likely contribute to the market growth”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“MENA Used Car Market By Vehicle Type (Small Cars, Mid Cars and Luxury Cars), By End Use (Institutional Vs Individual), By Fuel Type (Petrol/Gasoline, Diesel and Others) and By Country (Iran, Saudi Arabia, United Arab Emirates, Egypt, Morocco, Kuwait, Oman, Qatar, Tunisia, Bahrain, Lebanon, Jordan, and Rest of MENA), Competition Forecast & Opportunities, 2016-2026F”, has evaluated the future growth potential of MENA 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 MENA Used Car Market.

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India Used Car Market to Grow with a steady pace until FY2027 – TechSci Research

 Increase in digital aggregators facilitates growth in India Used Car Market in upcoming years.

According to TechSci report on, “India Used Car Market By Vehicle Type (Hatchbacks, Sedans, SUV/ MPV), By Sector (Organized Vs. Semi-Organized /Unorganized), By Sales Channel (Dealerships /Broker Vs. C2C), By Fuel Type (Petrol, Diesel & CNG), By Region (South, West, North, East), Competition Forecast & Opportunities, FY2027”, India used car market has shown promising growth in historical years until FY2020 and is expected to continue its growth in upcoming forecast years FY2022 to FY2027. Used car market saw a rising of digital aggregators in the automobile industry and its effects on the used car market in India was commendable. Online platforms such as CarDekho, Cars24, proved this digital aggregator effects on the market. Consumers simply downloaded these applications on their smart devices and proceeded with swift business experience with complete security and quality assurances.

Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on  "India Used Car Market"

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The report on India used car market is segmented by vehicle type, by sector, by sales channel, and by fuel type. Based on vehicle type the market is further segmented in hatchbacks, sedans, and SUV/MPVs. Among them, SUVs are seeing a new trend in their sales owing to high rate of depreciation value of the luxury cars, fast growing base of young population, increasing disposable income of the consumers (along with rapid urbanization), and growing internet penetration in non-metro cities.

With increasing urbanization, owning a car is not only a status symbol but also a necessity. During the months of complete lockdown, the need to own a car to maintain government regulated instruction of social distancing. Pandemic affected the used car market in India positively. While in the FY2021, industry saw only 77% growth in the new car market, used car market in India registered a whooping growth of 99%. Safety, growing urge of self-mobility, and demand of simply owning a car is driving the market toward the expected growth in the forecast years.

Based on the market segmentation by sector, used car market in India is further fragmented into organized, and semiorganized /unorganized sector. The market sees quite a customer inclination toward unorganized or semi-organized distributors because of the convenience of sale, further reduction in sale prices and an unsaid faith of customers toward them. But a shift of market can be experienced with the introduction of digital aggregators since they allow the wider visual and comparison of product and pricing at a single platform and saves time.

Major players operating in India Used car Market include CARS24 India Pvt Ltd., Maruti True Value (Maruti Suzuki India Limited), Mahindra First Choice Wheels Limited, Hyundai H Promise (Hyundai Motor India Ltd), Honda Auto Terrace (Honda Cars India Limited), Ford Assured (Ford India Pvt Ltd.), Toyota U Trust (Toyota Kirloskar Motors Pvt Ltd.), Big Boy Toyz Private Limited, CarDekho.com (Girnar Software Private Limited), CarWale.com (MXC Solutions India Pvt Ltd.), among others. The companies are focussing on competitive strategies that include formation of alliances and partnerships.

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“India used car market is expected to witness significant growth during the forecast period. Moreover, improvisations in the digital platforms with wider range of comparison among product and market will influence Indian used car market toward growth. New investors may explore these online platforms and their safety concerns to influence their businesses,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Used Car Market By Vehicle Type (Hatchbacks, Sedans, SUV/ MPV), By Sector (Organized Vs. Semi-Organized /Unorganized), By Sales Channel (Dealerships /Broker Vs. C2C), By Fuel Type (Petrol, Diesel & CNG), By Region (South, West, North, East), Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India 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 India Used car market.

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Luxury Cars Segment to Dominate the UAE Used Car Market | TechSci Research

Rise in income levels and surge in demand for luxury cars is expected to drive the demand for UAE used car market for the forecast period.

According to TechSci Research report, “UAE Used Car Market By Vehicle Type (Small Cars, Mid-Size Cars & Luxury Cars) By End Use (Institutional Vs Individual) By Fuel Type (Petrol, Diesel & CNG), By Region, Company Forecast & Opportunities, 2026”, the UAE used car market is expected to witness significant growth for the next five years. A used car refers to second hand owned vehicle which was previously owned by one or more vehicles. Used automobiles are refurbished and repaired to again to working conditions after which they are eligible for sale. Due to rising awareness for sustainable development, consumers are preferring to buy refurbished cars which are expected to accelerate the sales of used cars in the United Arab Emirates.

Used cars are sold through various sales channels including leasing offices, auctions, independent car stores, rental car stores, and online channels. Used cars aids in minimizing the depreciation value of the vehicle and are expected to provide cost-efficient solutions to consumers. An increase in demand for luxury cars and a preference for a short ownership period are creating lucrative opportunities for the used car market growth. An increase in adoption for advanced features in cars such as power steering system, climate control system, safety systems are contributing to the surge in the cost of vehicles which is driving away from the consumers who have limited spending capacity and therefore, are preferring used cars for the daily commute and other activities. The presence of unorganized players in the market who offer no warranty and prefer to perform malpractices such as dent removal, re-painting the car is affecting the sales of used vehicles.

The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities in UAE imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Manufacturing units were temporarily shut down and disruption in the supply chain was observed which led to automotive industry market decline. Consumers are preferring to travel alone to ensure maximum safety and precaution. However, the staggering economy and financial constraints may restrict the consumers to buy a new car which in turn is expected to accelerate the used car market demand in the United Arab Emirates.

Browse XX Figures spread through XX Pages and an in-depth TOC on "UAE Used Car Market”.

https://www.techsciresearch.com/report/uae-used-car-market/7562.html

UAE used car market is segmented into vehicle type, end use, fuel type, regional distribution, and company. Based on vehicle type, market can be divided into small cars, mid-size cars & luxury cars. The luxury cars segment is expected to account for major market share for the forecast period, 2022-2026. Demand for premium cars such as luxury sedan, premium sedan, full size sedan, luxury hatchback, convertible is on rise in United Arab Emirates. Presence of disposable income and trend of owing luxury cars are the positive factors fueling the market growth. Luxury cars are comfortable and perform well in harsh and extreme weather conditions thereby are preferred by the consumers in the region.

Copart Inc., Yallamotor, SellAnyCar, CarSwitch, DubiCars, Dubizzle.com, Al Futtaim Automall, Opensooq.com are the leading players operating in UAE used car market. Service providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several used car service providers are coming up with their technologically advanced offerings.

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“The use of emerging technologies such as artificial intelligence, big data analytics, and the internet of things to provide an interactive and user-friendly interface to consumers by the market players is boosting the used car market growth. The growth of the online sales channel and the ease and convenience of shopping on digital platforms is accelerating the demand for the used cars market. Market players are providing lucrative discounts and offer along with free home delivery, quick services, 360-degree view of cars for better inspection of cars is expected to propel the used cars market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“UAE Used Car Market By Vehicle Type (Small Cars, Mid-Size Cars & Luxury Cars) By End Use (Institutional Vs Individual) By Fuel Type (Petrol, Diesel & CNG), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of UAE used car market and provided statistics & information on market size, shares, 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 the of UAE used car market.

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