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According to MRFR analysis, the global Used Vehicle Market is expected to register a CAGR of ~8.32% from 2023 to 2030 and hold a value of over USD 1355.95 billion by 2030.
A used car is a previously owned vehicle that can be resold. Franchise and independent auto dealers, rental car companies, auctions, private party sales, and leasing offices are just a few of the outlets used for the selling of used cars.
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The high cost of new automobiles, concerns about affordability, and the surge in demand for off-lease vehicles & subscription services by the franchise, leasing offices, and auto dealers, among other factors, are all contributing to the expansion of the used car market.
In addition, the emergence of e-commerce and online technologies, a steady rise in organized/semi-organized sales in emerging nations, a rise in the global market for electric vehicles, and demand for car-sharing services are all predicted to present lucrative opportunities for the expansion of the used car market.
Key Players
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Regional Analysis
Unorganized companies have long dominated the used car industry in nations such as Mexico, India, China, and Brazil. Contrary to these unorganized players in developing nations, organized players provide free service and free towing at the dealership in addition to the growth of the used car industry in such nations. With the use of these services, dealerships may draw clients and foster a relationship of trust between buyers and sellers.
TrueCar Military, for instance, was introduced by TrueCar, Inc. For members of the U.S. armed services on active duty, veterans, retirees from the armed forces, and their families, TrueCar Military offers special incentives and perks. Additionally, there is a rise in demand for electric cars as a result of the introduction of strict emission rules and the requirement for pollution control systems.
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Market Segmentation
The Global Used Vehicle Market has been segmented into Vehicle Type, Fuel Type, and Distribution Channel
Based on the Vehicle Type, the market has been segmented into Hatchbacks, Sedans, and SUVs.
Based on the Fuel Type, the market has been segmented into Petrol, Diesel, and Others.
Based on the Distribution Channel, the market has been segmented into Franchised dealers, Independent dealers, and Others.
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