According to the research 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 worth USD 871.25 billion in 2020 and is anticipated to garner strong returns by 2026.

Report findings suggest that high cost of new vehicles, concerns about affordability, increasing demand for off-lease automobiles, and subscription services provided by franchise, car dealers, and leasing offices are the major growth determinants for worldwide used car industry.

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For the unversed, a used car is a vehicle that has been previously owned and is available for resale. Used automobiles are sold through a variety of venues, including auctions, rental car companies, franchise and independent car dealers, private party sales, and leasing offices.

Notably, gradual shift toward digitization of records, along with growing trend of e-commerce picking are boosting the market size.

However, unstructured used automobile transactions, and lack of regularization may hamper the marketplace during the forecast period.

The COVID-19 outbreak had a detrimental influence on the sector, because of the preference of automobile dealers to clear their stocks rather than purchasing used cars, due to deterred incomes, periodic lockdowns, and economic disruption.

On the basis of sales channel, global used car marketplace is split into online and offline.

Based on car age, the industry is divided into 11 years & above, 6-10 years, and 0-5 years. Among these, 6-10 years segment is anticipated to hold significant revenue share during the analysis timeframe, due to higher chances of getting good value for the car.

In terms of propulsion type, the market is branched into electric and ICE. Out of which, ICE segment is predicted to account of substantial market share over 2021-2026. Whereas electric segment is also likely to gain traction, because of their value for money as well as eco-friendly nature.

Regionally, the industry spans across North America (U.S., Canada, Mexico), Europe (UK, Italy, France, Germany), and Asia Pacific (India, Japan, China). Among these, North America market held major shares and is anticipated to grow significantly during the review period, owing to rising demand for used cars in the region.

Competitively speaking, AutoScout24, 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 the leading players in global used car market.