Pune, India, Jan. 21, 2021 (GLOBE NEWSWIRE) -- The global used vehicle market size is projected to reach USD 1,917.35 billion by 2027, exhibiting a CAGR of 1.64% during the forecast period. Reduced demand for public transport during the current COVID-19 pandemic is likely to spur the adoption of personal vehicles, states Fortune Business Insights™ in its report, titled “Used Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car, Commercial Vehicle), By Vehicle Age (0 to 05 Years, 06 Years to 10 Years, 10 Years and above), By Vendor Type (Organized, Unorganized), By Propulsion Type (ICE, Electric), By Market Type (Offline, Online), and Regional Forecast, 2020-2027”.
Fears of contracting the coronavirus and the strict social distancing rules imposed by governments around the world to stem the transmission of the virus have led to a drastic fall in demand for public transportation. According to the Kerala-based Center for Policy Research, remote working and fewer job opportunities as a result of the coronavirus will lower the demand for public transport and increase the uptake of personal modes of travel. Furthermore, CRISIL Research, an India-based ratings agency, observes that the growing preference for personal vehicles will prove beneficial for the used cars industry, while rise in rural income will stimulate sales of two-wheelers in India. Similar trends are being witnessed in the UK and the US as well, where consumers have shifted towards personal commuting. The COVID-19 pandemic is, thus, anticipated to propel the demand for used vehicles in the near future.
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List of Key Companies Profiled in the Used Vehicle Market Report:
- OLX (India)
- eBay Inc. (California, United States)
- Cox Automotive (Georgia, United States)
- CarMax Business Services, LLC (United States)
- AutoNation Inc. (Florida, United States)
- Asbury Automotive Group (Georgia, United States)
- Alibaba.com (Hangzhou, China)
- Maruti Suzuki India Limited (India)
- Vroom (United States)
- Mahindra First Choice (India)
- TrueCar, Inc. (California, United States)
- Scout24 AG (Munich, Germany)
- LITHIA Motor Inc. (Oregon, United States)
- Hendrick Automotive Group (North Carolina, United States)
- Group 1 Automotive Inc. (Texas, United States)
Key Players to Rely on Acquisitions to Deepen Market Presence
Top competitors in this market are relying on the conventional acquisition strategy to deepen their market foothold and expand their presence. These activities are also enabling companies to diversify their operations and widen their offerings to customers.
As per the report, the global market value stood at USD 1,710.75 billion in 2020 and the market is expected to grow sluggishly in 2021 and 2022. The report features the following:
- Intelligent insights into the key market drivers, trends, and restraints;
- Holistic analysis of the upcoming market opportunities;
- Granular examination of the impact of the COVID-19 outbreak on the market; and
- A careful study of the regional prospects and competitive dynamics influencing the market.
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Expanding Urban Spaces to Generate Prolific Growth Opportunities
One of the most exciting developments supporting the used vehicle market growth is the speedy expansion of urban areas around the globe. Projections released by the UN in its World Urbanization Prospects in 2018 show that approximately 68% of the global population will be residing in urban areas by 2050. Rising from the current 55%, this increase is estimated to add 2.5 billion dwellers to urban areas by 2050, as per UN data, with nearly 90% of this growth occurring in Asia and Africa. Urban spaces typically have a large proportion of working-class individuals that need cheap and efficient transportation to commute over long distances. Used vehicles provide the optimal solution to such individuals as well-maintained cars can be bought for prices significantly lower than new cars. Moreover, the coronavirus pandemic has led to a severe economic downturn in major economies, which has reduced consumers’ purchasing powers, particularly in developing economies. As a result, the adoption of used cars is on the rise in large cities across the globe and as urban agglomerates continue to swell, the demand for pre-used vehicles is also likely to expand.
Asia Pacific to Hold Dominant Market Position; North America to Display Healthy Growth
Asia Pacific led the used vehicles market share in 2019 with a market size of USD 1,215.27 billion and is expected to dominate during the forecast period. This is mainly attributable to the booming demand for passenger vehicles in the rapidly developing economies of Asia Pacific such as China and India. In addition to this, improving access to the internet and increasing activities of online vehicle retailers in this region will further aid market growth.
In North America, widespread popularity of pre-owned cars, especially among the youth, will ensure sustained market growth in the region. On the other hand, the market in Europe will experience dynamic growth in the coming years on account of the rising sales of electric vehicles in the region.
Key Industry Developments:
August 2020: Asbury Automotive Group announced the successful acquisition of Park Place Dealerships, augmenting its annual revenues by USD 1.7 billion. Park Place owns and operates a high-profile portfolio of premium luxury dealerships and also possesses large tracts of real estate in the country.
January 2020: Hendrick Automotive Group inaugurated a satellite outlet for pre-owned BMW cars and other vehicles in south Charlotte, offering amenities such as Wi-Fi, loaner vehicles, and refreshments to customers.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Used Vehicle Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Vehicle Age
- 0 to 05 Years
- 6 to 10 Years
- 10 Years and above
- Market Analysis, Insights and Forecast – By Vendor Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- Market Analysis, Insights and Forecast – By Market Type
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Rest of the World
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