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 MarketStudyReport, global used cars market is expected to generate lucrative returns by the year 2027.
 

Increasing number of automobile car dealers, proliferation of online platforms, evolving patterns in terms of car ownership, and widespread adoption of diesel engines are primarily fueling global used cars market growth. Used cars are usually sold through various outlets such as private party sales, leasing offices, auctions, franchise and independent automobile dealers, and rental car companies.

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The COVID-19 outbreak has pushed automakers to opt for used cars despite the fact automakers are continuously launching brand-new products. Apart from this, the economic slump stemming from the pandemic has made used cars more ideal for buyers, which in turns is contributing towards the overall market expansion.

In terms of vehicle type, the report cites that the SUV segment is expected to account for the largest market share by the year 2027, primarily due to their growing popularity in North America and Europe.

By fuel type, global used cars market share from the diesel segment is predicted to expand substantially in the upcoming years, driven by fuel economy offered by such engine types. Diesel engines are also known to be more affordable and produce less greenhouse gases as compared to its petrol counterparts, thereby fueling the segmental size.

Citing the sales channel, the report claims that the peer-to-peer segment is likely to generate considerable returns for the market contenders during the study period, primarily driven by growing popularity and widespread adoption of online platforms.

Moving on to the end-user landscape, the personal end-use segment captured the largest market share and is likely to showcase consistent growth throughout the estimated timeframe, owing to changing patterns of car ownership.

Regionally, Latin America is deemed to emerge as a major revenue generator in the ensuing years. High presence of various automotive deals have surged the popularity of used cars in Latin America, which in turn is complementing the overall business dynamics in the region.

The prominent companies operating in global used car industry vertical are Uxin Group, TrueCar Inc., mobile.de, Maruti Suzuki True Value, Mahindra First Choice Wheels Ltd., Lookers plc, Lithia Motors Inc., Inchcape plc, Group 1 Automotive Inc., Emil Frey AG, Autotrader.com Inc. (Cox Automotive Inc.), AutoScout24, Carvana, CarMax Inc., BuyMyCar.com, AutoNation Inc., Asbury Automotive Group Inc., and Arnold Clark Automobiles Ltd.