The global used vehicle market revenue was around US$ 775.9 billion in 2022 and is estimated to reach US$ 1590.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.30% during the forecast period from 2023 to 2031.
A used vehicle is a pre-owned vehicle that can be sold again. Used vehicles are sold through a variety of channels, including franchise and independent car dealers, rental car agencies, private party sales, auctions, and leasing offices. Millennials have a lower rate of car ownership due to the high cost of vehicles and the upkeep of personal cars.
Market Driving Factors
The increased level of market rivalry and the risk of new entrants are the main drivers of the used vehicle dealership industry's expansion. The trustworthy and supplementary service/quality has altered consumers' attitudes towards the used vehicle business. Additionally, franchised dealers with the help of OEM involvement in certification and marketing programs, online inventory pooling, and access to high-quality contracts are in a good position to benefit the market growth.
The high price associated with a new vehicle is the main element that is estimated to benefit the market. Vehicle costs rise regularly. This happens as a result of the features of the industry. Many manufacturers place their vehicles in areas where they can make a sizable profit and maintain demand. Notably, too cheap of vehicles would not be able to pay for the costs of labor and supplies.
The higher price of malpractices and the hold of the larger share of the market by unorganized dealers create a negative impact on the market.
Regional Analysis
Asia Pacific dominated the market in terms of the largest shares. Due to the rapidly increasing demand and sales of used vehicles in India, and China. China has increased its market share in the region due to the growth of organized businesses offering used vehicles trading services. Some Indian car dealers offer a wide range of cutting-edge technology-enabled solutions, such as mobile applications, an online showroom that functions as a virtual showroom, cloud services for lead management systems, the ability to track sales performance, and assistance with digital marketing. Moreover, the level of development in the Indian used vehicle industry offers great potential for the customer base.
Segmentation Insights
Fuel Type Insight
The petrol segment dominated the market in terms of revenue. This can be attributed to the decline in the use of diesel vehicles as the government forbids the acquisition of used diesel vehicles. Furthermore, petrol vehicles with well-tuned engines, respectable fuel efficiency, and potent top-end performance have drawn a sizable consumer base in recent years and are anticipated to continue in the upcoming years. Additionally, the rising inventory of SUVs powered by petrol became an important driver in the segment's growth.
Type Insight
The SUV segment dominated the market in terms of the largest shares. This segment has impacted other segments' decline as a result of the automobile market's shifting dynamics. SUVs are viewed by purchasers as the ideal drive in many regions. This segment provides space and size while being compact compared to off-road vehicles. SUV residual values are greater on the market nowadays because of high demand and a larger supply network.
Distribution Channel Insight
The franchised dealer segment dominated the market and is estimated to be the fastest growing segment over the projection period. This segment is in a good position if they have support from OEM (Original Equipment Manufacturer) involvement in the marketing programme and certification, online inventory pooling, and access to high-quality contracts.
Prominent Companies
Segmentation Outline
The global used vehicle market segmentation focuses on Type, Fuel Type, Distribution Channel, and Region.
By Type
By Fuel Type
By Distribution Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL USED VEHICLE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: USED VEHICLE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL USED VEHICLE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL USED VEHICLE MARKET, BY TYPE
5.1 OVERVIEW
5.2 HATCHBACK
5.3 SEDAN
5.4 SUV
6 GLOBAL USED VEHICLE MARKET, BY FUEL TYPE
6.1 OVERVIEW
6.2 PETROL
6.3 DIESEL
6.4 OTHERS
7 GLOBAL USED VEHICLE MARKET, BY DISTRIBUTION CHANNEL
7.1 OVERVIEW
7.2 FRANCHISED DEALER
7.3 INDEPENDENT DEALER
7.4 OTHERS
8 GLOBAL USED VEHICLE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL USED VEHICLE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ASBURY AUTOMOTIVE GROUP INC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 TRUECAR INC
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 AUTONATION INC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 MAHINDRA FIRST CHOICE WHEELS LTD
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 BIG BOY TOYZ LTD
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 GROUP1 AUTOMOTIVE INC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 LITHIA MOTORS, INC
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 CARMAX BUSINESS SERVICES, LLC
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 HENDRICK AUTOMOTIVE GROUP
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 VEHICLE24 SERVICES PRIVATE LIMITED
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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