Industry Background:
Used cars are also referred to as pre-owned cars. It is a car that has previously had one or more retail owners. Used cars are sold through a variety of outlets, buy here pay dealerships, leasing offices, auctions, like franchise and independent car dealers, rental car companies, and private party sales. The cars are being resold through private sellers, classified, or local dealers without any major vehicle inspection by an expert.This growth is primarily driven by Used Cars having various Benefits for the Customers such as Lower Annual Registration Fees, Lower Insurance Premiums and Others.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Automobiles sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Bayerische Motoren Werke AG (Germany), Mercedes-Benz (Germany), Audi (Germany), Nissan (Japan), Ford Motor Company (United States), Honda Motor Company (Japan), Tata Motors (India), Hyundai Motor Company (South Korea), Mahindra & Mahindra (India) and Maruti Suzuki (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On 13th August 2021, Mercedes-Benz has launched Direct-to-Consumer Selling Platform Marketplace. The online platform is expected to increase sales of both new and pre-owned cars.Global Used Cars is a fragmented market due to the presence of various players. The companies are planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Influencing Trend:
Consumer shift towards Money Shift
Market Growth Drivers:
Used Cars having various Benefits for the Customers such as Lower Annual Registration Fees, Lower Insurance Premiums and Others
Challenges:
Regulatory Guidelines on the Used Cars Suppliers
Restraints:
Introduction of New Cars and its Features
Opportunities:
Growing Demand for Used Cars from Middle-Class Population can create Opportunities for the Market Growth
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Used Cars Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Used Cars Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Used Cars players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Used Cars Study Sheds Light on
The Used Cars Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Used Cars industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Used Cars industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.