Used Car Market Research Report: By Sector (Unorganized, Organized), Vehicle Type (Medium, Small, Large), Propulsion (Internal Combustion Engine, Electric), Sales Medium (Offline, Online) - Global Industry Analysis and Growth Forecast to 2030
New York, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Used Car Market Research Report: By Sector, Vehicle Type, Propulsion, Sales Medium - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982463/?utm_source=GNW
The global used car market is predicted to reach 275.3 million units by 2030, from 115.2 million units, and is projected to advance at an 8.7% CAGR during the forecast period (2020–2030), as per a report . The market is registering growth due to the expanding organized sector, rapid shift towards online mediums, and high rate of depreciation and reduction in average age of ownership. When sector is considered, the market is bifurcated into organized and unorganized.
Between these two, the unorganized bifurcation held the major share of the market in 2019 because of the high share of these players in emerging markets, such as Thailand, India, China, Mexico, and Brazil. In addition to this, the weak regulations regarding used car purchase and sale, emerging economies are predicted to register dominance by organized players in the years to come. The organized bifurcation is projected to witness the faster growth during the forecast period, owing to the fact that buyers prefer to shop for certified vehicles.
When propulsion is taken into consideration, the used car market is divided into electric and internal combustion engine (ICE), between which, the ICE division held the larger share of the market in 2019. Owing to the rising average age of ICE vehicles, the division is expected to register growth in emerging economies. Furthermore, the electric division is predicted to witness faster growth during the forecast period due to the increasing demand for electric vehicles all across the globe.
Geographically, in the used car market, Latin America, Middle East & Africa (LAMEA) is predicted to progress at a faster pace during the forecast period. Developing countries in the region including Argentina, Mexico, and Brazil are offering expansion opportunities to the companies in the domain, since rising buying power of people in these countries is enabling them to buy used vehicles. This is creating opportunities for individuals selling their vehicles and independent dealerships. These factors are driving the growth of the regional market.
The expansion of the organized sector is a major factor leading to the growth of the used car market. The domain has previously been dominated by unorganized players in emerging economies, including Mexico, India, China, and Brazil. Most transactions are made between individual people trying to sell and buy a car. As the parties involved are individuals, it is hard to establish trust among them. Organized players on the other hand, provide various services along with offering used cars, such as free towing services at the dealership.
The emergence of e-commerce and online technologies is further predicted to drive the growth of the used car market. Internet connectivity, urbanization, and growth of the telecom sector have led to the better flow of information amongst people. In addition to this, online platforms are being utilized widely by used car owners for advertising their products and spreading the information about the availability of used vehicles. This enables increased number of people to buy and sell cars online, thereby making the process easier and faster.
In conclusion, the market is being driven by emergence of e-commerce and online technologies and expansion of the organized sector.
Read the full report: https://www.reportlinker.com/p05982463/?utm_source=GNW
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