Shift to Digitization by Brands to Work Favorably for Global Used Vehicle Market

 

Used vehicles are second-hand vehicles that are available for resale in economies dependent on two-wheelers and four-wheelers as a primary mode for transportation. The global used vehicle market report by Market Research Future (MRFR) covers the historical performance of the market as well as trends and opportunities for the period of 2019 to 2025 (forecast period). The COVID-19 outbreak and its impact on the industry are covered in the report.

Market Scope

The global used vehicle market is projected to grow at 5.3% CAGR during the forecast period. Major driving factors are transparency of used car salesmen, penetration of the Internet, and demand for car subscription services. Rise in disposable income levels of customers and growth witnesses in developing economies can bode well for the market. Alternative to public transportation and lack of presence of economically priced cars can favor the used vehicle market demand.

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The COVID-19 pandemic has proven to be lucrative for the global used vehicle market owing to adherence to restriction of movement by consumers as well as the rising cost of new vehicles. In addition, the large number of used vehicles on websites coupled with various renowned used car vehicle franchises planning to go public on the stock market with the help of partners.

But the organized nature of used car industry and demand of ride-hailing services may hamper market growth.

Segmentation

On the basis of vehicle age, the market has been segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years old. On the basis of vehicle type, the market has been segmented into light commercial vehicle, passenger car, and heavy commercial vehicle. On the basis of propulsion, the market has been segmented as internal combustion engine (ICE) and electric vehicle (EV), wherein the electric vehicle segment is further segmented into plug-in EV, battery EV, and hybrid EV. On the basis of sales channel, the segments are rental car companies, franchised, independent car dealers, and others.

Regional Analysis

Asia Pacific is expected to hold the largest market share during the forecast period owing to the growing automotive industry in India, China, and Japan. Moreover, increased production and sales of SUVs is expected to boost the demand for used vehicle in this region. Furthermore, the rise in per capita disposable income in emerging economies, increasing population, and urbanization can contribute to the growth of this market. The use of analytics to gauge consumer demand as well as use of smartphones for scanning vehicles from all sides can ensure transparency during the sales process.

North America is expected to grow at a significant rate during the forecast period due to the growing demand for passenger vehicles in the U.S. and Canada. Furthermore, growing e-commerce sector in these countries is expected to boost the market. For instance, JD.com one of the leading players in China e-commerce market, entered the US market with the help of Google in 2018. Moreover, used cars stocks are high during the COVID-19 pandemic and shutdown of car production by branded players.

The emerging economy and development of automotive industry in the Middle East & Africa and South America regions also leads to the market growth. Furthermore, increasing investments by Amazon, eBay, and Alibaba Group in MEA and South America E-commerce market can support the growth of this market.

Competitive Outlook

HERTZ CAR SALES, Vroom, Inc., Manheim, Autonation, eBay, TrueCar, Inc., PenskeCars, Autotrader, Inc., Alibaba Group, Sun Toyota, CarMax Business Services, LLC, and Cox Automotive, Inc. are key players of the global used vehicle market.

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Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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