Showing posts with label Global Used Vehicle Market. Show all posts
Showing posts with label Global Used Vehicle Market. Show all posts

Wednesday, July 12, 2023

3 Key Insights From Global Used Vehicle Industry- The Market Is Projected To Exceed $ 2.5 Trillion By 2027; Says A Report By Ken Research

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Global Used Vehicle Market Ecosystem

The Global Used Vehicle market is moderately fragmented with multiple dealers (both organized and unorganized) operating in the industry. Majority of the used vehicles are sourced from vehicle-rental/ leasing companies & auctions.

Global Used Vehicle Market

Direct buying from consumers or individual sellers is another major source.

1. Is the market for Used Vehicle increasing Globally?

Global Used Vehicle Market

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There is a significant growth in the used vehicle sales during forecast period majorly due to expected increase in hybrid and electric vehicle sales in coming years which is anticipated to grow by 2027. The conventional used vehicles have also maintained its dominance however, its overall growth during 2022- 2027 is slower as compared to electric vehicles. The demand for used vehicle has increased by a major 46% and will further increase in the future.

2. Focusing on Expanding Digital Presence can be a game changer for used vehicle selling companies

Global Used Vehicle Market

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Most consumers these days make used vehicle buying decision after searching online which necessitates synchronizing online and showroom experiences and sharing product information, offering sales support & servicing online. Online platforms can introduce an additional service wherein consumers can go through all the used vehicle auctions taking place around them or that are scheduled for the future. At present, there is not much used vehicle content on Tik-Tok and Snapchat. There is an increase in the sales of used trucks for about 35% more since digital presence of vehicle dealers and it is expected to be around 10% more in the future. These platforms are suitable for targeting new customers and will help to increase business opportunities for used vehicle operators.

3. Is Partnerships and Collaborations the right way to future growth of used vehicle industry?

Global Used Vehicle Market

Brand authorized/direct dealership agents as well as large multi-brand outlets can partner with cab aggregators operating in the country such as Uber etc. The used vehicle industry sees majorly Mergers and Acquisitions done through horizontal business contributing to 40%, followed by 22% by conglomerates. There have been more than 30 successful collaborations in form of Joint Ventures in the used vehicle industry. Dealerships can collaborate with mid-size corporates & companies to offer additional discounts of up to 25% to people within that age bracket of 25-60 years if they buy a vehicle using the company’s referral. This collaboration will enable the dealership in generating higher number of leads through the companies, which can ultimately lead to better conversion rates and boost pre-owned vehicle sales.

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Global Used Vehicle Market

Wednesday, May 3, 2023

Global Used Vehicle market is growing at a double digit CAGR in 2017-2022 and is expected to reach USD 2.5 Tn by 2027 – Ken Research

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What is the Size of Global Used Vehicle Industry?

The Global Used Vehicle Market is largely driven by Inflation, High price of new vehicles, Availability of used vehicles at lower prices are major factors contributing towards development of Global Used Vehicle Market.

The Global Used Vehicle market is moderately fragmented with multiple dealers (both organized and unorganized) operating in the industry. Majority of the used vehicles are sourced from vehicle-rental/ leasing companies & auctions. Direct buying from consumers or individual sellers is another major source.

The share of organized sector is more than unorganized sector in global used vehicle market due to higher preference and trust on organized players in the market.

People prefer vehicles that are around five years old as they are less likely to need expensive replacements at this age.

With the rise in preference for online retailing, the online segment is expected to witness significant growth, however, a large number of customers prefer offline stores while purchasing used vehicles to ensure and check the vehicle physically. Therefore, the offline segment of the market is anticipated to dominate the market during the forecast period.


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Global Used Vehicle Market By Type Of Market Structure

The Global Used Vehicle market is segmented by Type of Market Structure into Organized Channel, Unorganized Channel, OEM Certified Franchise Dealers, Multi Brand Dealers and Others. Unorganized channel was preferred by consumers globally.

Global Used Vehicle Market by Type Of Vehicle

The Global Used Vehicle market is segmented By Type of Vehicle into Cars, Bikes, Trucks, Buses, Bicycles and Others. Cars was the most dominant among others followed by Bikes in 2022.

Global Used Vehicle Market By By Age Of Vehicle

The Global Used Vehicle market is segmented by Age of Vehicle into 0-2 years, 2-4 years, 4-6 years, 6-8 years, 8-10 years and more than 10 years. 2-4 years was the most preferred age of vehicle in 2022 in Global Used Vehicle market.

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Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Used Vehicle Dealers
  • Used Vehicle Equipment Manufacturers and Distributors
  • Auto Portals
  • Online Dealers
  • Vehicle Showrooms
  • Unauthorized Dealers
  • Market Research and Consulting Firms
  • Automotive Companies
  • Vehicle manufacturing Companies
  • Tourism Agencies
  • Government Bodies & Regulating Authorities


Time Period Captured in the Report

  • Historical Period: 2017-2022
  • Base Period: 2022
  • Forecast Period: 2022-2027

Companies

Major Players Mentioned in the Report

Leading companies

  • TrueVehicle, Inc
  • Lithia Motors, Inc.
  • Group 1 Automotive, Inc.
  • THE HERTZ CORPORATION
  • Pendragon PLC
  • Asbury Automotive Group, Inc.
  • AutoNation, Inc
  • VehicleMax Business Services LLC
  • Cox Automotive
  • Hendrick Automotive Group.
  • Batfa Japan Inc.
  • India Kawasaki Motors Pvt. Ltd.
  • Droom, Motorbikes 4 All
  • Triumph Motorcycles
  • Yamaha Certified Pre-Owned
  • Motohunt Inc.
  • Blade Motorcycles
  • Mundimoto Europe SL

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Global Used Vehicle Market

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Friday, April 14, 2023

The Global Used Vehicle Industry Generated $ 1.25 Tn Revenue In 2022-Explore, How The Market Will Further Shape In Future? : Ken Research

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Inflation, High price of new vehicles, Availability of used vehicles at lower prices are major factors contributing towards development of Global Used Vehicle Market.

1. Data reveals that COVID-19 has affected the demand for Used Vehicles in a highly positive manner all over the globe

Global Used Vehicle Market

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Due to the impact of COVID-19, there has been a substantial decrease in the denominator (new vehicle sales) while the numerator, i.e., the pre-owned vehicle market, has been relatively stable. In 2020, the market became much distorted that used vehicle prices became comparable with the cost of brand-new vehicles. Supply and stock problems coupled with high prices are pushing the customers towards the used vehicle market. After falling to $ 600 Bn in early 2020 it since pushed all-time highs of $ 1.25 Tn in 2022.

2. Popularity of used vehicles among mid aged consumers

Global Used Vehicle Market

According to the analysis, individuals in the age group 30-60 acquired more than 50% of the used vehicle sales volume. The demand is basically fueled by the consumers not wanting to buy new vehicles due to several factors, including the cost of licenses, and the decline in the vehicle’s value once they are licensed. It is to be noted that younger generation (18-30) accounted for the second most preferred used vehicle sales volume while the older generation (>60) accounted for only a small percent of the sales volume.

3. The future comprises much of digital dominance- “The role of social media on global used vehicle market”

Global Used Vehicle Market

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The global Used Vehicle Market is almost entirely dependent on social media. Vehicle dealers use blogs to generate traffic to their website from search engine results pages. They often put-up educational content related to vehicles maintenance, help guides, knowledge material in order to create a brand presence which helps them in the long run. Moreover, unlike online portals and market places, social media provides an opportunity to dealers to advertise their vehicles for free which in turn increases their profit. Social media platforms like Facebook (60% dominance), Twitter (20% dominance), YouTube (20% dominance), etc. are also used by individuals involved in C2C purchases. Also, major dealerships use this platform to announce promotional offers and local events which increases their popularity among the masses.

For more insights on the market intelligence, refer to the link below:-

Global Used Vehicle Market

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