(MENAFN- GetNews) According to the US used car market Report , Market Research Future, the global market is expected to grow at CAGR of 5.3% between 2019-2025. | Global Used Vehicle Market
US used car market 2019 - 2025
According to the latest report Used Vehicle Market Research Report: Information by Vehicle Age (0-5, 6-10, 11-15, 15-20, and > 20 years old), Vehicle Type (Passenger Car, Light Commercial Vehicle, And Heavy Commercial Vehicle), Propulsion (ICE and Electric Vehicle), Sales Channel (Franchised, Independent Car Dealers, Rental Car Companies, and Others) and by Regions with Forecast To 2023, published by Market Research Future, the Global Used Vehicle Market is projected to witness 5.3% CAGR during forecast period of 2019 to 2023.
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Used Car Market Drivers and Restraints:
Global used vehicle market is projected to grow at 5.3% CAGR during the forecast period. The key driving factors for the growth of this market are internet penetration enabling the availability of information of the used car, rise in demand for off-lease vehicle by the franchise, car dealers, and leasing offices, stringent vehicular emissions regulations, and the growing demand for car subscription services. The lack of standardization and unorganized used car sales, higher depreciation rate of vehicle and the demand for car-sharing services, might restrain the growth of this market. However, the increase in per capita disposable income from emerging nations and the growing economy in the developing regions are the opportunities in the market.
Prominent players in the global used vehicle market:
- CarMax Business Services, LLC (US)
- Manheim (US)
- Autotrader, Inc. (US)
- HERTZ CAR SALES (US)
- Cox Automotive, Inc. (US)
- Sun Toyota (US)
- Alibaba Group (China)
- eBay (US)
- PenskeCars (US)
- TrueCar, Inc. (US)
- Autonation (US)
- Vroom, Inc. (US)
Used Vehicle Market Segmentation:
Global used vehicle market is segmented based on vehicle age, vehicle type, propulsion, sales channel, and region. On the basis of vehicle age, the market has been segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years old. On the basis of vehicle type, the market has been segmented as passenger car, light commercial vehicle, and heavy commercial vehicle. On the basis of propulsion, the market has been segmented as internal combustion engine (ICE) and electric vehicle (EV), wherein the electric vehicle segment is further segmented as battery EV, plug-in EV, and hybrid EV. On the basis of sales channel, the segments are franchised, independent car dealers, rental car companies, and others.
Global Used Car Market Regional Analysis:
Geographically, the global used vehicle market has been segmented into the four regions of North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to hold the largest market share during the forecast period owing to the growing automotive industry in China, India, and Japan. Moreover, increased production and sales of SUVs is expected to boost the demand for used vehicle in this region. Furthermore, the rise in per capita disposable income in emerging economies, increasing population, urbanization, and the focus on emission reduction, contribute to the growth of this market.
North America is expected to grow at a significant rate during the forecast period due to the growing demand for passenger vehicle in the US and Canada. Furthermore, growing e-commerce sector in US and Canada is expected to boost the market. For instance, JD.com one of the leading players in China e-commerce market, entered the US market with the help of Google in 2018.
The emerging economy and development of automotive industry in the Middle East & Africa and South America regions also leads to the market growth. Furthermore, increasing investments by Amazon, eBay, and Alibaba Group in MEA and South America E-commerce market support the growth of this market.
Major Key Points from Table of Content:
Table 1 Global Used Vehicle Market: By Region, 20182025
Table 2 North America: Used Vehicle Market: By Country, 20182025
Table 3 Europe: Used Vehicle Market: By Country, 20182025
Table 4 Asia-Pacific: Used Vehicle Market: By Country, 20182025
Table 5 RoW: Used Vehicle Market: By Region, 20182025
Table 6 Global Used Vehicle Market, By Vehicle Age, By Region, 20182025
Table 7 North America: Used Vehicle Market, By Vehicle Age, By Country, 20182025
Table 8 Europe: Used Vehicle Market, By Vehicle Age, By Country, 20182025
Table 9 Asia-Pacific: Used Vehicle Market, By Vehicle Age, By Country, 20182025
Table 10 RoW: Used Vehicle Market, By Vehicle Age, By Country, 20182025
List Of Figures
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down & Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter's Five Forces Analysis
FIGURE 7 Value Chain Analysis
FIGURE 8 Global Used Vehicle Market Share, By Vehicle Age, 2018 (%)
FIGURE 9 Global Used Vehicle Market, By Vehicle Age, 20182025 (USD Million)
FIGURE 10 Global Used Vehicle Market Share, By Vehicle Type, 2018 (%)
Continued……
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