The Used Cars Global Market Report 2023 by The Business Research Company, provides used cars market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Used Cars Global Market Report 2023, the market size will grow from $1243.34 billion in 2022 to $1339.73 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global used cars is expected to grow to $1899.97 billion in 2027 at a CAGR of 9.1%.
The emergence of online platforms for used car sales globally is significantly driving the growth of the used cars market. The online platforms provide ease of access and required information to buy and sell used cars. The key players are expanding their business digitally to increase the sales of used cars.
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The used cars market is segmented:
1) By Vehicle Type: Hatchback, Sedan, SUV
2) By Fuel Type: Petrol, Diesel, Hybrid/Electric
3) By Sales Channel: Peer-To-Peer, Franchised Dealers, Independent Dealers
Increasing investment in the market is a key trend gaining popularity in the used cars market. Major companies operating in the used cars market are focused on increasing investments for business expansions and strengthening their business position. For instance, in December 2020, Volkswagen, a leading motor vehicle manufacturer based in Germany announced the expansion of its digitally connected pre-owned automobile dealership network in India with the opening of two new locations, one each in Ahmedabad and Bengaluru. In addition, the automaker reiterated its intention to open 21 such dealerships that will increase its focus on the used cars business investments.
The used cars market report table of contents includes:
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Top Major Players
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