Global Used Car Market Overview and Outlook
- Globally, the used car market continues to grow at a healthy pace on the back of higher income levels and disposable income leading to people purchasing cars or people with two-wheelers transitioning to four-wheelers.
- The entry of organized players in the market especially in developing and emerging markets has made people more inclined to go for a car purchase. Other contributing factors to the market growth include increasing demand for luxury cars (used vehicles), shorter car ownership periods compared to earlier times and higher cost of ownership associated with new vehicles.
- In emerging economies such as India, the market for used cars used to be largely unorganized and restricted to a few organized companies. However, this has changed in the past few years with several organized players entering the used car market, as well as OEMs introducing their used car business units to mitigate the slowdown with new car sales.
- This rapid change in the prevailing business models and in customer preferences towards use of digital channels has led to the Asia Pacific region being the largest market for used cars, followed by North America and Europe
- Going forward, the used car market in India is projected to grow at a CAGR of 10-12% amid a slowdown in the economy and declining income levels, at least in the near term
Market Growth Drivers and Trends:
Key factors driving the global used car market are:
- Rise in income levels – people upgrading from two-wheelers
- Shorter car ownership tenures
- Higher cost of ownership – lesser preference for new cars
Key factors likely to restrain or slow down growth in the global used car market:
- Lack of financing options and higher rates
- Presence of unorganized sector – reliability issues and lack of standardization in pricing
- Economic slowdown – lower income levels – deferment of car purchases
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Global Used Car Market Research Scope
The base year of the study is 2019, with forecast done up to 2024. The report provides a detailed assessment of the global used car market, including insights on the market dynamics, key drivers, challenges, regulations impacting the market, technology assessment and value chain analysis.
We have also estimated the current market size for used cars market globally and by geography, car type; 5-year outlook of the market, factors driving growth along with regional insights and trends
The study also presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the global used cars market.
Author – Prasanth R Krishnan
Associate Director – Operations
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