Used Cars Market Regional Statistics and Growth Forecast To 2027

By Ronak Bora

Asia Pacific used cars market is projected to showcase stellar growth in the estimated timeframe. Presence of large number of IT companies requiring cab services for employees and the expansion of used car trading services in China and India may favor this growth. Traders of used-car are offering a variety of technology-enabled tools such as mobile-based applications and virtual online outlets for tracking car performance in the region. Rising adoption of these technologies will contribute towards escalating the market development.
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The global market has been witnessing a strong presence of independent dealers, which offer refurbished cars that are integrated with the in-car entertainment systems for their customers. These factors, alongside the availability of a range of secondhand cars of multiple brands, will add significant impetus to the industry trends in the foreseeable future.
In terms of segmentation by vehicle type, the hatchback segment will amass considerable gains in years to come, which is attributable to its availability in compact size as well as cost-effective nature, playing a major role in the growth of the overall used cars industry over the estimated timeline. According to a study conducted by OLX Autos on 5,800 car buyers and sellers from August to October 2020 to identify the COVID-19 impacts on consumer behavior during the festive season, 61% of the buyers planned to purchase pre-owned cars during this period, with 56% of them intending to buy the hatchback cars.
On the basis of fuel type, the global used cars market from the diesel segment is expected to witness a steady growth rate in years ahead, owing to the low costs associated with secondhand diesel cars. However, the industry is expected to observe a shift from diesel to other alternative fuels, such as LPG and CNG, over the forthcoming years.
Used cars market size is anticipated to reach over USD 1.5 trillion by 2027. However, the industry was impacted severely during the first and second quarter of 2020 given to the COVID-19 pandemic. Strict lockdowns imposed by the government have affected the overall revenue of the industry. However, as things were getting normalized, the market has seen an upward trend owing to rising demand for personal mobility solutions. Norms like social distancing and emphasis on personal health have impacted the sales of used cars during the pandemic
Companies like Carvana, Group 1 Automotive Inc., CarMax Inc., Asbury Automotive Group Inc., Emil Frey AG Lookers PLC, Mahindra First Choice Wheels Ltd., Arnold Clark Automobiles Ltd., and Maruti Suzuki are offering used car services. These firms are taking strategic initiatives like partnerships, mergers, and collaborations to improve their service offerings. In January 2020, Edmunds Inc. and CarMax Inc. partnered, with an investment of USD 50 million. The partnership aided the company to boost its digital presence in the used cars market.
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Partial Chapter of the Table of Content
Chapter 4   Competitive Landscape,
4.1    Introduction
4.2    Company market share analysis, 2020
4.3    Competitive analysis of used cars market players
4.3.1    Key player analysis
Chapter 5   Used Cars Market, By Vehicle Type
5.1    Key trends, by vehicle type
5.2    Hatchback
5.2.1    Market estimates and forecast, 2017 – 2027
5.3    Sedan
5.3.1    Market estimates and forecast, 2017 – 2027
5.4    SUV
5.4.1    Market estimates and forecast, 2017 – 2027
5.5    Others
5.5.1    Market estimates and forecast, 2017 – 2027
Chapter 6   Used Cars Market, By Fuel Type
6.1    Key trends, by fuel type
6.2    Gasoline
6.2.1    Market estimates and forecast, 2017 - 2027
6.3    Diesel
6.3.1    Market estimates and forecast, 2017 – 2027
6.4    Hybrid/Electric
Chapter 7   Used Cars Market, By Sales Channel
7.1    Key trends, by sales channel
7.2    Peer-to-peer
7.2.1    Market estimates and forecast, 2017 - 2027
7.3    Franchised dealers
7.3.1    Market estimates and forecast, 2017 – 2027
7.4    Independent dealers
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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....

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