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Used Vehicles Industry Overview
The study documents by MRFR state that the Used Vehicles Market Research Report Information by Distribution Channel, Fuel Type, Region, and Vehicle Type – Forecast Till 2030, the Used Vehicles market is predicted to expand substantially during the evaluation era from 2022 to 2030 at a sizable CAGR of closely 8.30%. The study documents suggest projections related to the global market’s mounting revenue data, which will likely attain a market of USD 1355.95 billion by the end of 2030. As per the reports, the market was priced at almost USD 716.5 billion in 2022.
The global Used Vehicles market has grown in the last few years. The main aspects causing a surge in the performance of the market are the easy availability, surging demand for off-lease used vehicles among franchises, rising internet penetration, increasing need for car subscription services, and high cost of new vehicles. Furthermore, the growing young population and rising disposable income across emerging economies are also projected to positively impact the market’s growth over the coming years.
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Competitive Analysis
Market Drivers
The global Used Vehicles market has grown in the last few years. The main aspects causing a surge in the performance of the market are the easy availability, surging demand for off-lease used vehicles among franchises, rising internet penetration, increasing need for car subscription services, and high cost of new vehicles. Furthermore, the growing young population and rising disposable income across emerging economies are also projected to positively impact the market’s growth over the coming years.
Market Restraints
On the contrary, various aspects may harm expanding the global market for Used Vehicles. One of the main restraints in advancing the market’s growth is the elevated prices allied with raw materials.
Segment Analysis
The global market for Used Vehicles is fragmented into various segments based on types, Distribution Channels, Fuel Types, and regions.
Based on the Distribution Channel, the global market for Used Vehicles has been split into independent dealers, franchised dealers, and others.
Based on Fuel Type, the global market for Used Vehicles has been split into diesel, petrol, and others.
Based on the types, the global market for Used Vehicles has been split into SUVs, sedans, and hatchbacks.
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Regional Analysis
The global market for Used Vehicles is analyzed across five major geographies: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The MRFR analysis reports The Asia-Pacific regional Used Vehicles market held the top spot across the global market for Used Vehicles in 2021, with the largest contribution of nearly USD 314.54 billion. The region has China as the largest contributor in terms of revenue share. On the other hand, the Indian market is likely to grow at the highest pace over the coming years.
The main parameter enhancing regional market development is increasing used vehicle sales in China, India, and other Asian countries. With several participants entering the market, the regional used vehicle market is transforming from an unorganized setup where transactions occur through small brokers, roadside garage mechanics, and between car owners – to an organized system, which in turn is also projected to have a positive impact on the regional market’s growth over the coming years.
The European regional market for Used Vehicles is anticipated to ensure the second position across the global market over the assessment period. The region has the German market as the largest contributor in revenue share. On the other hand, the U.K. market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is the rising consumer preference for luxury vehicles across the region. Furthermore, the country’s youth preference for market leaders is also considered to be one of the vital aspects causing a boost in the development of the regional market over the coming years.
The North American region will likely showcase the highest growth rate across the global market for Used Vehicles over the coming years. The region has the U.S. market as the largest contributor in revenue share. On the other hand, the Canadian market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is a rich array of advanced technology-enabled tools provided by some car dealers across the region. These tools include digital marketing support, sales performance tracking, lead management systems, cloud services, a virtual online showroom, and mobile-based applications.
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