A used car is a second-hand vehicle that is available for resale. Various distribution channels such as franchise & independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell used cars.
Furthermore, there is a lower rate of car ownership among millennials owing to the high cost of vehicles and maintenance cost of personal cars. 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 makes way for different investments by industry participants to establish their dealership network in the market.
Factors such as the high cost of new vehicles, concerns regarding affordability, and rise in demand for off-lease cars & subscription service by the franchise, leasing offices, & car dealers are the factors 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.
Currently in most countries, the unorganized car business has a significant number of shares, which do not have inventory and dominance over C2C sales in unorganized manner. The market for used cars in countries such as Mexico, India, China, and Brazil are dominated by unorganized players. Unlike these unorganized players in emerging countries, organized players provide free servicing and free towing at the dealership, along with the used cars business expansions in countries. These services help in attracting customers to their dealerships and building trust between buyers & sellers. Moreover, there is an increase in demand for electric vehicles owing to the rise in need for pollution control systems and implementation of stringent emission standards. Such a rise in the need for vehicles eventually leads old vehicle owners to sell their vehicles, which further boosts the growth of the used cars market.
The used car market is segmented into vehicle type, fuel type, distribution channel, and region. On the basis of vehicle type, it is 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 car 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.
Furthermore, there is a lower rate of car ownership among millennials owing to the high cost of vehicles and maintenance cost of personal cars. 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 makes way for different investments by industry participants to establish their dealership network in the market.
Factors such as the high cost of new vehicles, concerns regarding affordability, and rise in demand for off-lease cars & subscription service by the franchise, leasing offices, & car dealers are the factors 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.
Currently in most countries, the unorganized car business has a significant number of shares, which do not have inventory and dominance over C2C sales in unorganized manner. The market for used cars in countries such as Mexico, India, China, and Brazil are dominated by unorganized players. Unlike these unorganized players in emerging countries, organized players provide free servicing and free towing at the dealership, along with the used cars business expansions in countries. These services help in attracting customers to their dealerships and building trust between buyers & sellers. Moreover, there is an increase in demand for electric vehicles owing to the rise in need for pollution control systems and implementation of stringent emission standards. Such a rise in the need for vehicles eventually leads old vehicle owners to sell their vehicles, which further boosts the growth of the used cars market.
The used car market is segmented into vehicle type, fuel type, distribution channel, and region. On the basis of vehicle type, it is 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 car 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.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the used cars market analysis from 2023 to 2033 to identify the prevailing used cars market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the used cars market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global used cars market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Vehicle Type
- Hatchback
- Sedan
- SUV
- Others
By Fuel Type
- Petrol
- Diesel
- Others
By Distribution Channel
- Franchised Dealer
- Independent Dealer
- Peer-to-peer
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
Key Market Players
- CarMax Enterprise Services, LLC
- Group1 Automotive Inc.
- Hendrick Automotive Group
- Cars24
- Lithia Motors, Inc.
- Mahindra First Choice
- AutoNation, Inc.
- Carvana
- TrueCar, Inc.
- Asbury Automotive Group
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: USED CARS MARKET, BY VEHICLE TYPE
CHAPTER 5: USED CARS MARKET, BY FUEL TYPE
CHAPTER 6: USED CARS MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: USED CARS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- CarMax Enterprise Services, LLC
- Group1 Automotive Inc.
- Hendrick Automotive Group
- Cars24
- Lithia Motors, Inc.
- Mahindra First Choice
- AutoNation, Inc.
- Carvana
- TrueCar, Inc.
- Asbury Automotive Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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