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Used Cars Market by Vehicle Type (Hatchback, Sedan, and SUV), Fuel Type (Petrol, Diesel, and Others), and Distribution Channel (Franchised Dealer, Independent Dealer, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

A06429
Pages: 266
Apr 2021 | 2088 Views
 
Author(s) : Pranav Padalkar , Sonia Mutreja
Tables: 124
Charts: 59
 

COVID-19

Pandemic disrupted the entire world and affected many industries.

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Used Cars Market Statistics - 2027

The global used cars market was valued at $828.24 billion in 2019, and is projected to reach $1,355.15 billion by 2027, registering a CAGR of 8.3% from 2020 to 2027. By vehicle type, the SUV segment was the highest revenue contributor in 2019, accounting for $338.61 billion, and is estimated to reach $533.39 billion by 2027, registering a CAGR of 7.80% during the forecast period. 

The impact of COVID-19 has been widely visible across all the automotive industry around the world. Although there are some industries that are struggling due to the pandemic, the automotive industry has seen a huge fall in demand for new cars during the lockdown period and it is also due to travel restrictions. However, the used car market has seen a huge jump in sales due to reason such as fall in income, shortage in money, and increasing preference for private cars to maintain social distancing which is expected to affect the used car industry positively during the COVID-19 outbreak globally. As the new cars industry suffered and came to a halt, the used car industry emerged during the pandemic, owing to the growth of online sales of the used cars.

A used car is the second-hand vehicle that is available for resale. Various outlets such as franchise and independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell used cars. 

Used-Car-Market-2020-2027

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There is a lower rate of car ownership among millennials owing to high cost of vehicles and maintenance cost of personal car. In addition, millennials are inclined toward cutting costs on cars, and thus majorly opt for used cars to travel. In addition, a lot of people are not able to buy new cars due to high cost, which boosts the sales of the used cars in the market. This also makes way for different investments by industry participants to establish their dealership network in the market.

Factors such as high cost of new vehicles, concerns regarding affordability, rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers are observed to boost the growth of the used cars market. However, unorganized sales of used cars and lack of regularization hamper the growth of the global market. Moreover, advent of e-commerce & online technologies, steady increase in organized/semi-organized sales in emerging countries, rise in electric vehicle business across the globe, and demand for car sharing services are expected to offer lucrative opportunities for the growth of the used cars market.

COVID-19 impact analysis 

Countries had to temporarily slowdown the demand for old and new vehicles owing to COVID-19 pandemic across the globe. Moreover, the economic slowdown across the globe has affected the consumer that results in decrease in sales of cars but due to the risk of infection and for maintaining social distancing people across the globe have started avoiding public transport. Moreover, majority of the people across the globe are planning to buy cars post lockdown. For instance, according to cars24 report, consumers prefer to use private cars and less public transportation; therefore, there is a shift in preference from cabs and public transport to private vehicles. Although there are some automotive companies that are struggling due to the pandemic, the used cars market has seen a huge jump in sales in some countries due to reason such as fall in income, shortage in money, and increase in preference for private cars to maintain social distancing, which is expected to affect the used cars industry positively during the COVID-19 outbreak.

The used cars market is segmented the basis of on vehicle type, fuel type, distribution channel, and region. On the basis of vehicle type, itis divided into hatchback, sedan, and SUV. On the basis of fuel type, it is classified into petrol, diesel, and others. On the basis of distribution channel, it is fragmented into franchised dealer, independent dealer, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the used cars market include Asbury Automotive Group, Inc., AutoNation, Inc., Big boy Toyz ltd, CarMax Business Services, LLC, Cars24 services private limited, Group1 Automotive Inc., Hendrick automotive group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd., and TrueCar, Inc.

High new vehicle prices and affordability concerns

Over the past few years, the automotive industry has been witnessing increased demand for advanced features in vehicles such as power steering system, climate control system, anti-lock braking system, and others. This in turn has led to rise in price of the new vehicles. Moreover, price increase in 2019 led by mainstream passenger car segments, poses a sign of affordability challenges in the new market. Furthermore, increase in vehicle prices is making its way back to the used market. Therefore, the automotive market has witnessed an increase in number of sales for used vehicles as compared to new vehicle sales, this is anticipated to fuel the demand for used vehicles in the near future.

Used Cars Market
By Vehicle Type

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Sedan segment is projected as the most lucrative segments

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Rise in demand for off-lease cars  & subscription service by the franchise, leasing offices, and car dealers

The rise in competition in the market and the threat of new entries are the factors that boost the growth of the used cars dealership business. The reliable & add on service/quality has changed the perspective of consumers toward the used vehicle business. In addition, franchised dealers with support from OEM involvement in certification and marketing programs, online inventory pooling, and access to high-quality contracts are in a strong position to benefit from the growth in the used cars market. Moreover, there has been a rise in the demand for the vehicle subscription services in the last few years which allows consumers to use a vehicle on monthly basis by paying a monthly fees, which includes maintenance, insurance, and roadside assistance. Furthermore, rapid change in technology or introduction of new models of vehicles at short intervals allow customers to sell or exchange their old vehicle with a new vehicle. Such value for money benefit has led to the rise in growth of the used cars industry in the coming years.

Unorganized used cars sales

The unorganized players in the used cars market limit the market growth. In countries such as India, China, Thailand, Brazil, and Mexico, the unorganized players hold the larger share in the used cars market. In addition, the unorganized players do not offer any warranty on pre-owned cars. Moreover, few sellers also perform malpractices such as re-painting and dent removal for accidental vehicles to hide their damage and get a false inflated value, which creates fear among the buyers for buying used cars. Therefore, higher rate of malpractices and hold of the larger share of the market by unorganized dealers creates a threat for the growth of the used cars market. For instance, in recent interview CEO of Mahindra First choice, a leading used cars sales company in India said that unorganized players in the used cars market pose threat to consumer protection. In India, the organized sector holds only a 12-15% market share whereas the margin of 8 to 10% is not equally rewarding compared to the U.S. market. Thus, unorganized players are creating a threat to the used cars market.

Used Cars Market
By Fuel Type

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Other segment is projected as the most lucrative segments

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Lack of regularization

The used cars dealer is dependent on the seller because the dealer doesn’t get cars to cater to their customers unless owner doesn’t sell it in the market. If the sales of the new cars decrease, the market will be short of supply after some time. Further, pandemic has placed the automotive industry at great disruption. In the aftermath of the pandemic, the consumers are expected to prefer private conveyance. Therefore, the used cars market is completely dependent on the replacement buyer, car owner to sell their vehicle, and used cars import that creates lots of uncertainly in terms of getting supply to cater to the market demand. Thus, these factors are expected to hinder the growth of the used cars market in the near future.

Advent of e-commerce and online technologies

Advancements in technology such as the development of the internet, use of e-commerce sites/applications to boost the demand for business, and introduction of hybrid and the electric vehicle has changed the buyer position in the market. With the help of online technologies, consumers are becoming knowledgeable about the vehicle, its residual value, third party profit margin and others. Moreover, rapid urbanization, surge in internet connectivity, and developments in the telecom sector have allowed for a much-better information flow for people. These factors are being rapidly used by used cars owners to advertise their vehicles and spread the details about them. This online platform has smoothly increased the sales process and enables more stakeholders to sell and buy cars. The supply side of this market has more weightage than the demand side and transparency through knowledge has changed the dynamics and managed to turn customer intelligence to their advantage, thereby increasing the demand for used carss in the future. Steady increase in organized/semi-organized sales in emerging countries and surge in electric vehicle business across the globe.

Used Cars Market
By Distribution Channel

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Franchised Dealer segment is projected as the most lucrative segments

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Currently in most of the countries the unorganized car business has a significant amount of shares, which further does not have inventory and dominance over C2C sales in unorganized manner. The market for used carss in countries such as Mexico, India, China, and Brazil has always been dominated by unorganized players. Unlike these unorganized players in emerging countries, organized players are providing free servicing and free towing at the dealership, along with the used carss business expansions in countries. These services help in attracting customers toward their dealerships and building trust between buyers and sellers. For instance, TrueCar, Inc. has launched TrueCar Military. TrueCar Military offers exclusive incentives and benefits for active duty service members of the U.S. armed forces, veterans, military retirees, and their families. Moreover, there is an increase in demand for electric vehicles owing to rise in need for pollution control systems and implementation of stringent emission standards. Such rise in need of vehicles eventually leads old vehicle owners to sell their vehicles in the market which further boosts the growth of the used carss market.

Demand for car sharing services

Car sharing has grown at a significant rate in the recent years. The traditional round-trip model is not the only car-sharing model offered. Now, the companies adding more flexible options such as free-floating, one-way station-based, and peer-to-peer car sharing. Car-sharing service companies are expanding their network every day owing to increase in demand. In addition, these companies buy used carss to serve their customers. Furthermore,  there has been an increase in the demand for personal transport owing to surge in COVID-19 cases. Further, people who cannot afford to buy a car opt for car-sharing services. Thus, this rise in demand is observed to foster the market growth.

Used Cars Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific segment is projected as the most lucrative segments

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Key Benefits For Stakeholders

  • This study presents analytical depiction of the used cars market analysis along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current used cars market size is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the used cars industry.

Key Market Segments

By Vehicle Type

  • Hatchback
  • Sedan
  • SUV

By Fuel Type 

  • Petrol
  • Diesel
  • Others

By Distribution Channel 

  • Franchised dealer
  • Independent dealer
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments

1.4.Research methodology
1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key findings

3.2.1.Top impacting factors
3.2.2.Top investment pockets
3.2.3.Top winning strategies

3.3.Porter’s five forces analysis
3.4.Market share analysis (2019)
3.5.Market dynamics

3.5.1.Drivers

3.5.1.1.High new vehicle prices and affordability concerns
3.5.1.2.Rise in demand for off-lease cars  & subscription service by the franchise, leasing offices, and car dealers

3.5.2.Restraint

3.5.2.1.Unorganized used car sales
3.5.2.2.Lack of regularization

3.5.3.Opportunities

3.5.3.1.Advent of E commerce and online technologies
3.5.3.2.Steady increase in organized/semi-organized sales in emerging countries and surge in electric vehicle business across the globe.
3.5.3.3.Demand for car sharing services

3.6.Impact of COVID-19 on the market

3.6.1.Evolution of outbreaks

3.6.1.1.COVID-19

3.6.2.Micro-economic impact analysis

3.6.2.1.Consumer trends
3.6.2.2.Technology trends
3.6.2.3.Regulatory trends

3.6.3.Macro-economic impact analysis

3.6.3.1.GDP
3.6.3.2.Import/export analysis
3.6.3.3.Employment index
3.6.3.4.Macroeconomic impact analysis

3.6.4.Impact on the automotive industry analysis

CHAPTER 4:USED CARS MARKET , BY VEHICLE TYPE

4.1.Overview
4.2.Hatchback

4.2.1.Key market trends, growth factors and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market analysis by country

4.3.Sedan

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market analysis by country

4.4.SUV

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast, by region
4.4.3.Market analysis by country

CHAPTER 5:USED CARS MARKET , BY FUEL TYPE

5.1.Overview
5.2.Petrol

5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market analysis by country

5.3.Diesel

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market analysis by country

5.4.Others

5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by region
5.4.3.Market analysis by country

CHAPTER 6:USED CARS MARKET , BY DISTRIBUTION CHANNEL

6.1.Overview
6.2.Franchised dealer

6.2.1.Key market trends, growth factors and opportunities
6.2.2.Market size and forecast, by region
6.2.3.Market analysis by country

6.3.Independent dealer

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by region
6.3.3.Market analysis by country

6.4.Others(Private Sales, offline, online)

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by region
6.4.3.Market analysis by country

CHAPTER 7:USED CARS MARKET , BY REGION

7.1.Overview
7.2.North America

7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by vehicle type
7.2.3.Market size and forecast, by fuel type
7.2.4.Market size and forecast, by distribution channel
7.2.5.Market analysis by country

7.2.5.1.U.S.

7.2.5.1.1.Market size and forecast, by vehicle type
7.2.5.1.2.Market size and forecast, by fuel type
7.2.5.1.3.Market size and forecast, by distribution channel

7.2.5.2.Canada

7.2.5.2.1.Market size and forecast, by Vehicle type
7.2.5.2.2.Market size and forecast, by fuel type
7.2.5.2.3.Market size and forecast, by distribution channel

7.2.5.3.Mexico

7.2.5.3.1.Market size and forecast, by vehicle type
7.2.5.3.2.Market size and forecast, by fuel type
7.2.5.3.3.Market size and forecast, by distribution channel

7.3.Europe

7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast, by Vehicle type
7.3.3.Market size and forecast, by fuel type
7.3.4.Market size and forecast, by distribution channel
7.3.5.Market analysis by country

7.3.5.1.UK

7.3.5.1.1.Market size and forecast, by Vehicle type
7.3.5.1.2.Market size and forecast, by fuel type

7.3.5.1.3.Market size and forecast, by distribution channel

7.3.5.2.Germany

7.3.5.2.1.Market size and forecast, by Vehicle type
7.3.5.2.2.Market size and forecast, by fuel type
7.3.5.2.3.Market size and forecast, by distribution channel

7.3.5.3.France

7.3.5.3.1.Market size and forecast, by Vehicle type
7.3.5.3.2.Market size and forecast, by fuel type
7.3.5.3.3.Market size and forecast, by distribution channel

7.3.5.4.Italy

7.3.5.4.1.Market size and forecast, by Vehicle type
7.3.5.4.2.Market size and forecast, by fuel type
7.3.5.4.3.Market size and forecast, by distribution channel

7.3.5.5.Rest of Europe

7.3.5.5.1.Market size and forecast, by Vehicle type
7.3.5.5.2.Market size and forecast, by fuel type
7.3.5.5.3.Market size and forecast, by distribution channel

7.4.Asia-Pacific

7.4.1.Key market trends, growth factors, and opportunities
7.4.2.Market size and forecast, by Vehicle type
7.4.3.Market size and forecast, by fuel type
7.4.4.Market size and forecast, by distribution channel
7.4.5.Market analysis by country

7.4.5.1.China

7.4.5.1.1.Market size and forecast, by Vehicle type
7.4.5.1.2.Market size and forecast, by fuel type
7.4.5.1.3.Market size and forecast, by distribution channel

7.4.5.2.Japan

7.4.5.2.1.Market size and forecast, by Vehicle type
7.4.5.2.2.Market size and forecast, by fuel type
7.4.5.2.3.Market size and forecast, by distribution channel

7.4.5.3.India

7.4.5.3.1.Market size and forecast, by Vehicle type
7.4.5.3.2.Market size and forecast, by fuel type
7.4.5.3.3.Market size and forecast, by distribution channel

7.4.5.4.South Korea

7.4.5.4.1.Market size and forecast, by Vehicle type
7.4.5.4.2.Market size and forecast, by fuel type
7.4.5.4.3.Market size and forecast, by distribution channel

7.4.5.5.Rest of Asia-Pacific

7.4.5.5.1.Market size and forecast, by Vehicle type
7.4.5.5.2.Market size and forecast, by fuel type
7.4.5.5.3.Market size and forecast, by distribution channel

7.5.LAMEA

7.5.1.Key market trends, growth factors, and opportunities
7.5.2.Market size and forecast, by Vehicle type
7.5.3.Market size and forecast, by fuel type
7.5.4.Market size and forecast, by distribution channel
7.5.5.Market analysis by country

7.5.5.1.Latin America

7.5.5.1.1.Market size and forecast, by Vehicle type
7.5.5.1.2.Market size and forecast, by fuel type
7.5.5.1.3.Market size and forecast, by distribution channel

7.5.5.2.Middle East

7.5.5.2.1.Market size and forecast, by Vehicle type
7.5.5.2.2.Market size and forecast, by fuel type
7.5.5.2.3.Market size and forecast, by distribution channel

7.5.5.3.Africa

7.5.5.3.1.Market size and forecast, by Vehicle type
7.5.5.3.2.Market size and forecast, by fuel type
7.5.5.3.3.Market size and forecast, by distribution channel

CHAPTER 8:COMPANY PROFILES

8.1.Asbury Automotive Group, Inc.

8.1.1.Company overview
8.1.2.Key Executives
8.1.3.Company Snapshot
8.1.4.Operating business segments
8.1.5.Product portfolio
8.1.6.Business performance
8.1.7.Key strategic moves and developments

8.2.AutoNation, Inc.

8.2.1.Company overview
8.2.2.Key Executives
8.2.3.Company snapshot
8.2.4.Operating business segments
8.2.5.Product portfolio
8.2.6.Business performance
8.2.7.Key strategic moves and developments

8.3.Big Boy Toyz ltd.

8.3.1.Company overview
8.3.2.Key Executives
8.3.3.Company snapshot
8.3.4.Product portfolio
8.3.5.Key strategic moves and developments

8.4.CarMax Business Services, LLC

8.4.1.Company overview
8.4.2.Key Executives
8.4.3.Company snapshot
8.4.4.Operating business segments
8.4.5.Product portfolio
8.4.6.Business performance
8.4.7.Key strategic moves and developments

8.5.Cars24 Services Private Limited

8.5.1.Company overview
8.5.2.Key Executives
8.5.3.Company snapshot
8.5.4.Product portfolio
8.5.5.Key strategic moves and developments

8.6.Group1 Automotive Inc.

8.6.1.Company overview
8.6.2.Key Executives
8.6.3.Company snapshot
8.6.4.Operating business segments
8.6.5.Product portfolio
8.6.6.Business performance
8.6.7.Key strategic moves and developments

8.7.Hendrick Automotive Group

8.7.1.Company overview
8.7.2.Key Executives
8.7.3.Company snapshot
8.7.4.Product portfolio
8.7.5.Key strategic moves and developments

8.8.Lithia Motors, Inc.

8.8.1.Company overview
8.8.2.Key Executives
8.8.3.Company snapshot
8.8.4.Operating business segments
8.8.5.Product portfolio
8.8.6.Business performance
8.8.7.Key strategic moves and developments

8.9.Mahindra First Choice Wheels Ltd

8.9.1.Company overview
8.9.2.Key Executives
8.9.3.Company snapshot
8.9.4.Product portfolio
8.9.5.Key strategic moves and developments

8.10.TrueCar, Inc.

8.10.1.Company overview
8.10.2.Key Executives
8.10.3.Company snapshot
8.10.4.Product portfolio
8.10.5.Business performance
8.10.6.Key strategic moves and developments

LIST OF TABLES

TABLE 01.MACRO-ECONOMIC INDICATORS PROJECTIONS
TABLE 02.GLOBAL USED CARS MARKET , BY VEHICLE TYPE, 2019-2027($BILLION)
TABLE 03.USED CARS MARKET  REVENUE FOR HATCHBACK, BY REGION 2019-2027 ($BILLION)
TABLE 04.USED CARS MARKET  REVENUE FOR SEDAN, BY REGION 2019-2027 ($BILLION)
TABLE 05.USED CARS MARKET  REVENUE FOR SUV, BY REGION 2019-2027 ($BILLION)
TABLE 06.GLOBAL USED CARS MARKET , BY FUEL TYPE, 2019-2027($BILLION)
TABLE 07.USED CARS MARKET  REVENUE FOR PETROL, BY REGION 2019-2027 ($BILLION)
TABLE 08.USED CARS MARKET  REVENUE FOR DIESEL, BY REGION 2019-2027 ($BILLION)
TABLE 09.USED CARS MARKET  REVENUE FOR OTHERS, BY REGION 2019-2027 ($BILLION)
TABLE 10.GLOBAL USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019-2027($BILLION)
TABLE 11.USED CARS MARKET  REVENUE FOR FRANCHISED DEALER, BY REGION 2019-2027 ($BILLION)
TABLE 12.USED CARS MARKET  REVENUE FOR INDEPENDENT DEALER, BY REGION 2019-2027 ($BILLION)
TABLE 13.USED CARS MARKET  REVENUE FOR OTHERS, BY REGION 2019-2027 ($BILLION)
TABLE 14.NORTH AMERICAN USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 15.NORTH AMERICAN USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 16.NORTH AMERICAN USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 17.U.S. USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 18.U.S. USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 19.U. S. USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 20.CANADA USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 21.CANADA USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 22.CANADA USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 23.MEXICO USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 24.MEXICO USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 25.MEXICO USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 26.EUROPEAN USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 27.EUROPEAN USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 28.EUROPEAN USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 29.UK USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 30.UK USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 31.UK USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 32.GERMANY USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 33.GERMANY USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 34.GERMANY USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 35.FRANCE USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 36.FRANCE USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 37.FRANCE USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 38.ITALY USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 39.ITALY USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 40.ITALY USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 41.REST OF EUROPE USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 42.REST OF EUROPE USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 43.REST OF EUROPE USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 44.ASIA-PACIFIC USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 45.ASIA-PACIFIC USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 46.ASIA-PACIFIC USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 47.CHINA USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 48.CHINA USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 49.CHINA USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 50.JAPAN USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 51.JAPAN USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 52.JAPAN USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 53.INDIA USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 54.INDIA USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 55.INDIA USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 56.SOUTH KOREA USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 57.SOUTH KOREA USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 58.SOUTH KOREA USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 59.REST OF ASIA-PACIFIC USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 60.REST OF ASIA-PACIFIC USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 61.REST OF ASIA-PACIFIC USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 62.LAMEA USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 63.LAMEA USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 64.LAMEA USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 65.LATIN AMERICA USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 66.LATIN AMERICA USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 67.LATIN AMERICA USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 68.MIDDLE EAST USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 69.MIDDLE EAST USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 70.MIDDLE EAST USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 71.AFRICA USED CARS MARKET , BY VEHICLE TYPE, 2019–2027 ($BILLION)
TABLE 72.AFRICA USED CARS MARKET , BY FUEL TYPE, 2019–2027 ($BILLION)
TABLE 73.AFRICA USED CARS MARKET , BY DISTRIBUTION CHANNEL, 2019–2027 ($BILLION)
TABLE 74.ASBURY AUTOMOTIVE GROUP, INC.: KEY EXECUTIVES
TABLE 75.ASBURY AUTOMOTIVE GROUP, INC.: COMPANY SNAPSHOT
TABLE 76.ASBURY AUTOMOTIVE GROUP, INC.: OPERATING SEGMENTS
TABLE 77.ASBURY AUTOMOTIVE GROUP, INC: PRODUCT PORTFOLIO
TABLE 78.ASBURY AUTOMOTIVE GROUP, INC: NET SALES, 2018–2020 ($MILLION)
TABLE 79.ASBURY AUTOMOTIVE GROUP, INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 80.AUTONATION, INC.: KEY EXECUTIVES
TABLE 81.AUTONATION, INC.: COMPANY SNAPSHOT
TABLE 82.AUTONATION, INC.: OPERATING SEGMENTS
TABLE 83.AUTONATION, INC.: PRODUCT PORTFOLIO
TABLE 84.AUTONATION, INC: NET SALES, 2018–2020 ($MILLION)
TABLE 85.AUTONATION, INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 86.BIG BOY TOYZ LTD.: KEY EXECUTIVES
TABLE 87.BIG BOY TOYZ LTD: COMPANY SNAPSHOT
TABLE 88.BIG BOY TOYZ LTD: PRODUCT PORTFOLIO
TABLE 89.BIG BOY TOYZ LTD: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 90.CARMAX BUSINESS SERVICES, LLC.: KEY EXECUTIVES
TABLE 91.CARMAX BUSINESS SERVICES, LLC: COMPANY SNAPSHOT
TABLE 92.CARMAX BUSINESS SERVICES, LLC: OPERATING SEGMENTS
TABLE 93.CARMAX BUSINESS SERVICES, LLC: PRODUCT PORTFOLIO
TABLE 94.CARMAX BUSINESS SERVICES, LLC: NET SALES, 2018–2020 ($MILLION)
TABLE 95.CARMAX BUSINESS SERVICES, LLC: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 96.CARS24 SERVICES PRIVATE LIMITED.: KEY EXECUTIVES
TABLE 97.CARS24 SERVICES PRIVATE LIMITED: COMPANY SNAPSHOT
TABLE 98.CARS24 SERVICES PRIVATE LIMITED: PRODUCT PORTFOLIO
TABLE 99.CARS24 SERVICES PRIVATE LIMITED: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 100.GROUP1 AUTOMOTIVE INC.: KEY EXECUTIVES
TABLE 101.GROUP1 AUTOMOTIVE INC.: COMPANY SNAPSHOT
TABLE 102.GROUP1 AUTOMOTIVE INC.: OPERATING SEGMENTS
TABLE 103.GROUP1 AUTOMOTIVE INC.: PRODUCT PORTFOLIO
TABLE 104.GROUP1 AUTOMOTIVE INC: NET SALES, 2017–2019 ($MILLION)
TABLE 105.GROUP1 AUTOMOTIVE INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 106.HENDRICK AUTOMOTIVE GROUP.: KEY EXECUTIVES
TABLE 107.HENDRICK AUTOMOTIVE GROUP: COMPANY SNAPSHOT
TABLE 108.HENDRICK AUTOMOTIVE GROUP: PRODUCT PORTFOLIO
TABLE 109.HENDRICK AUTOMOTIVE GROUP: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 110.LITHIA MOTORS, INC.: KEY EXECUTIVES
TABLE 111.LITHIA MOTORS, INC.: COMPANY SNAPSHOT
TABLE 112.LITHIA MOTORS, INC.: OPERATING SEGMENTS
TABLE 113.LITHIA MOTORS, INC.: PRODUCT PORTFOLIO
TABLE 114.LITHIA MOTORS, INC: NET SALES, 2018–2020 ($MILLION)
TABLE 115.LITHIA MOTORS, INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 116.MAHINDRA FIRST CHOICE WHEELS LTD.: KEY EXECUTIVES
TABLE 117.MAHINDRA FIRST CHOICE WHEELS LTD: COMPANY SNAPSHOT
TABLE 118.MAHINDRA FIRST CHOICE WHEELS LTD: PRODUCT PORTFOLIO
TABLE 119.MAHINDRA FIRST CHOICE WHEELS LTD: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 120.TRUECAR, INC : KEY EXECUTIVES
TABLE 121.TRUECAR, INC.: COMPANY SNAPSHOT
TABLE 122.TRUECAR, INC.: PRODUCT PORTFOLIO
TABLE 123.TRUECAR, INC: NET SALES, 2018–2020 ($MILLION)
TABLE 124.TRUECAR, INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.EXECUTIVE SUMMARY
FIGURE 03.EXECUTIVE SUMMARY
FIGURE 04.TOP IMPACTING FACTORS
FIGURE 05.TOP INVESTMENT POCKETS
FIGURE 06.TOP WINNING STRATEGIES, BY YEAR, 2017–2021*
FIGURE 07.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2017–2021* (%)
FIGURE 08.TOP WINNING STRATEGIES, BY COMPANY, 2017–2021*
FIGURE 09.MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 10.MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 11.MODERATE THREAT OF SUBSTITUTES
FIGURE 12.HIGH-TO-MODERATE INTENSITY OF RIVALRY
FIGURE 13.HIGH-TO-MODERATE BARGAINING POWER OF BUYERS
FIGURE 14.MARKET SHARE ANALYSIS (2018)
FIGURE 15.GLOBAL USED CARS MARKET  SHARE, BY VEHICLE TYPE, 2019–2027 (%)
FIGURE 16.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET  FOR HATCHBACK, BY COUNTRY, 2019 & 2027 ($BILLION)
FIGURE 17.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET  FOR SEDAN, BY COUNTRY, 2019 & 2027 ($BILLION)
FIGURE 18.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET  FOR SUV, BY COUNTRY, 2019 & 2027 ($BILLION)
FIGURE 19.GLOBAL USED CARS MARKET  SHARE, BY FUEL TYPE, 2019–2027 (%)
FIGURE 20.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET  FOR PETROL, BY COUNTRY, 2019 & 2027 ($BILLION)
FIGURE 21.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET  FOR DIESEL, BY COUNTRY, 2019 & 2027 ($BILLION)
FIGURE 22.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET  FOR OTHERS, BY COUNTRY, 2019 & 2027 ($BILLION)
FIGURE 23.GLOBAL USED CARS MARKET  SHARE, BY DISTRIBUTION CHANNEL, 2019–2027 (%)
FIGURE 24.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET  FOR FRANCHISED DEALER, BY COUNTRY, 2019 & 2027 ($BILLION)
FIGURE 25.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET  FOR INDEPENDENT DEALER, BY COUNTRY, 2019 & 2027 ($BILLION)
FIGURE 26.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET  FOR OTHERS, BY COUNTRY, 2019 & 2027 ($BILLION)
FIGURE 27.USED CARS MARKET , BY REGION, 2019-2027 (%)
FIGURE 28.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET , BY COUNTRY, 2019–2027 (%)
FIGURE 29.U.S. USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 30.CANADA USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 31.MEXICO USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 32.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET , BY COUNTRY, 2019–2027 (%)
FIGURE 33.UK USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 34.GERMANY USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 35.FRANCE USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 36.ITALY USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 37.REST OF EUROPE USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 38.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET , BY COUNTRY, 2019–2027 (%)
FIGURE 39.CHINA USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 40.JAPAN USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 41.INDIA USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 42.SOUTH KOREA USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 43.REST OF ASIA-PACIFIC USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 44.COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET , BY COUNTRY, 2019–2027 (%)
FIGURE 45.LATIN AMERICA USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 46.MIDDLE EAST USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 47.AFRICA USED CARS MARKET , 2019–2027 ($BILLION)
FIGURE 48.ASBURY AUTOMOTIVE GROUP, INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 49.ASBURY AUTOMOTIVE GROUP, INC.: NET SALES SHARE BY SEGMENT, 2020 (%)
FIGURE 50.AUTONATION, INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 51.AUTONATION, INC.: NET SALES SHARE BY SEGMENT, 2020 (%)
FIGURE 52.CARMAX BUSINESS SERVICES, LLC: NET SALES, 2018–2020 ($MILLION)
FIGURE 53.CARMAX BUSINESS SERVICES, LLC: NET SALES SHARE BY SEGMENT, 2020 (%)
FIGURE 54.GROUP1 AUTOMOTIVE INC.: NET SALES, 2017–2019 ($MILLION)
FIGURE 55.GROUP1 AUTOMOTIVE INC.: NET SALES SHARE BY SEGMENT, 2019 (%)
FIGURE 56.GROUP1 AUTOMOTIVE INC.: NET SALES SHARE BY REGION, 2019 (%)
FIGURE 57.LITHIA MOTORS, INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 58.LITHIA MOTORS, INC.: NET SALES SHARE BY SEGMENT, 2020 (%)
FIGURE 59.TRUECAR, INC.: REVENUE, 2018–2020 ($MILLION)

 
 

A used car is commonly known as a pre-owned vehicle, or a second-hand car, which has been used previously by one or more retail owners. Used cars are sold through a variety of outlets, including franchise and independent car dealers, rental car companies, leasing offices, auctions, and private party sales. Some car retailers offer "certified" used cars, and extended service plans or warranties to increase the sales. 

The used cars market is segmented on the basis of mode of vehicle type, fuel type, distribution channel, and region.

The used cars market is analyzed on the basis of its prospect and future growth rate. The report highlights numerous factors that influence the growth of the global used cars market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market.

The factors that drive the global used cars market include higher new vehicle prices and affordability concerns, and rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers. 

However, unorganized used cars sales and lack of regularization hamper the growth of the global market. Moreover, advent of e-commerce & online technologies, steady increase in organized/semi organized sales in emerging countries, and growth in electric vehicle business across the globe and demand for car sharing services are expected to offer lucrative opportunities for the growth of the global used cars market.
Among the analyzed regions, Asia-Pacific is the highest revenue contributor, and is anticipated to remain dominant during the forecast period, followed by LAMEA, North America, and Europe. This growth is attributed to proactive development and rise in disposable income.

 
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A. The global used cars market was valued at $828.24 billion in 2019, and is projected to reach $1,355.15 billion by 2027, registering a CAGR of 8.3% from 2020 to 2027.

A. majority of the people across the globe are planning to buy cars post lockdown. For instance, according to cars24 report, consumers prefer to use private cars and less public transportation; therefore, there is a shift in preference from cabs and public transport to private vehicles

A. The report sample/ company profile section for used car market report can be obtained on demand from the website.

A. Factors that drive the global used cars market include higher new vehicle prices and affordability concerns, and rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers

A. The key growth strategies adopted by the used cars players includes innovations, merger, product launch, investent, joint venture, partnership and business developments with the increased RnD expenditure.

A. The company profile section for used car market report can be obtained on demand from the website.

A. Among the analyzed geographical regions, currently Asia-Pacific is dominating the market with the highest revenue in the global market. However, the same region is expected to grow at a higher rate during the forcast period, predicting lucrative opportunities .

A. others by distribution channel type is the most influencing segment growing currently in the used cars report.

A. others by distribution channel type is the most influencing segment growing currently in the used cars report.

A. The U.S and China has are key matured markets growing in the global used car market

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