According to the report titled ‘Global Used Car Market (2021 Edition) - Analysis By Car Age (0-5 Years, 6-10 Years, 11 and Above), Propulsion Type, Sales Channel, By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2021-2026)’, available with MarketStudyReport, global used car market was valued at USD 871.25 billion in the year 2020 and is expected to expand considerably during the period 2021-2026.
 

Emerging interest in digitization and the popularity of e-commerce, which allow for easier access to used cars, are propelling the growth of global used car market.
 

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Furthermore, the relatively untapped online sales medium is likely to generate lucrative prospects for businesses in this line of work during the study period.
 

During the COVID-19 pandemic, several automotive businesses were severely impacted due to the temporary shutdown. Because consumer spending was directly hampered, automotive dealers cleared most of their inventories rather than procuring used cars which led to a slowdown in the growth of this business sphere.
 

Based on car age, the 6-10 years segment of worldwide used cars industry is poised to account for a major share in the coming years, due to the fact that 6-7 years is a good resale age for the cars where the seller gets maximum value for a previously owned vehicle. 
 

In terms of propulsion type, the ICE segment is estimated to expand substantially over the course of the analysis period due to the slow progression of people towards electric cars.
 

From a regional standpoint, Americas market accounts for a considerable share at present and is predicted to witness exponential growth during the forecast period. 
 

The competitive landscape of worldwide used car market is defined by companies such as Scout24 AG, Asbury Automotive Group Inc., Sonic Automotive Inc., Alibaba Group Holding Limited, Penske Automotive Group Inc., Autonation Inc., Carmax Inc., Lithia Motors Inc., Pendragon plc, and Group 1 Automotive Inc. among others.