Used Car Market: Current Analysis and Forecast (2021-2027)

Because of a shift in global car ownership patterns, the market is expected to rise during the projected period. Through 2027, the market will rise due to rising demand for off-lease vehicles from car dealers, franchises, and leasing agencies, as well as the growing acceptability of car subscriptions. New cars and other vehicles have seen their resale value depreciate in recent years all across the world. As a result, used automobile acceptance is growing rapidly over the world, and the number of used car buyers has expanded dramatically. Furthermore, as the demand for economical second-hand cars grows in emerging countries, the number of organized car sellers is growing. During the forecast period, all of these factors are expected to support the global used car market's growth.

Based on Vehicle type, the market is segmented into Hatchback, Sedan and SUV. The hatchback car market is expected to grow through 2027, owing to the growing popularity of compact automobiles in various countries. Several characteristics of hatchback automobiles, such as their high roofline and compact shape, as well as their lower pricing when compared to used SUVs and sedans, are contributing to their increased market share

Based on fuel type, the market is segmented into petrol, diesel and others. Petrol-powered vehicles still sell the most with the largest volume share, but the continuous rise in oil prices may lead to decrease in demand

Based on vendor, the market is segmented in organized and unorganized market. The organized vendor segment accounted for the largest share due to continues rise in the number of organized car vendors in the developing countries due to the rising demand for affordable second-hand cars

For a better understanding of the market adoption of Used Car, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World.

Some of the major players operating in the market include AutoNation Inc., PenskeCars, Maruti True Value, Mahindra First Choice Wheels, Group1 Automotive Inc., CarMax, Asbury Automotive Group, Autotrader, TrueCar Inc. and Vroom etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.