UA-145931898-1

Used Vehicle Market 2022 Global Share, Top key Players, Industry Development, Trends, Growth Factor and Forecast Report

Comments · 385 Views

The global used vehicle market size is projected to reach USD 1,917.35 billion by 2027, exhibiting a CAGR of 1.64% during the forecast period.

The global used vehicle market size is projected to reach USD 1,917.35 billion by 2027, exhibiting a CAGR of 1.64% during the forecast period. Reduced demand for public transport during the current COVID-19 pandemic is likely to spur the adoption of personal vehicles, states Fortune Business Insights™ in its report, titled “Used Vehicle Market Size, Share Industry Analysis, By Vehicle Type (Passenger Car, Commercial Vehicle), By Vehicle Age (0 to 05 Years, 06 Years to 10 Years, 10 Years and above), By Vendor Type (Organized, Unorganized), By Propulsion Type (ICE, Electric), By Market Type (Offline, Online), and Regional Forecast, 2020-2027”. Fears of contracting the coronavirus and the strict social distancing rules imposed by governments around the world to stem the transmission of the virus have led to a drastic fall in demand for public transportation.

Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/used-vehicle-market-104665

List of Key Companies Profiled in the Used Vehicle Market Report:

  • OLX 
  • eBay Inc. 
  • Cox Automotive 
  • CarMax Business Services, LLC 
  • AutoNation Inc.
  • Asbury Automotive Group 
  • com 
  • Maruti Suzuki India Limited
  • Vroom 
  • Mahindra First Choice 
  • TrueCar, Inc. 
  • Scout24 AG 
  • LITHIA Motor Inc. 
  • Hendrick Automotive Group 
  • Group 1 Automotive Inc.

Driving Factor

Expanding Urban Spaces to Generate Prolific Growth Opportunities

One of the most exciting developments supporting the used vehicle market growth is the speedy expansion of urban areas around the globe. Projections released by the UN in its World Urbanization Prospects in 2018 show that approximately 68% of the global population will be residing in urban areas by 2050. Rising from the current 55%, this increase is estimated to add 2.5 billion dwellers to urban areas by 2050, as per UN data, with nearly 90% of this growth occurring in Asia and Africa. Urban spaces typically have a large proportion of working-class individuals that need cheap and efficient transportation to commute over long distances. Used vehicles provide the optimal solution to such individuals as well-maintained cars can be bought for prices significantly lower than new cars. Moreover, the coronavirus pandemic has led to a severe economic downturn in major economies, which has reduced consumers’ purchasing powers, particularly in developing economies. As a result, the adoption of used cars is on the rise in large cities across the globe and as urban agglomerates continue to swell, the demand for pre-used vehicles is also likely to expand.

 Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/used-vehicle-market-104665

Competitive Landscape

Key Players to Rely on Acquisitions to Deepen Market Presence 

Top competitors in this market are relying on the conventional acquisition strategy to deepen their market foothold and expand their presence. These activities are also enabling companies to diversify their operations and widen their offerings to customers.

Industry Developments:

  • August 2020: Asbury Automotive Group announced the successful acquisition of Park Place Dealerships, augmenting its annual revenues by USD 1.7 billion. Park Place owns and operates a high-profile portfolio of premium luxury dealerships and also possesses large tracts of real estate in the country.
  • January 2020: Hendrick Automotive Group inaugurated a satellite outlet for pre-owned BMW cars and other vehicles in south Charlotte, offering amenities such as Wi-Fi, loaner vehicles, and refreshments to customers.

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. 

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune - 411045, Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: sales@fortunebusinessinsights.com

Comments