A used car is the second-hand vehicle that is prevalent for resale. Several outlets such as franchise and independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell used cars.
According
to the report analysis, ‘Used Car Market: Current Analysis and Forecast
(2021-2027)’ states that because of a shift in worldwide car
ownership patterns, the market is predicted to rise during the projected duration.
Through 2027, the market will grow due to growing demand for off-lease vehicles
from car dealers, franchises, and leasing agencies, as well as the augmenting
the acceptability of car subscriptions. New cars and other vehicles have seen
their resale value depreciate during recent years all around the world. As a
result, used automobile acceptance is augmenting rapidly over the world, and
the number of used car purchaser has enlarged dramatically. Furthermore, as the
requirement for economical second-hand cars grows in emerging countries, the
number of organized car sellers is augmenting. During the forecast duration,
all of these aspects are expected to assist the worldwide used car market's
growth.
Based
on Vehicle type, the market is classified into Hatchback, Sedan and SUV. The
hatchback car market is projected to augment through 2027, due to the augmenting
popularity of compact automobiles in several countries. Several characteristics
of hatchback automobiles, such as their high roofline and compact shape, as
well as their lower pricing when associated to used SUVs and sedans, are
contributing to their augmented market share.
Based
on vendor, the market is classified in organized and unorganized market. The
organized vendor sector accounted for the greatest share owing to continues augment
in the number of organized car vendors in the underdeveloped countries owing to
the growing demand for affordable second-hand cars.
In
the Asia Pacific region, China with the growing number of organized players
with used car trading services has enlarged its market footprint in the Asian
market. Some of the Indian car dealers deliver a rich array of advanced
technology-enabled tools, which comprise mobile-based applications, a virtual
online showroom, cloud services for lead managements system, tracking sales
performance, and digital marketing assistance. In addition, this extent of
advancement in the Indian used car industry generates great opportunities for
the customer base. Within the region, Indonesia, Malaysia, Indonesia, South
Korea, and other underdeveloped countries have shown proficient potential for
the market. Therefore, it is predicted that during the near years the market of
used car will increase around the globe more significantly over the near future.
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