Global Used Vehicle Market Outlook to 2027
Driven by Type of Market Structure, by Type of Vehicle, by Age of vehicle, by kms Driven and by Region
March 2023
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About the Report
About the Report
The report provides a comprehensive analysis of the potential of Global Used Vehicle industry. The report covers an overview and genesis of the industry, and market size in terms of a number of used vehicles sold.
Its market segmentations include by type of Market Structure, by Type of Vehicle, by Age of vehicle, by kms Driven and by region; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.
Market Overview:
According to Ken Research estimates, due to the impact of COVID-19, there has been a substantial decrease in the denominator (new vehicle sales) while the numerator, i.e. The pre-owned vehicle market, has been relatively stable. The Global used vehicle market is currently at $ 1.25 Tn and is expected to exceed $ 2.5 Tn by 2027.
- The share of organized sector is more than the unorganized sector in the global used vehicle market due to higher preference and trust in organized players in the market.
- People prefer vehicles that are around five years old as they are less likely to need expensive replacements at this age.
- With the rise in preference for online retailing, the online segment is expected to witness significant growth, however, a large number of customers prefer offline stores while purchasing used vehicles to ensure and check the vehicle physically. Therefore, the offline segment of the market is anticipated to dominate the market during the forecast period.
Key Trends by Market Segment:
By Kms Driven: Vehicles with average mileage of 81,000-100,000 Km are expected to dominate the industry in the future. Along with mileage, consumers preference for good condition, which would be crucial factor for used vehicle sales.
By Age of Vehicle, 2022: Upper- or Middle-Income Families, Working Professionals, and other groups prefer used vehicles that are 8-10 years old.
Competitive Landscape
The global used vehicle industry is largely unorganized due to the preference of consumers towards stand-alone local, independent dealers or the ones located in used car exchanges, along with peer-to-peer sales, facilitated by online auto-classified platforms. The used vehicle market has witnessed the entry of various online classified portals and marketplaces in recent years. These players follow various different business models and aim to harness the untapped potential of the industry. Few players include True Vehicle, Inc, Lithia Motors, Inc., Group 1 Automotive, Inc., The HERTZ Corporation etc.
Future Outlook
Dealerships are expected to introduce their own official website/platforms to showcase their used vehicle inventory. Online auto portals are expected to venture into omni-channel experiences & offer varied services such as vehicle subscription. Value-added services such as vehicle inspection, financing options, insurance, ownership transfer & more is expected to be a focus area for used vehicle dealers to provide a hassle-free experience to the buyers.
Scope Of The Report
Scope of the Report
By Type of Market Structure |
Organized Channel Unorganized Channel OEM Certified Franchise Dealers Multi Brand Dealers DDSA C2C Transaction Local Dealership Auction Companies |
By Type Of Vehicle |
Cars Bikes Trucks Buses Bicycles Others |
By Age of Vehicle |
0-2 years 2-4 years 4-6 years 6-8 years 8-10 years More than 10 years |
By Kms Driven |
0-40,000 41,000-80,000 81,000-1,00,000 1,00,000-1,40,000 1,20,000-1,80,000 |
By Region |
North America Europe Asia-Pacific LAMEA |
Products
Products
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Used Vehicle Dealers
- Used Vehicle Equipment Manufacturers and Distributors
- Auto Portals
- Online Dealers
- Vehicle Showrooms
- Unauthorized Dealers
- Market Research and Consulting Firms
- Automotive Companies
- Vehicle manufacturing Companies
- Tourism Agencies
- Government Bodies & Regulating Authorities
Time Period Captured in the Report
- Historical Period: 2017-2022
- Base Period: 2022
- Forecast Period: 2022-2027
Companies
Major Players Mentioned in the Report
Leading companies
- TrueVehicle, Inc
- Lithia Motors, Inc.
- Group 1 Automotive, Inc.
- THE HERTZ CORPORATION
- Pendragon PLC
- Asbury Automotive Group, Inc.
- AutoNation, Inc
- VehicleMax Business Services LLC
- Cox Automotive
- Hendrick Automotive Group.
- Batfa Japan Inc.
- India Kawasaki Motors Pvt. Ltd.
- Droom, Motorbikes 4 All
- Triumph Motorcycles
- Yamaha Certified Pre-Owned
- Motohunt Inc.
- Blade Motorcycles
- Mundimoto Europe SL
Table of Contents
Table of Contents
1. Executive Summary
2. Market Overview
2.1 Taxonomy of Global Used Vehicle Market
2.2 Industry Value Chain
2.3 Ecosystem
2.4 Government Regulations/Initiatives for Global Used Vehicle Market
2.5 Growth Drivers of Global Used Vehicle Market
2.6 Issues and Challenges of Global Used Vehicle Market
2.7 Impact of COVID-19 on Global Used Vehicle Market
2.8 PESTLE/SWOT Analysis
3. Global Used Vehicle Market Size, 2017 – 2022
4. Global Used Vehicle Market Segmentation
4.1 By Type Of Vehicle, 2017 - 2022
4.2 By Age of Vehicle, 2017 - 2022
4.3 By Regional Split (North America/Europe/Asia-Pacific/LAMEA), 2017 - 2022
5. Competitive Landscape
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles – (Top 5 - 7 Major Players)
5.3.1 True Vehicle, Inc
5.3.2 Lithia Motors, Inc.
5.3.3 Group 1 Automotive, Inc.
5.3.4 The Hertz Corporation
5.3.5 Pendragon PLC
5.3.6 AutoNation, Inc
5.3.7 Cox Automotive
6. Global Used Vehicle Future Market Size, 2022 – 2027
7. Global Used Vehicle Future Market Segmentation
7.1 By Type Of Vehicle, 2022 - 2027
7.2 By Age of Vehicle, 2022 - 2027
7.3 By Regional Split (North America/Europe/Asia-Pacific/LAMEA), 2022 - 2027
8. Analyst Recommendations
9. Research Methodology
10. Disclaimer
11. Contact Us
Research Methodology
Research Methodology
Step 1: Identifying Key Variables:
Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around market to collate industry level information.
Step 2: Market Building:
Collating statistics on used vehicle and new vehicle over the years, penetration of vehicle finance and down payment ratio to compute overall credit disbursed for vehicles. We will also review statistics to understand credit disbursed and outstanding amount which can ensure accuracy behind the data points shared.
Step 3: Validating and Finalizing:
Building market hypothesis and conducting CATIs with industry experts belonging to different companies to validate statistics and seek operational and financial information from company representatives.
Step 4: Research output:
Our team will approach multiple finance providing channels and understand nature of product segments and sales, consumer preference and other parameters, which will support us validate statistics derived through bottom to top approach from vehicle finance providers.
Frequently Asked Questions
Frequently Asked Questions
01 What is the Study Period of this Market Report?
The Global Used Vehicle Market is covered from 2017–2026 in this report, including a forecast for 2022-2026.
02 What are the Key Factors Driving the Global Used Vehicle Market?
New Online Used Market and Rising Disposable Income is likely to fuel the growth in the Global Used Vehicle Market.
03 Which region has high adoption of Used Vehicle within the Global Used Vehicle Market?
European region held the highest share of the Global Used VehicleMarket in 2022.
04 Who are the Key Players in the Global Used Vehicle Market?
True Vehicle, Inc, Lithia Motors, Inc., Group 1 Automotive, Inc., The HERTZ Corporation etc
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