According to the research report titled ‘Used Cars Market Size By Vehicle Type (Hatchback, Sedan, SUV), By Fuel Type (Gasoline, Diesel, Hybrid/Electric), By Sales Channel (Peer-to-Peer, Franchised Dealers, Independent Dealers), By End-Use (Personal, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global used cars market is anticipated to showcase lucrative growth trends over the forecast duration.
 

Growing presence of several automobile car dealers, surge in the number of online platforms, rising use of diesel-based fuel vehicles, and varying patterns of car ownership are the major factors driving the growth of global used cars market.
 

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Further, continuous introduction of brand-new cars by automakers along with rising customer inclination towards buying used cars due the economic slump following the Covid-19 outbreak are complementing the industry growth.
 

For the record, used cars market is the right place for those people who are the first-time drivers or who wish to buy a car at a reasonable rate. Buying used cars has its advantages like affordable prices, and loans of a small amount with less interest for buyers.
 

However, high costs of maintenance and servicing associated with used cars is a major factor restraining the market progression.
 

Based on vehicle type, global used cars market is segmented into hatchback, SUV and sedan. On the basis of fuel type, the industry is categorized into gasoline, hybrid/electric, and diesel. Speaking of the sales channel, the marketplace is divided into peer-to-peer, independent dealers, and franchised dealers. Moving on to the end user spectrum, the industry space is fragmented into commercial and personal.
 

Geographically, North America, Asia Pacific, Europe, Middle East & Africa and Latin America are major contributors to the overall used cars industry remuneration. Experts cite that Latin America market is likely to witness strong gains over the forecast period, owing to strong presence of car dealers in the region.
 

Major companies in global used cars industry sphere include Uxin Group, TrueCar Inc., Mobile.de GmbH, Maruti Suzuki India Limited, Mahindra First Choice Wheels Ltd., Lookers plc, Lithia Motors Inc., Inchcape plc, Group 1 Automotive Inc., Emil Frey AG, Cox Automotive Inc., AutoScout24 GmbH, Carvana Co., CarMax Inc., Buy My Car.com, AutoNation Inc., Asbury Automotive Group, and Arnold Clark Automobiles Ltd.