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 Market Study Report LLC, global used car market was worth USD 871.25 billion and is anticipated to expand substantially during 2021-2026.
 

As per the report findings, global used car market growth is fueled by slow shift digitization of records and increasing trend of e-commerce which is enabling people to get flexible and easy access to used cars via online platforms.
 

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On the contrary, the COVID-19 outbreak has severely hampered the development of the market.  Stringent lockdowns and disturbances in various economic activities leading to decrease in purchasing power of the consumers has massively affected the sales of used cars.
 

By car age, the industry is bifurcated into 0-5 years, 6-10 years, and 11 and above years. The 6-10 years segment is slated to capture a major market share in the ensuing years, as it is considered as a sweet spot for the consumers. The cars of this age provide customers a good value for money as they come with various beneficial offers.
 

Based on propulsion type, worldwide used car market is split into ICE, and electric. Among these, the ICE segment share is expected to grow modestly during 2021-2026, owing to preference of people for electric propulsion type cars as they are eco-friendly and affordable in nature.
 

Regionally speaking, Americas market is reckoned to generate massive revenues during 2021-2026, because of growing demands for used cars across the region.
 

Major players like Scout24 AG, Alibaba Group Holding Limited, AutoNation, Inc., Sonic Automotive, Inc., Asbury Automotive Group, Inc., Pendragon PLC, Lithia Motors, Inc., Penske Automotive Group, Inc., CarMax, Inc., and Group 1 Automotive, Inc. are profiled in global used car industry report.