Used car is a vehicle that has been used previously or owned by one or more owners. It is also known as the pre-owned vehicle or secondhand car. Used cars are sold at various outlets such as franchise and independent car dealers, rental car companies, auctions, private party sales, and leasing offices. Used cars retailer’s offer cars in various categories to their customers. These include Affordable cars, Certified pre-owned cars, and used cars with extended service plans. In addition, used cars retailers also provide option for online buying and customers and can also use retailer portals to get the information of used cars.
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COVID-19 impact analysis
- The economic slowdown across the globe has affected the consumer and has decreased the sales of cars. People across the globe are avoiding public transport due to the risk of infection and to maintain social distancing.
- The used cars market has seen a rise in sales due to affordability. This is attributed to COVID-19 pandemic, which has decreased the disposable income, created shortage of money, and has increased the preference for private cars to maintain social distancing.
- There is an increase in the demand for online used cars buying as compared to the pre-pandemic online used cars market scenario attributed to lockdown due to COVID-19 pandemic.
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Rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers
The rise in competition in the market and the threat of new entries are the factors that boost the growth of the used cars dealership business. The reliable & add on service/quality has changed the perspective of consumers toward the used vehicle business. In addition, franchised dealers with support from OEM involvement in certification and marketing programs, online inventory pooling, and access to high-quality contracts are in a strong position to benefit from the growth in the used cars market. Moreover, there has been a rise in the demand for the vehicle subscription services in the last few years which allows consumers to use a vehicle on monthly basis by paying a monthly fees, which includes maintenance, insurance, and roadside assistance. Furthermore, rapid change in technology or introduction of new models of vehicles at short intervals allow customers to sell or exchange their old vehicle with a new vehicle. Such value for money benefit has led to the rise in growth of the used cars industry in the coming years.
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The factors that drive the global used cars market include increase in disposable income, rise in demand for luxury cars, shorter car ownership periods, boom in import-export, and growth in preference of two-wheeler owners to upgrade to small and compact cars.
However, unorganized used cars sales and lack of regularization hamper the growth of the global market. Moreover, advent of e-commerce & online technologies, steady increase in organized/semi organized sales in emerging countries, and surge in electric vehicle business across the globe are the factors anticipated to boost the sales of used cars in the market during the forecast period.
The used cars market is segmented the basis of on vehicle type, fuel type, distribution channel, and region. On the basis of vehicle type, itis divided into hatchback, sedan, and SUV. On the basis of fuel type, it is classified into petrol, diesel, and others. On the basis of distribution channel, it is fragmented into franchised dealer, independent dealer, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Benefits For Stakeholders
- This study presents analytical depiction of the used cars market analysis along with the current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
- The current used cars market size is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the used cars industry.
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