New York, July 16, 2021 (GLOBE NEWSWIRE) -- Used Vehicle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Used Vehicle Market Research Report, Vehicle Age, Vehicle Type, Propulsion, Sales Channel and Region - Forecast till 2027” the market is projected to be worth USD 2,210.7 billion by 2027, registering a CAGR of 5.61% during the forecast period (2021 - 2027), The market was valued at USD 1,447.3 billion in 2020.
Growing Automotive Ecosystem Drives the Used Vehicle Market
The global used vehicle market is growing at a rapid pace. The market growth attributes to rising economic growth and the spurring in the automotive industry worldwide. Besides, the rising sales of automobiles and growing numbers of vehicle resellers act as major used vehicle market trends. Increasing vehicle maintenance & repairing costs offer attractive prospects for second-hand vehicles and aftermarket businesses.
According to Market Research Future (MRFR), the global used vehicle market is poised to create a substantial revenue pocket by 2027, growing at an impressive CAGR during the estimated period (2020-2027). Technological upgrades and new product developments of many aftermarket parts act as significant tailwinds benefitting the used vehicle market growth.
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List of the Key Companies Profiled in the Used Vehicle Market Research Report are:
CarMax Business Services LLC (US)
Autotrader Inc. (US)
Cox Automotive Inc. (US)
HERTZ CAR SALES (US)
Sun Toyota (US)
Alibaba Group (China)
TrueCar Inc. (US)
Vroom Inc. (US)
The used vehicle market witnesses major strategic approaches, such as mergers & acquisitions, collaboration, expansion, and technology launch. Key players make strategic investments to drive research and development activities and expansion plans.
For instance, recently, on July 5, 2021, Stellantis launched a used-vehicle e-commerce solution, following a successful trial in Belgium. Stellantis Owned Retail has adopted SelliWay as the platform to digitize its used-vehicle business. Integrated with the used-vehicle expert tool bee2link, SelliWay enables 100% of the sale of used vehicles to take place online, from vehicle trade-in to e-payment and delivery.
Browse In-depth Market Research Report (135 pages) on Used Vehicle
Surging Prices of New Vehicles Increases the Market Value
Semiconductor chips are essential components required for the production of new cars and trucks. The shortages of new vehicles and higher prices have pushed more people towards used vehicles. Recent shortages of microchips pushed used-car prices to record levels, reducing the production of new vehicles. Additionally, rental car companies, normally a source of vintage used vehicles, are keeping their cars longer because they can't get new ones.
Rise in the global economy and online vehicle reselling platforms drives the used vehicle market value. Additionally, rising distributors and stores of used vehicles and growth in OEMs and MRO service outsourcing push market growth. Also, the increasing numbers of automotive part manufacturers foster the growth of the market.
The COVID-19 impacted the used vehicle industry in two ways. On one side, where the pandemic disrupted nearly all the regular sources of used cars, the used car market saw continued interest from buyers. Automakers faced a number of problems ranging from obtaining raw materials to attracting workers from quarantines to delivering end products.
Besides, strict lockdown mandates halted production facilities and forced several manufacturers to cut down their production output. While the pandemic has obstructed sales of new autos, pre-owned cars are in demand as cost-conscious buyers seek value for money. Consumers are shunning mass transit systems to avoid catching Covid-19, and people are extending their leases of rental vehicles.
As travel and tourism businesses came to a halt, new car sales by car rentals were far fewer in the past year. Rental car companies are buying used cars themselves to rebuild their fleets sold in last year. The market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
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The report is segmented into vehicle age, vehicle types, propulsion, sales channels, and regions. The vehicle age segment is sub-segmented into 0-5 yrs., 6-10 yrs., 11-15 yrs., 15-20 yrs., and > 20 years old. The vehicle type segment is bifurcated into light commercial vehicles, passenger cars, and heavy commercial vehicles.
The propulsion segment is sub-segmented into internal combustion engine (ICE) and electric vehicle (EV). Further, the electric vehicle segment is bifurcated as battery EV, plug-in EV, and hybrid EV. The sales channel segment is sub-segmented into franchised, independent car dealers, rental car companies, and others.
Asia Pacific region holds the largest share in terms of the global used vehicle market value. Major players and automakers, and auto components and solutions providing companies in the region boost the used vehicle market size. Besides, the growing automotive industry and increased production and sales of SUVs in China, India, and Japan substantiate the demand for used vehicles in this region.
The rise in numbers of industrialization and vehicle users due to the rapid economic growth in the region contributes to the market growth. Moreover, the augmenting demand for innovative IT solutions and emphasis on minimizing skyrocketing maintenance & repair costs push the used vehicle market size.
Furthermore, the growing demand for passenger vehicles and online vehicle reselling companies in the region influence the used vehicle market shares. The growing purchasing power of consumers and increased spending on luxury cars drive the regional market growth.
Segmentation of Market covered in the research:
Information by Vehicle Age (0-5, 6-10, 11-15, 15-20, and > 20 years old), Vehicle Type (Passenger Car, Light Commercial Vehicle, And Heavy Commercial Vehicle), Propulsion (ICE and Electric Vehicle), Sales Channel (Franchised, Independent Car Dealers, Rental Car Companies, and Others), and Region (North America, Asia–pacific, Europe, and Rest of the World)
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