Used Car Market overview:
The industry for used cars was valued at 828.24 billion USD in 2019 and is expected to grow at a CAGR of 8.3% from 2020 to 2027, reaching 1,355.15 billion USD.
A used car is a used automobile that may be sold again. Used automobiles are sold through a variety of channels, including franchised and individual car dealerships, rental car agencies, auctions, private party sales, and leasing offices.
The manufacture and shipment of active carbon canisters are severely hindered by governmental regulations on both the manufacturing and transportation industries. The coronavirus has caused a major divergence in the growth of automotive activated carbon canister producers, which has affected the industry volume for automotive active carbon canisters for 2020. A continuous epidemic is hindering the development of the automotive activated carbon canister system industry. All forms of manufacturing and installation had been halted throughout the impacted nations, and the epidemic had afflicted all market activities.
However, due to consumer worries regarding security, the industry is currently on an up tendency because of the growing purchasing power of customers during the epidemic and the growth in sales of cars, especially light commercial vehicles, and passenger cars.
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Additionally, most people worldwide want to purchase cars after the shutdown. For example, customers are moving away from taxis and public transit in favor of private automobiles, according to vehicle research, which indicates that customers prefer to utilize personal cars over public transport services. Some used car business has experienced a significant increasing trend in sales in some nations due to factors like a decline in income, a lack of money, and an increase in preference for a private vehicle to maintain social distance, which is anticipated to significantly boost the used car sector during the COVID-19 epidemic even though some car manufacturers are starting to struggle because of the covid epidemic.
The expansion of the Used Car industry is being supported by elements like the high price of new cars, worries about accessibility, and the rise in demand for off-lease vehicles & subscription services by the franchise, leasing offices, and car dealers, among others. The expansion of the worldwide industry is, however, constrained by unstructured used car sales and the absence of regularization.
Additionally, the emergence of e-commerce and web-based technologies, a steady rise in structured sales in emerging economies, a rise in the international world economy for electric vehicles, and the demand for car-sharing services are all predicted to present the lucrative potential for the expansion of the used car segment.
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Used Car Market Segmentation:
This market is segmented into three major groups that are type of vehicle, type of fuel, and distribution channel.
Based on the type of vehicle this market is segmented into Hatchback, SUV, and Sedan.
Based on fuel type petrol, diesel, and others. Based on distribution channels this market is divided into franchised dealers, independent dealers, and others.
Used Car Market Regional classification:
This market is classified into four major regions that are North America, Asia-Pacific, Europe, and the rest of the world.
Used Car Industry news:
The key player in this market is CarMax Business Services LLC (US), Autotrader Inc. (US), eBay (US), and TrueCar.
Key Players
- CarMax Business Services LLC (US)
- Manheim (US)
- Autotrader Inc. (US)
- HERTZ CAR SALES (US)
- Cox Automotive Inc. (US)
- Sun Toyota (US)
- Alibaba Group (China)
- eBay (US)
- PenskeCars (US)
- TrueCar
- Inc. (US)
- Autonation (US)
- and Vroom Inc. (US)
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