What is Online Second-Hand Car Trading Service Market?
Trading in a used car, instead of selling it to a private party, may put less money toward a new car, but offers a streamlined, hassle-free transaction. Many people struggle to sell a vehicle privately. selling a vehicle on your own requires time in this situation online car trading service play a major role. Even as new car sales have slowed down in the recent past, the pre-owned car market has continued to grow over the past year and is larger than the new car market now. In developed economies, the ratio of people buying a new car and a pre-owned car is 1:3, meaning out of four people who buy a car, only one buys a new car and three settle for a used car.
The market study is being classified by Type (Hatchbacks, Sedans and Sports Utility Vehicles), by Application (Personal Owners, Car Rental Company, Enterprises and Others) and major geographies with country level break-up.
Cars24 (India), ACV Auctions (United States), CarTradeExchange (India), Auto1 (Germany), TradeRev (Canada), ADESA Europe NV (Belgium), UCARS (Singapore), OLX (Netherlands), Mahindra First Choice Wheels (India), Maruti True Value, (India), Hyundai H Promise (India), Quikr (India), Honda Auto Terrace (India) and Toyota U-Trust (India) are some of the key players profiled in the study.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Moreover, various OEMs have started their own organized second hand car trading car trading services. For example, Mahindra and Mahindra, an Indian car manufacturer, is providing multi brand certified second hand cars through its group company Mahindra First Choice. Research Analyst at AMA predicts that Indian Vendors will contribute to the maximum growth of Global Online Second-Hand Car Trading Service market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Online Second-Hand Car Trading Service market by Type, Application and Region.
On the basis of geography, the market of Online Second-Hand Car Trading Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Demand for Used Car as Compare to New Cars
Market Trend
- Number of Organized Players in the Second Hand Vehicle Trading
- Online Providers Are Beginning To Dilute Traditional Used-Car Dealers’ Positions
Opportunities
- Rise of Digital Players and Potential Incumbent-Dealer
Challenges
Key Target Audience
Second-Hand Car Trading Service Providers, End-Users, Potential Investors, Research Organization and Others