A used Vehicle, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or greater retail proprietors. Used motors are bought through a diffusion of retailers, along with franchise and unbiased car sellers, rental vehicle businesses, purchase here pay dealerships, leasing offices, auctions, and personal birthday celebration income. Some automobile stores offer "no-haggle prices," "certified" used cars, and extended carrier plans or warranties. The growth of the Internet has fueled the supply of data at the cost of used vehicles. These records turned into once only to be had in trade guides that dealers had get admission to.
Key Players Covered in the Used Vehicle Market are:
Alibaba Group, Vroom, OLX, Cars24, Autotrader (Cox Automotive), TrueCar, Truevalue, First choice, Maruti Suzuki India Ltd., PenskeCars (Penske Automotive Group), Quikr, Mahindra First Choice, Group 1 Automotive Inc., Asbury Automotive Group, Hendrick Automotive Group, AutoNation Inc., LITHIA Motor Inc., eBay, CarMax Business Services LLC., Scout24 AG, Cox Automotive, Sun Toyota, and other major players.
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Market Dynamics And Factors For Used Vehicle Market:
Personal Mobility is in High Demand
In practically all cities across the united states, population increase has outpaced public transportation, resulting in a decline in reliance on public transportation. The susceptibility of such mediums changed into also validated via the pandemic. People who formerly depended on public and private transportation, carpooling, or shared offerings have moved their interest to non-public mobility. People are focused extra on social distance standards in metro or even non-metro towns, with health protection being the number one situation.
Market Restraints:
Because the supplier cannot reap automobiles to serve their clients till the proprietor does no longer promote them available on the market, the used vehicle supplier is reliant on the seller. If new car income fall, the market will become short of elements after some time. Furthermore, the epidemic has impacted negatively on the automobile industry. Consumers are anticipated to pick out private transportation inside the aftermath of the outbreak.
Opportunities:
Technology advancements consisting of the net's enlargement, using e-commerce websites/programs to pressure company call for, and the arrival of hybrid and electric powered cars have transformed the purchaser's position in the market. Consumers have become extra aware of the automobile, its residual fee, 0.33-birthday celebration profit margin, and different elements way to web technology. Furthermore, growing urbanization multiplied net get admission to, and technological improvements inside the telecom enterprise have resulted in a vastly stepped forward facts flow for people.
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Segmentation of The Used Vehicle Market:
By Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Vehicle Age
- 0-5
- 6-10
- 11-15
- 15 Years & Above
By Fuel Type
- Petrol
- Diesel
- Natural Gas
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Developments in the Used Vehicle Market
In January 2024, Vroom, Inc. a leading ecommerce platform for buying and selling used vehicles, announced that it is discontinuing its ecommerce operations and winding down its used vehicle dealership business to preserve liquidity and enable the Company to maximize stakeholder value through its remaining businesses.
In March 2024, CARS24, introduced Autopilot, a unique, transformative driver-on-demand service. This latest innovation underscores the brand's dedication to becoming an all-encompassing hub for automotive solutions, ensuring unmatched convenience and comfort for car owners.
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Objectives Of The Study:
- To forecast the size of the market segments concerning 4 main regions, namely, North America, Europe, Asia Pacific (APAC)
- To provide detailed information regarding the major factors influencing the growth of the Used Vehicle Market (drivers, restraints, opportunities, and challenges)
- To analyze each submarket concerning individual growth trends, prospects, and contributions to the total market
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