Used Cars Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

Used cars market size is set to record over 4.5% CAGR during 2024-2032 driven by economic factors and changing consumer preferences.

Economic fluctuations often render new cars that are less affordable, prompting consumers to turn to used vehicles as a more budget-friendly choice. New cars experience significant depreciation the moment they are driven off the lot, making their used counterparts appealing to value-seeking, budget-conscious buyers. For example, in November 2022, Kia India introduced 'Kia CPO,' a pre-owned car initiative featuring dedicated outlets for buying, selling, or trading used cars, complete with ownership transfers and customized financing options.

Advancements in vehicle technology and enhancements in older models are swaying consumer preferences toward used cars. The increased reliability and prolonged lifespans of these vehicles present a compelling option for numerous buyers. Furthermore, the rise of online platforms and digital marketplaces has simplified the process for consumers, allowing them to explore a vast array of used vehicles, compare prices, and make well-informed decisions.

The used cars industry is segmented into vehicle, fuel, sales channel, end use, and region.

Based on vehicle, the used cars market size from the sedan segment is expected to generate notable revenue by 2032 due to its enduring popularity and broader appeal among a diverse range of consumers. Sedans are associated with practicality, comfort, and affordability, making them a preferred choice for families, professionals, and daily commuters.

In terms of fuel, the used cars market from the diesel segment is projected to observe a robust CAGR during 2024 - 2032. This can be attributed to the reputation of diesel for its durability, fuel efficiency, and enhanced torque, attracting both budget-conscious buyers and those desiring robust performance. With their renowned longevity and superior fuel economy over gasoline engines, diesel vehicles have become a top choice for used car buyers emphasizing long-term value.

Asia Pacific used cars industry size will grow between 2024 and 2032 attributed to increasing urbanization and a rising middle-class populace, which boosts demand for affordable transportation solutions. Rapid economic development in countries like China and India has also led to a surge in disposable incomes, making used cars an accessible option for many consumers in APAC.

Product Code: 5019

Report content

Chapter 1 Methodology and Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Manufacturers
- 3.2.2 Fleet management providers
- 3.2.3 Service providers
- 3.2.4 Technology providers
- 3.2.5 End users
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
- 3.6.1 Partnership/collaboration
- 3.6.2 Merger/acquisition
- 3.6.3 Investment
- 3.6.4 Product launch and innovation
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Increasing number of online platforms for used car sales globally
  - 3.8.1.2 Rising adoption of digital technologies in the used car market in North America and Europe
  - 3.8.1.3 Rising prominence of rental service providers and car subscription in Asia
  - 3.8.1.4 Dynamic patterns of car ownership in Latin America
  - 3.8.1.5 Increasing preference for refurbished used cars in Middle East and Africa
3.9 Industry pitfalls and challenges
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Vehicle, 2021-2032 ($Bn, Units)

5.1 Key trends
5.2 Hatchback
5.3 Sedan
5.4 SUV
5.5 Others

Chapter 6 Market Estimate and Forecast, By Fuel, 2021-2032 ($Bn, Units)

6.1 Key trends
6.2 Gasoline
6.3 Diesel
6.4 Hybrid
6.5 Electric
6.6 Others

Chapter 7 Market Estimate and Forecast, By Sales Channel, 2021-2032 ($Bn, Units)

7.1 Key trends
7.2 Peer-to-peer
7.3 Franchised dealers
7.4 Independent dealers

Chapter 8 Market Estimate and Forecast, By End Use, 2021-2032 ($Bn, Units)

8.1 Key trends
8.2 Personal
8.3 Commercial

Chapter 9 Market Estimates and Forecast, By Region, 2021-2032 ($Mn, Units)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Sweden
- 9.3.7 Norway
- 9.3.8 Netherlands
- 9.3.9 Turkey
- 9.3.10 Greece
- 9.3.11 Hungary
- 9.3.12 Georgia
- 9.3.13 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.4.6 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Rest of Latin America
9.6 MEA
- 9.6.1 UAE
- 9.6.2 Saudi Arabia
- 9.6.3 South Africa
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 Arnold Clark Automobiles Ltd.
10.2 Asbury Automotive Group Inc.
10.3 AutoNation Inc.
10.4 AutoScout24
10.5 Universal Motor Agencies
10.6 CarMax Inc.
10.7 Carvana
10.8 Cox Automotive Inc. (Autotrader)
10.9 Emil Frey AG
10.10 Group 1 Automotive Inc.
10.11 Inchcape Group
10.12 Lithia Motors Inc.
10.13 Lookers PLC
10.14 Mahindra First Choice Wheels Ltd.
10.15 Maruti Suzuki India Ltd. (True Value)
10.16 Mobile.de
10.17 TrueCar, Inc.
10.18 Uxin Group