Market Snapshot:
A used car is known as any car that has been already registered. The rule for considering the used car is once a vehicle has been registered, it is legally considered used. Used cars are usually sold through a variety of outlets, which includes franchise and independent dealers of the car, rental car companies, auctions, leasing offices, and private party sales. A used car usually offers the remainder of the warranty from the factory and only if it's still in effect and fully transferable. The market of the used car is increasing due to the lower cash required to purchase the car, even the preference of the customers or buyers are shifting towards the online platformThe research analyst at AMA estimates Used Car market to grow at a compounded annual growth rate of 6.6%
Segment Analysis
AMA Research have segmented the market of Global Used Car market by Type, Application and Region. On the basis of Type, Mid-size are dominating the market in the year 2020
On the basis of geography, the market of Used Car 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). North America region held largest market share in the year 2020.
Market Trend
The shift in client preference toward online platforms
Market Drivers
Increasing demand for low customization costs of used cars and Growing demand for used car subscription services
Opportunities
Rising numbers of new models cars and The Growing tendency of people to change their car in a short span of time
Restraints
- Offer a lower trade-in value
- Possibility of the vehicle being abused
In addition to the aforementioned factor, Increasing demand for low customization costs of used cars
is expected to propel the growth of the market over the forecast period.
The key Vendors profiled in the study are Autotrader (United States), eBay (United States), PenskeCars (Penske Automotive Group) (United States), TrueCar (United States), Cars.com (United States), Auction Direct (United States), Autobahn USA (United States), Car Direct USA (United States), Car Export America LLC. (United States) and Lotus of Jacksonville (United States). A lot of United States players are profiled in the research study indicating a strong market dependence.