The global used vehicle market is expected to rise at a strong 5.3% CAGR over the forecast period from 2020 to 2027, according to the latest research report from Market Research Future (MRFR). The global used vehicle market is mainly driven by the growing demand for low-cost fleet vehicles, as used vehicles offer the perfect solution for these customers.
The growing demand for fleet cars that don’t cost a fortune is likely to be a key driver for the global used vehicle market over the forecast period. The growing disposable income of the poorer classes is also likely to be a major driver for the global used vehicle market, as impoverished consumers prefer buying second-hand vehicles that run well rather than spending much more on a brand new vehicle.
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The growing Internet penetration in the key markets for used vehicles is also likely to be a major driver for the global used vehicle market over the forecast period. The easy availability of Internet channels to contact sellers and buyers has allowed the global used vehicle market to gain some structure in recent years, which has been a transformative change for the global used vehicle market. Previously, the sale of used vehicles was almost exclusively carried out through unlicensed dealers or through in-person meetings between the buyer and seller. The availability of the Internet allows used vehicle dealers and sellers to provide easy access to customers. This is likely to be a key driver for the global used vehicle market over the forecast period.
Competitive Analysis:
Leading players in the global used vehicle market include Vroom Inc., Autonation, TrueCar Inc., PenskeCars, eBay, Alibaba Group, Sun Toyota, Cox Automotive Inc., Hertz Car Sales, Autotrader Inc., Manheim, and CarMax Business Services LLC.
Industry Updates:
In April 2019, Penske announced plans to add four more used vehicle stores in the U.S. and the UK. The company’s sales volume of used vehicles is expected to increase by almost 30% in 2019, having risen by 75% in 2020 over 2017 figures.
Segmentation:
The global used vehicle market is segmented based on vehicle age, vehicle type, propulsion, sales channel, and region.
On the basis of vehicle age, the global used vehicle market is segmented into 0-5, 6-10, 11-15, 15-20, and >20 years old.
On the basis of vehicle type, the used vehicle market is segmented as passenger cars, light commercial vehicles, and heavy commercial vehicles.
On the basis of propulsion, the market is segmented as internal combustion engine (ICE) and electric vehicle (EV); the electric vehicle segment is further sub-segmented into battery EV, plug-in EV, and hybrid EV.
On the basis of sales channel, the global used vehicle market is segmented into franchised, independent car dealers, rental car companies, and others.
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Regional Analysis:
The global used vehicle market is segmented by region into North America, Europe, Asia Pacific, and rest of the world. Asia Pacific is likely to dominate the global used vehicle market over the forecast period due to the growing automotive industry in the region and the strong presence of economic inequalities in countries in the region, which has created two distinct consumer demographics, one buying new cars and the other buying used ones. The growing production of SUVs by regional automotive manufacturers in Asia Pacific is also likely to be a key driver for the used vehicle market in Asia Pacific, as SUVs and other 4WD vehicles are among the leading revenue generators for the used vehicles market. The increasing penetration of the Internet in Asia Pacific has served the used vehicle market well and is likely to remain one of the leading drivers for the market over the forecast period.
North America is the second largest regional market for used vehicles and is likely to retain a significant share due to the presence of several used vehicle market players and the growing demand for used vehicles in the region.
Emerging economies in Latin America and the Middle East could also play a crucial role in the global used vehicle market’s growth over the forecast period, as the low disposable income of consumers in these regions has driven the demand for used vehicles rather than new vehicles.
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Key Questions Addressed by the Report
- What was the historic market size (2020)?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate by 2027?
- 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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Market Research Future published a research report on the Global Used Vehicle Market, which expected to progress with 5.3% CAGR from 2019 to 2025.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 ScopeMajor driving factors are transparency of used car salesmen, penetration of the Internet, and demand for car subscription services.
Alternative to public transportation and lack of presence of economically priced cars can favor the used vehicle market demand.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.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.Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/7616SegmentationOn 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 sales channel, the segments are rental car companies, franchised, independent car dealers, and others.Regional AnalysisAsia Pacific is expected to hold the largest market share during the forecast period owing to the growing automotive industry in India, China, and Japan.
The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.The report includes the forecasts, Analysis and discussion of important industry trends, market size, market share estimates and profiles of the leading industry Players.Global Vacuum Insulated Panel (VIP) Shippers Market: Product Segment AnalysisSmall SizeMedium SizeLarge SizeGlobal Vacuum Insulated Panel (VIP) Shippers Market: Application Segment AnalysisFood & BeveragePharmaceutical & BiotechnologyGlobal Vacuum Insulated Panel (VIP) Shippers Market: Regional Segment AnalysisUSAEuropeJapanChinaIndiaSouth East AsiaThe Players mentioned in our reportVa-Q-tecEMBALL'ISOThermoSafePelican BioThermalCSafe GlobalCryopakAvery DennisonSofrigamTherapakIntelsiusJisiLifoam Life ScienceASAP CaseSchaumaplastSuper TechSoftboxCold Chain TechnologieFor sample report please visit : https://www.statzyreports.com/report/sr748021/world-vacuum-insulated-panel-vip-shippers-marketContact Us:Statzy Market ResearchEmail : [email protected]: [email protected](IN) +918484035727(US) +1415-871-0483Website : www.statzyreports.com
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