(MENAFN- EIN Presswire) Global Used Car Retail Market include CarMax, AutoNation, Penske Automotive Group, Lithia Motors
The used car retail market is robust, driven by demand for affordable, reliable vehicles. Supply meets diverse consumer needs.” - Exactitude Consultancy
LUTON, BEDFORDSHIRE, UNITED KINGDOM, February 27, 2024 /EINPresswire / -- A complete study of the global Used Car Retail Market is carried out by the analysts in this report, taking into consideration key features like drivers, challenges, recent trends, opportunities, advancements, and competitive landscape. The report's primary aim is to supply an advance illustration of the latest development, scenario, and war situations impact on the worldwide industry and exhaustive scope to cover all the possible segments helping every stakeholder in the Used Car Retail Market. This study does a thorough going-over of the market and offers visions based on a market SWOT analysis. This report provides an overview of the technology development across regions, market size and forecasts, key market segments, and key industry players. It offers valuable information to the industry insiders, potential investors. It includes an exhaustive enquiry with the reliability of logic and the comprehensiveness of contents. The market report also examines the current state of the Used Car Retail industry, as well as our report contains an in-depth analysis of key market growth drivers such as market demand, supply chain, technology, and regulations.
The Global Used Car Retail market size was valued at USD 1.79 Billion in 2023, and is projected to reach USD 3.07 Billion by 2030, registering a CAGR of 8% from 2024 to 2030.
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List of the Top key players Influencing this Market includes:
The research study includes the current trends that are being adopted by significant market players in the Used Car Retail markets, including the use of cutting-edge technology, government funding of R&D, and an increasing focus on sustainability.
CarMax, AutoNation, Penske Automotive Group, Lithia Motors, Sonic Automotive, Group 1 Automotive, Asbury Automotive Group, Vroom, Shift Technologies, Carvana, TrueCar, Cox Automotive, Hertz Car Sales, Enterprise Car Sales, DriveTime Automotive Group, America's Car-Mart, CarGurus, Hendrick Automotive Group, Vroom, Online Auto Group
Recent Developments:
October 4, 2023: There has been a six-fold increase in searches (over 3,500 a month) conducted by UK insurers to detect fraud and uncover fraud networks, thanks to IFB Exploration – the new AI-driven counter-fraud solution launched by the Insurance Fraud Bureau (IFB) one year ago*. Utilised exclusively by IFB members, IFB Exploration was created in partnership with Shift Technology to give the industry an agile, shared solution that can harness artificial intelligence to learn and adapt to evolving threats.
February 16, 2024: The Cox Automotive Monthly Industry Update is produced by the Cox Automotive Economic and Industry Insights team with the goal of providing a holistic look at the auto industry's performance each month in video format. In Episode 18, Cox Automotive Manager of Economic and Industry Insights Mirlene Jean-Simon is joined by Rebecca Rydzewski, research manager, Scott Vanner, Business Intelligence analyst, Tiffany Williams, Business Intelligence analyst, and Vanessa Ton, senior manager, Research and Market Intelligence. In addition to sales, inventory and pricing for both the new- and used-vehicle markets, this 24-minute presentation covers the electric vehicle market and key highlights from the 2023 Car Buyer Journey Study.
Segmentation Analysis of the market:
The market is segmented based on the type, product and application. The segmentation helps to deliver a precise explanation of the market.
Segments Covered in the Used Car Retail Market Report:
Used Car Retail Market by Vehicle Type, 2020-2030, (USD Billion) (Thousand Units)
Hybrid
Conventional
Electric
Used Car Retail Market by Size, 2020-2030, (USD Billion) (Thousand Units)
Compact Car
Mid-Sized
SUV
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Regional Coverage:
Region Included: North America, Europe, Asia Pacific, Oceania, South America, Middle East and Africa
Country level breakdown: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand, etc.
North America accounted for the largest market in the Used Car Retail market. North America accounted for 38% of the worldwide market value. Customers' increasing preference for pre-owned cars is one of the main reasons the used car market in the area is flourishing. The market for used cars has been driven by financial factors like cost savings and the need for dependable transportation at a reduced cost. Used cars are becoming more and more popular due in part to shifting consumer preferences and lifestyles, especially among younger consumers. Because sustainability and affordability are top priorities for Gen Z and Millennial consumers, used cars are a desirable alternative. Additionally, a variety of consumer budgets and preferences are catered to by the large selection of models and brands available in the used car market.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Used Car Retail market.
Product Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market.
Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Used Car Retail market.
Table of Contents:
Introduction of the Global Used Car Retail Market
Overview of the Market
Scope of Report
Assumptions
Executive Summary
Research Methodology of Market Research Intellect
Data Mining
Validation
Primary Interviews
List of Data Sources
Global Used Car Retail Market Outlook
Overview
Market dynamics
Drivers
Restraints
Opportunities
Porters five force model
Value chain analysis
Global Used Car Retail Market, By Product
Global Used Car Retail Market, By Application
Global Used Car Retail Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
Global Used Car Retail Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
Company Profiles
Appendix
With this report you will learn:
Who the leading players are in Used Car Retail Market?
What you should look for in a Used Car Retail?
What trends are driving the Market?
About the changing market behavior over time with strategic view point to examine competition?
Who are the main players in the market, and what is their market share?
How do companies set their prices in the market, and what is the competitive landscape like?
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