Dublin, Nov. 13, 2024 (GLOBE NEWSWIRE) — The “Used Car Market Size, Share & Trends Analysis by Vehicle Type (Hybrid, Conventional), Vendor Type (Organized, Unorganized), Fuel Type (Diesel, Petrol), Size, Sales Channel, and Region, 2025-2030” report has been added to ResearchAndMarkets.com’s offering.
The global used car market size is anticipated to reach USD 2.70 trillion by 2030. The market is projected to grow at a CAGR of 6% from 2025 to 2030.
Rising technological advancements such as the implementation of digital technology in the market and the use of artificial intelligence to improve the online buying experience are expected to boost the market demand over the forecast period. Some of the other factors such as transparency between the owner and buyer and certified used vehicles programs also impacted the market for used cars.
Furthermore, the growing adoption of used electric and hybrid cars has become one of the noticeable trends in the last few years. The increased number of new Electric Vehicles (EVs) and hybrid cars registered over the last few years is now flowing through into the market. For instance, European countries such as Germany, the U.K., Spain, and Austria have witnessed significant volume sales of petrol, EVs, and hybrid vehicles.
Globally, the growth of online sales channels also changed the overall consumption of used cars. As online automotive retailing accounts for a small percentage of total used car sales, there is a significant growth potential for this segment. Moreover, automotive dealers use their websites as a sales and marketing generation channel to drive buyers to the showroom floor where the consumers complete the purchase. However, nowadays, consumers are looking for e-commerce options for their entire purchases. Moreover, there is a rise in the number of digital sellers, such as Vroom; Carvana Inc.; eBay Motors; and Shift Technologies Inc., that specifically cater to online vehicle buyers and increase the competitiveness of the market.
Escalating investment in the SUV segment is also one of the key reasons, which caters to the demand traction in the market. Luxury brands have invested in launching vehicles in the SUV segment to add to their existing sports collection inventory. With the availability of a supply chain network of second-hand cars in the market, significant traction is expected in terms of volume sales in the market. Additionally, the significant change in people’s transportation habits such as opting for individual mobility with their own vehicle is expected to create a great upsurge in the market.
Used Car Market Report Highlights
- Digitally generated leads with online sales channels are expected to attain prominence, and the brick and mortar/offline dealerships are expected to remain under severe pressure due to the COVID outbreak
- The organized dealership is expected to withstand the demand for used cars and eventually expected to hold a major share in the market
- Data analytics tools and artificial intelligence are assisting non-banking financial companies to bring ineffectiveness in the underwriting process. Used car dealers with this opportunity are tying up with the financial agencies, and this process will further help to make loans easily available to customers
- The Asia Pacific region is expected to witness significant growth over the forecast period, majorly due to the increasing supply base and demand for affordable used cars
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments
- Competitive Landscape: Explore the market presence of key players worldwide
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions
This report addresses:
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
The leading players in the Used Car market include:
- Alibaba.com
- CarMax Enterprise Services, LLC
- Asbury Automotive Group
- TrueCar, Inc.
- Scout24 SE
- Lithia Motor Inc.
- Group 1 Automotive, Inc.
- eBay.com
- Hendrick Automotive Group
- AutoNation.com
Key Attributes
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $1.9 Trillion |
| Forecasted Market Value (USD) by 2030 | $2.7 Trillion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/29ikbu
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