Used Vehicle Market Future Growth Share, Opportunities and Forecast Report by 2022-2029.

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Global Used Vehicle Market Size research report 2021 offers in-depth assessment of revenue growth, market definition, segmentation, industry potential, influential trends for understanding the future outlook and current prospects for the market.

This study provides information about the sales and revenue during the historic and forecasted period of (2021 to 2028). Understanding the segments helps in identifying the importance of different factors that aid market growth. Estimations about the CAGR value for specific forecast period, market drivers, market restraints, and competitive strategies are assessed in this Used Vehicle Market report.

Key Market Driver -Increasing demand for alternate fuels for vehicles is expected to drive the growth of the market in the forecast period. Key Market Restraint -Low speed of the air powered vehicles along with lack of refuelling infrastructure may hinder the growth of the market during the forecast period.

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Drivers & Restraints

Depreciation is a critical factor that favors the shift towards used vehicles from new vehicles. For instance, the depreciation rate is almost 30% in the first year itself of the car purchased. The high depreciation rate of new cars will undoubtedly influence the mindset of consumers choosing high-value vehicles, which makes purchasing second-hand vehicles an added value-for-money choice. Following this, the acceptance of second-hand cars in society is also increasing. People are as passionate and happy about buying a used car as they are about a new car. Additionally, the availability of a variety of brands to choose from at comparatively lower prices than new vehicle prices is also likely to boost the demand for the market. For instance, the depreciation rate for passenger cars is 15%, whereas, for commercial vehicles, the rate goes up to 30% in India. Recently, the Finance Ministry of India announced higher depreciation rates (30% on passenger cars, 45% on commercial vehicles) on vehicles purchased between 23rd August 2019 and 31st March 2020, along with the deferring increased vehicle registration fees.

Key players covered in the global Used Vehicle Market research report:

  • Alibaba.com (Hangzhou, China)
  • Group 1 Automotive Inc. (Texas, U.S )
  • Asbury Automotive Group (Georgia, U.S.)
  • Hendrick Automotive Group (North Carolina, U.S.)
  • AutoNation Inc. (Florida, U.S.)
  • LITHIA Motor Inc. (Oregon, U.S.)
  • CarMax Business Services, LLC (Kennesaw, U.S.)
  • Scout24 AG (Munich, Germany)
  • Cox Automotive (Georgia, U.S.)
  • TrueCar, Inc. (California, U.S.)
  • eBay Inc. (California, U.S.)
  • Mahindra First Choice (Mumbai, India)
  • Maruti Suzuki India Limited (New Delhi, India)
  • Vroom (New York, U.S.)
  • OLX (Amsterdam, Netherlands)

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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