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