Used Vehicle Market Research Report- Forecast till 2027

Global Used Vehicle Market Research Report: 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) - Forecast till 2027

ID: MRFR/AM/6147-HCR | February 2021 | Region: Global | 100 pages

Please note that the assessment period of report has been updated from 2018-2025 to 2020-2027. Cordially fill the sample form for updated data.

Market Synopsis
Used Vehicle is the second-hand vehicle or that vehicle which is available for resale. Used vehicle is sold through various outlets, such as franchise and independent car dealers, rental car companies, leasing offices, auctions, and private party sales. Different countries have different laws and regulations for used vehicle sales. For instance, in Canada, used vehicle is regulated by the Ontario Motor Vehicle Industry Council (OMVIC) and the Alberta Motor Vehicle Industry Council (AMVIC), whereas in the US, used vehicle is regulated under Federal Trade Commission's (FTC's).
The global used vehicle market is projected to grow at 5.3% CAGR during the forecast period. The key driving factors for the growth of this market are internet penetration enabling the availability of information of the used car, rise in demand for off-lease vehicle by the franchise, car dealers, and leasing offices, stringent vehicular emissions regulations, and the growing demand for car subscription services. The lack of standardization and unorganized used car sales, higher depreciation rate of vehicle and the demand for car-sharing services, might restrain the growth of this market. However, the increase in per capita disposable income from emerging nations and the growing economy in the developing regions are the opportunities in the market.
Used Vehicle Market Segmentation

Used Vehicle Market

The global used vehicle market is segmented based on vehicle age, vehicle type, propulsion, sales channel, and region. On the basis of vehicle age, the market has been segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years old. On the basis of vehicle type, the market has been segmented as passenger car, light commercial vehicle, and heavy commercial vehicle. On the basis of propulsion, the market has been segmented as internal combustion engine (ICE) and electric vehicle (EV), wherein the electric vehicle segment is further segmented as battery EV, plug-in EV, and hybrid EV. On the basis of sales channel, the segments are franchised, independent car dealers, rental car companies, and others.
Geographically, the global used vehicle market has been segmented into the four regions of North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to hold the largest market share during the forecast period owing to the growing automotive industry in China, India, and Japan. Moreover, increased production and sales of SUVs is expected to boost the demand for used vehicle in this region. Furthermore, the rise in per capita disposable income in emerging economies, increasing population, urbanization, and the focus on emission reduction, contribute to the growth of this market.
North America is expected to grow at a significant rate during the forecast period due to the growing demand for passenger vehicle in the US and Canada. Furthermore, growing e-commerce sector in US and Canada is expected to boost the market. For instance, one of the leading players in China e-commerce market, entered the US market with the help of Google in 2018.
The emerging economy and development of automotive industry in the Middle East & Africa and South America regions also leads to the market growth. Furthermore, increasing investments by Amazon, eBay, and Alibaba Group in MEA and South America E-commerce market support the growth of this market.
The prominent players in the global used vehicle industry include CarMax Business Services, LLC (US), Manheim (US), Autotrader, Inc. (US), HERTZ CAR SALES (US), Cox Automotive, Inc. (US), Sun Toyota (US), Alibaba Group (China), eBay (US), PenskeCars (US), TrueCar, Inc. (US), Autonation (US), and Vroom, Inc. (US),
The report for global used vehicle market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.

Frequently Asked Questions (FAQ) :

In the near future, the market expansion will take place at a rate of 5.3%.

Rising internet penetration and expansion of the global automotive industry ensure that the market value will increase significantly by the end of the forecast timeframe.

The renowned companies in the market are HERTZ CAR SALES (US), Sun Toyota (US), eBay (US), Cox Automotive, Inc. (US), Vroom, Inc. (US), TrueCar, Inc. (US), PenskeCars (US), Autotrader, Inc. (US), Autonation (US), Manheim (US), Alibaba Group (China), CarMax Business Services, LLC (US), and others.

Increasing economic status and the booming automotive industry back the market growth in MEA and South America.

The propulsion-based segments covered in the report are internal combustion engine (ICE) as well as electric vehicle (EV).