New York, July 16, 2021 (GLOBE NEWSWIRE) – Used vehicle market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Used vehicle market Research Report, Vehicle Age, Vehicle Type, Propulsion, Sales Channel and Region – Forecast to 2027 ” The market is expected to be worth USD 2,210.7 billion by 2027, registering a CAGR of 5.61% during the forecast period (2021 – 2027). The market was valued at USD 1,447.3 billion in 2020.
Growing Automotive Ecosystem Boosts Used Vehicle Market
The global used vehicle market is growing rapidly. The growth of the market is attributed to the increasing economic growth and the momentum of the automotive industry in the world. In addition, the rise in auto sales and the growing number of vehicle dealers are the main trends in the used vehicle market. Rising vehicle maintenance and repair costs offer exciting prospects for used vehicles and aftermarket businesses.
According to Market Research Future (MRFR), the global used vehicle market is poised to create a substantial revenue pocket by 2027, with an impressive CAGR during the estimated period (2020-2027). Technological upgrades and new product developments of many aftermarket parts act as significant tailwinds that benefit the growth of the used vehicle market.
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List of key companies presented in the The Used Vehicles Market research report is:
- Manheim (United States)
- CarMax Business Services LLC (United States)
- Autotrader Inc. (United States)
- Cox Automotive Inc. (United States)
- HERTZ CAR SALES (United States)
- Sun Toyota (United States)
- eBay (United States)
- Alibaba Group (China)
- PenskeCars (United States)
- Autonomy (United States)
- TrueCar Inc. (United States)
- Vroom Inc. (United States)
The used vehicle market is witnessing major strategic approaches, such as mergers and acquisitions, collaboration, expansion and technology launch. The main players make strategic investments to drive research and development activities and expansion plans.
For example, recently, on July 5, 2021, Stellantis launched a used vehicle e-commerce solution, following a successful trial in Belgium. Stellantis Owned Retail has adopted SelliWay as a platform to digitize its used vehicle business. Integrated into the expert used vehicle bee2link tool, SelliWay enables 100% of the sale of used vehicles online, from vehicle pick-up to e-payment and delivery.
Browse the in-depth Used Vehicle Market Research Report (135 pages)
Soaring new vehicle prices increase market value
Semiconductor chips are essential components required for the production of new cars and trucks. The shortage of new vehicles and rising prices have pushed more people to used vehicles. Recent shortages of microchips have pushed used car prices to record highs, slashing the production of new vehicles. Additionally, car rental companies, normally a source of older used vehicles, keep their cars longer because they cannot buy new ones.
The booming global economy and online vehicle resale platforms are boosting the market value of used vehicles. In addition, the growth of used vehicle distributors and stores and the growth of OEMs and MRO outsourcing services are driving market growth. In addition, the growing number of auto parts manufacturers is promoting the growth of the market.
Impacts of COVID-19
COVID-19 has impacted the used vehicle industry in two ways. On the one hand, where the pandemic has disrupted almost all regular sources of used cars, the used car market has attracted continued interest from buyers. Automakers have faced a number of issues ranging from obtaining raw materials to attracting workers from quarantines to delivering finished products.
In addition, strict lockdown warrants have shut down production facilities and forced several manufacturers to cut production. While the pandemic has hampered new car sales, used cars are in demand as cost-conscious buyers seek value for money. Consumers are avoiding transit systems to avoid catching Covid-19, and people are extending their rental vehicle leases.
While travel and tourism businesses have shut down, sales of new cars by rental car have been significantly lower over the past year. Car rental companies themselves buy used cars to replenish their fleets sold last year. Market demand is expected to accelerate further after the lockdown is lifted in many countries.
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The report is segmented by vehicle age, vehicle types, propulsion, sales channels, and regions. The vehicle age segment is sub-segmented into 0-5 years, 6-10 years, 11-15 years, 15-20 years and> 20 years. The vehicle types segment is divided into light commercial vehicles, passenger cars and heavy commercial vehicles.
The propulsion segment is sub-segmented into Internal Combustion Engine (ICE) and Electric Vehicle (EV). In addition, the electric vehicle segment is divided into battery EV, plug-in EV and hybrid EV. The sales channel segment is sub-segmented into franchised and independent car dealerships, car rental companies and others.
Asia-Pacific region holds the largest share in terms of the global market value of used vehicles. Major automotive players and manufacturers, as well as automotive components and solutions supplying businesses in the region, are increasing the size of the used vehicles market. In addition, the growth of the automotive industry and the increase in production and sales of SUVs in China, India and Japan are strengthening the demand for used vehicles in this region.
The increase in the number of industrialization and vehicle users due to the rapid economic growth of the region is contributing to the growth of the market. In addition, the growing demand for innovative IT solutions and the focus on minimizing skyrocketing maintenance and repair costs are pushing the size of the used vehicle market.
In addition, the growing demand for passenger vehicles and online vehicle resale companies in the region is influencing the used vehicle market shares. Growing purchasing power of consumers and increasing spending on luxury cars is driving regional market growth.
Market segmentation covered by research:
Information by vehicle age (0-5, 6-10, 11-15, 15-20 and> 20 years), type of vehicle (passenger car, light utility vehicle and heavy utility vehicle), propulsion (ICE and electric vehicle) ), sales channel (franchised, independent car dealers, car rental companies and others) and region (North America, Asia-Pacific, Europe and rest of the world)
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