Product Code: A06429
A used car is one that has been driven or owned before by one or more owners. It is sometimes referred to as a used car or a pre-owned car. There are many places where used automobiles can be purchased, including franchise and independent car dealerships, rental car agencies, public and private yard sales, and leasing offices. Customers at used car dealers can choose from a variety of vehicles. They include used cars with extended service agreements, certified pre-owned vehicles, and inexpensive vehicles. In addition, used vehicle dealers provide clients the option of buying used automobiles online, and customers can use dealer websites to learn more about used cars.
As the auto industry rapidly develops, car prices are rising. New cars are becoming an increasingly expensive purchase for the common person as their prices climb each year. Strangely, a car's average lifespan is dropping despite the ongoing price increase, which is helpful for those looking to buy older cars. Because manufacturers now release updated versions of their vehicles more frequently than they did a few years ago, there are an increasing number of modern cars on the used car current market. Buyers might easily strike a clever deal with a low value owing to this. During the projected period, this element is anticipated to fuel used automobile sales in the personal market.
Moreover, used cars don't lose value as quickly because they've previously gone through this process, but new cars do in the first few years, which is sometimes to businesses' advantage. Used cars often cost less to insure than new cars, which can lower the premiums that businesses must pay. Also, used automobiles cost less than new ones, which may be a huge advantage for businesses that are just started or looking to save money. These elements are predicted to fuel market expansion during the upcoming years.
Sedans are renowned for being comfortable and opulent. The elements that fuel demand for sedans include comfort, a smoother ride in cities, greater boot room, lighter weight, better speed, and fuel efficiency. A rise in emission standards has also raised the desire for electric vehicles, and it has been noted that most of the market's offerings are sedans due to their affordability and low price. As a result, the sedan segment of the used automobile market has development potential due to the comfort and increased space in sedans.
The market for used cars is driven by factors including high prices of new vehicles and affordability concerns, a rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers, and increasing investment by giant automakers in the market. However, unorganized used car sales and lack of regularization are the major factors that hamper the growth of the used cars market.
The market segmentation is based on the vehicle type, propulsion, distribution channel, and region. As per vehicle type, it is divided into hatchback, sedan, and SUV. According to propulsion, it is classified into ICE and electric & hybrid. By distribution channel, it is categorized into franchised dealer, independent dealer, and peer-to-peer. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include: Asbury Automotive Group, Inc., AutoNation, Inc., CarMax Business Services, LLC, Cars24 Services Private Limited, Carvana, Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd., and TrueCar, Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the used cars market analysis from 2021 to 2031 to identify the prevailing used cars market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the used cars market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global used cars market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Vehicle Type
By Propulsion
By Distribution Channel
- Franchised Dealer
- Independent Dealer
- Peer-to-peer
By Region
- North America
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players:
- CarMax Inc.
- Lithia Motors, Inc.
- Hendrick Automotive Group
- Mahindra First Choice
- TrueCar, Inc.
- Asbury Automotive Group, Inc.
- Carvana
- Group1 Automotive Inc.
- AutoNation, Inc.
- cars24
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.3.1. Bargaining power of suppliers
- 3.3.2. Bargaining power of buyers
- 3.3.3. Threat of substitutes
- 3.3.4. Threat of new entrants
- 3.3.5. Intensity of rivalry
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. High new vehicle prices and affordability concerns
- 3.4.1.2. Rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers
- 3.4.1.3. Increasing investment by giant automakers in the market
- 3.4.2. Restraints
- 3.4.2.1. Unorganized used car sales
- 3.4.2.2. Lack of regularization
- 3.4.3. Opportunities
- 3.4.3.1. Steady increase in organized/semi-organized sales in emerging countries and surge in electric vehicle business across the globe.
- 3.4.3.2. Advent of E-commerce and online technologies
- 3.4.3.3. Demand for car-sharing services
- 3.5. COVID-19 Impact Analysis on the market
CHAPTER 4: USED CARS MARKET, BY VEHICLE TYPE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Hatchback
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Sedan
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. SUV
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
CHAPTER 5: USED CARS MARKET, BY PROPULSION
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. ICE
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Electric and Hybrid
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
CHAPTER 6: USED CARS MARKET, BY DISTRIBUTION CHANNEL
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Franchised Dealer
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Independent Dealer
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Peer-to-peer
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
CHAPTER 7: USED CARS MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key trends and opportunities
- 7.2.2. Market size and forecast, by Vehicle Type
- 7.2.3. Market size and forecast, by Propulsion
- 7.2.4. Market size and forecast, by Distribution Channel
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Key market trends, growth factors and opportunities
- 7.2.5.1.2. Market size and forecast, by Vehicle Type
- 7.2.5.1.3. Market size and forecast, by Propulsion
- 7.2.5.1.4. Market size and forecast, by Distribution Channel
- 7.2.5.2. Canada
- 7.2.5.2.1. Key market trends, growth factors and opportunities
- 7.2.5.2.2. Market size and forecast, by Vehicle Type
- 7.2.5.2.3. Market size and forecast, by Propulsion
- 7.2.5.2.4. Market size and forecast, by Distribution Channel
- 7.2.5.3. Mexico
- 7.2.5.3.1. Key market trends, growth factors and opportunities
- 7.2.5.3.2. Market size and forecast, by Vehicle Type
- 7.2.5.3.3. Market size and forecast, by Propulsion
- 7.2.5.3.4. Market size and forecast, by Distribution Channel
- 7.3. Europe
- 7.3.1. Key trends and opportunities
- 7.3.2. Market size and forecast, by Vehicle Type
- 7.3.3. Market size and forecast, by Propulsion
- 7.3.4. Market size and forecast, by Distribution Channel
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. UK
- 7.3.5.1.1. Key market trends, growth factors and opportunities
- 7.3.5.1.2. Market size and forecast, by Vehicle Type
- 7.3.5.1.3. Market size and forecast, by Propulsion
- 7.3.5.1.4. Market size and forecast, by Distribution Channel
- 7.3.5.2. Germany
- 7.3.5.2.1. Key market trends, growth factors and opportunities
- 7.3.5.2.2. Market size and forecast, by Vehicle Type
- 7.3.5.2.3. Market size and forecast, by Propulsion
- 7.3.5.2.4. Market size and forecast, by Distribution Channel
- 7.3.5.3. France
- 7.3.5.3.1. Key market trends, growth factors and opportunities
- 7.3.5.3.2. Market size and forecast, by Vehicle Type
- 7.3.5.3.3. Market size and forecast, by Propulsion
- 7.3.5.3.4. Market size and forecast, by Distribution Channel
- 7.3.5.4. Italy
- 7.3.5.4.1. Key market trends, growth factors and opportunities
- 7.3.5.4.2. Market size and forecast, by Vehicle Type
- 7.3.5.4.3. Market size and forecast, by Propulsion
- 7.3.5.4.4. Market size and forecast, by Distribution Channel
- 7.3.5.5. Rest of Europe
- 7.3.5.5.1. Key market trends, growth factors and opportunities
- 7.3.5.5.2. Market size and forecast, by Vehicle Type
- 7.3.5.5.3. Market size and forecast, by Propulsion
- 7.3.5.5.4. Market size and forecast, by Distribution Channel
- 7.4. Asia-Pacific
- 7.4.1. Key trends and opportunities
- 7.4.2. Market size and forecast, by Vehicle Type
- 7.4.3. Market size and forecast, by Propulsion
- 7.4.4. Market size and forecast, by Distribution Channel
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Key market trends, growth factors and opportunities
- 7.4.5.1.2. Market size and forecast, by Vehicle Type
- 7.4.5.1.3. Market size and forecast, by Propulsion
- 7.4.5.1.4. Market size and forecast, by Distribution Channel
- 7.4.5.2. Japan
- 7.4.5.2.1. Key market trends, growth factors and opportunities
- 7.4.5.2.2. Market size and forecast, by Vehicle Type
- 7.4.5.2.3. Market size and forecast, by Propulsion
- 7.4.5.2.4. Market size and forecast, by Distribution Channel
- 7.4.5.3. India
- 7.4.5.3.1. Key market trends, growth factors and opportunities
- 7.4.5.3.2. Market size and forecast, by Vehicle Type
- 7.4.5.3.3. Market size and forecast, by Propulsion
- 7.4.5.3.4. Market size and forecast, by Distribution Channel
- 7.4.5.4. South Korea
- 7.4.5.4.1. Key market trends, growth factors and opportunities
- 7.4.5.4.2. Market size and forecast, by Vehicle Type
- 7.4.5.4.3. Market size and forecast, by Propulsion
- 7.4.5.4.4. Market size and forecast, by Distribution Channel
- 7.4.5.5. Rest of Asia-Pacific
- 7.4.5.5.1. Key market trends, growth factors and opportunities
- 7.4.5.5.2. Market size and forecast, by Vehicle Type
- 7.4.5.5.3. Market size and forecast, by Propulsion
- 7.4.5.5.4. Market size and forecast, by Distribution Channel
- 7.5. LAMEA
- 7.5.1. Key trends and opportunities
- 7.5.2. Market size and forecast, by Vehicle Type
- 7.5.3. Market size and forecast, by Propulsion
- 7.5.4. Market size and forecast, by Distribution Channel
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Latin America
- 7.5.5.1.1. Key market trends, growth factors and opportunities
- 7.5.5.1.2. Market size and forecast, by Vehicle Type
- 7.5.5.1.3. Market size and forecast, by Propulsion
- 7.5.5.1.4. Market size and forecast, by Distribution Channel
- 7.5.5.2. Middle East
- 7.5.5.2.1. Key market trends, growth factors and opportunities
- 7.5.5.2.2. Market size and forecast, by Vehicle Type
- 7.5.5.2.3. Market size and forecast, by Propulsion
- 7.5.5.2.4. Market size and forecast, by Distribution Channel
- 7.5.5.3. Africa
- 7.5.5.3.1. Key market trends, growth factors and opportunities
- 7.5.5.3.2. Market size and forecast, by Vehicle Type
- 7.5.5.3.3. Market size and forecast, by Propulsion
- 7.5.5.3.4. Market size and forecast, by Distribution Channel
CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product Mapping of Top 10 Player
- 8.4. Competitive Dashboard
- 8.5. Competitive Heatmap
- 8.6. Top player positioning, 2021
CHAPTER 9: COMPANY PROFILES
- 9.1. Asbury Automotive Group, Inc.
- 9.1.1. Company overview
- 9.1.2. Key Executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
- 9.2. AutoNation, Inc.
- 9.2.1. Company overview
- 9.2.2. Key Executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.2.7. Key strategic moves and developments
- 9.3. CarMax Inc.
- 9.3.1. Company overview
- 9.3.2. Key Executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
- 9.4. cars24
- 9.4.1. Company overview
- 9.4.2. Key Executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Key strategic moves and developments
- 9.5. Carvana
- 9.5.1. Company overview
- 9.5.2. Key Executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.6. Group1 Automotive Inc.
- 9.6.1. Company overview
- 9.6.2. Key Executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
- 9.7. Hendrick Automotive Group
- 9.7.1. Company overview
- 9.7.2. Key Executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Key strategic moves and developments
- 9.8. Lithia Motors, Inc.
- 9.8.1. Company overview
- 9.8.2. Key Executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.8.7. Key strategic moves and developments
- 9.9. Mahindra First Choice
- 9.9.1. Company overview
- 9.9.2. Key Executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Key strategic moves and developments
- 9.10. TrueCar, Inc.
- 9.10.1. Company overview
- 9.10.2. Key Executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.10.7. Key strategic moves and developments