Used Cars Market Growth Potential & Forecast, 2028

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Used Cars Market Growth Analysis Forecast
Report 2022-2028
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• Industry Insights

• As per a recent research report, the Used Cars
  Market size will exceed USD 2 Trillion in yearly
  valuation by 2028.
• The used cars market will observe a lucrative
  expansion during the forecast timeline owing to
  the rapidly evolving economy along with an
  increase in the purchasing power of the
  consumers. The affordability and the rising need
  for personal automobiles coupled with the
  presence of reliable online players to organize
  the used cars for sale will also positively drive
  the growth of used cars market through 2028.
• Every year, millions of used cars and other
  automobiles are exported from the USA, Europe,
  and Japan to middle-income nations. The
  automobile industry is one of the biggest in
  terms of research and development activities and
  witnesses the launch of new models frequently. In
  effect, this encourages consumers to change cars
  often, thereby contributing significantly to an
  increase in the supply of used cars.

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• Not to mention, to curb climate change and
  pollution, governments across the world are
  offering subsidies and benefits on used electric
  vehicles to propel their adoption. For instance,
  in 2020, Germany, the biggest passenger car
  market in Europe in terms of sales, has recorded
  used passenger cars registration twice more than
  the new car registrations in the past five years.
  
• Hatchback cars are one of the most preferred car
  choices when it comes to purchasing used cars
  because of their versatile nature and affordable
  costs. They offer a combination of decent
  load-bearing capacity and flexibility of driving
  in compact spaces.
• According to a report by Crisil, India currently
  accounts for almost 40 percent of the hatchbacks
  with players like Maruti Suzuki, Nissan, Renault,
  TATA, Hyundai, and others being the leaders.

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• Regional Analysis

• Used sedan cars are considered to be of utmost
  value for people with a relatively low-income
  source. It offers benefits like low insurance
  rates and economical purchasing price. Used cars
  allow the consumers to purchase a more luxurious
  and likable sedan which they might not be able to
  afford otherwise as a new model.
• Notably, the main advantage of sedans is that
  they are more economical and reliable as they cut
  gas cost that rises almost regularly and come
  with better comfort features.
• The SUVs are considered as ideal drive by
  modern-day customers because of the size and
  space while remaining compact to off-road
  automobiles. Many of the leading world
  manufacturers have entered the SUV market with
  small, medium, and large SUVs production.

• Competitive Analysis

• AutoNation Inc.
• Asbury Automotive Group Inc.
• CarMax Inc.
• Mahindra First Choice Wheels Ltd.
• Arnold Clark Automobiles Ltd.

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