The used car market is expected to reach US$2 trillion by 2028, according to Global Market Insights Inc.
More and more independent dealers in different parts of the world offer lucrative growth prospects to the industry. Customers can purchase professionally refurbished automobiles equipped with in-car entertainment systems from independent dealerships. These players also offer a diverse choice of automobiles from various manufacturers, which translates into a favorable outlook for the industry. Used car dealerships often offer warranty and service packages with their used vehicles. Most dealers and manufacturers offer certified used cars that have passed all essential inspections.
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The demand for hybrid/electric cars is increasing due to strict emission standards and regulations and a growing demand for low or zero emission automobiles. Governments in several countries are offering purchase incentives and tax breaks for hybrid vehicles, including HEVs and PHEVs, thereby promoting used car sales. The HEV market is growing, driven by the high volume of sales in the United States, Japanand China. Improvements in electric vehicle charging infrastructure are driving additional investment from used car market players to provide high quality used cars.
Positive Outlook for Vehicle Mortgages Drives Growth Asia Pacific growth in the used car market. Banks and microfinance organizations have been established throughout the region to provide individuals with low-interest loans. For example, HDFC Bank at India offers used car loans with hassle-free processing, minimal documentation and instant disbursement. These institutions support their consumers by offering various repayment options such as monthly, semi-monthly, quarterly and semi-annual plans. Auto finance companies and commercial banks allow individuals to take advantage of cash rebates from OEMs to purchase used cars.
Some of the key findings of the used car market report are:
The used car market is witnessing a high growth rate owing to a significant increase in the availability of used cars through the integration of online portals and car vending machines. This makes it easier for shoppers to compare and purchase used automobiles, which is accelerating industry growth. Customers can easily select an optimal car model and pick it up from a car vending machine according to their convenience.
The used car market is growing due to the growing demand for Sedan cars with increased interior space. Better comfort equipment, such as rear air vents and armrests, are offered by companies. Market players are incorporating touchscreen infotainment systems and enhanced security features to increase the customer base.
Compared to gasoline, diesel fuel can hold more energy per gallon, making it more economical and less expensive. It also has better economy and torque which allows used cars to accelerate faster while using less gas. The growing popularity of diesel pickup trucks will help the industry expand in North America and Europe.
The used car market is growing due to the various benefits of purchasing vehicles from franchised dealerships. Increased investment in used car restoration and maintenance by franchise car dealerships is expanding their market share.
Used cars are widely used for personal use due to certified vehicle programs. Lucrative financing options and ease of purchase offered by used car dealers have increased market demand. Low-income consumers are more likely to invest in affordable used cars that offer better safety and protection.
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Partial chapters of the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 360º Overview of Used Car Industry, 2018-2028
2.1.1 Trade trends
2.1.2 Regional trends
2.1.3 Trends in vehicle types
2.1.4 Trends in fuel types
2.1.5 Sales Channel Trends
2.1.6 End-use trends
Chapter 3 Overview of Used Car Industry
3.2 Impact of COVID-19
3.3 Ukraine–Russia impact of war
3.4 Industry Ecosystem Analysis
3.5 Technology and innovation landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Drivers of growth
188.8.131.52 Increase in number of online platforms for selling used cars globally
184.108.40.206 Increasing adoption of digital technologies in the used car market in North America and Europe
220.127.116.11 Growing dominance of rental and subscription service providers Asia Pacific
18.104.22.168 Dynamic models of car ownership Latin America
22.214.171.124 Growing preference for refurbished used cars Middle East & Africa
3.7.2 Industry Pitfalls and Challenges
126.96.36.199 High cost of servicing and maintenance associated with used cars
3.8 Analysis of growth potential
3.9 Porter’s analysis
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, in the United States, is a global provider of market research and consulting services; offering syndicated and custom research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights Inc.