Ease of access to funding and rise in income levels has made it easier for people to own a car. Increasing number of certified used car dealers, online portals, and insurance options are creating a positive impact on the used car and refurbished car sales market. Though the used car sales market is not highly organized yet, it is anticipated to have a high growth rate in upcoming years. A market intelligence report by IndustryARC estimates that the global used car and refurbished car sales market was valued at $87.72 billion in 2018. Furthermore, demand for the used car and refurbished car sales market is projected to rise at a CAGR of 11.71% over the forecast period 2019 to 2025.
The report titled, “Used Car and Refurbished Car Sales Market: Refurbishing and Franchise Model Seeing Improved Acceptance in Emerging Economies - Forecast (2019 - 2025)”, consolidates an in-depth assessment of the competitive landscape, market trends, application analysis, end-use industry, startup companies’ scenario, industry segment sizes, product segments, risk experienced by major contenders, product market sizing, sales of major firms, and strategic analysis of the used car and refurbished car sales market.
Used Car and Refurbished Car Sales Market: Leading Segments
Due to technological advancements in the automotive industry, the average life or depreciation of used cars has improved significantly, which has driven growth for the used passenger car sales market. Buffeted by these developments, the passenger car segment in the used cars market is projected to grow at a CAGR of 13.25% during the forecast period 2019 to 2025. Organized players are major shareholders in the market as their operations are more transparent, which translates to better service and also ensures a fair price for both buyers and sellers.
Emerging countries are expected to continue to rule the used car sales market due to rising income levels, whereas contribution of the more developed nations is projected to decrease. Along with China and India, which continue to have a healthy share in the refurbished car sales market, Japan is also experiencing a significant rise over the past few years; while shares of Europe and the U.S. have dipped. APAC countries accounted for 34.28% of the used car market size in 2018.
Refurbished Car Sales Market: Disruptive Trends
· Where new car expenses act as a hurdle, the used vehicle market is thriving as a great alternative owing to its affordability factor.
· The used car market is buzzing with great potential because of rental cars and lease turn-ins. Low wholesale prices for the latest models attract dealers to these cars. The refurbished car sales market growth is supported by investments from manufacturers to make used car sales viable to consumers. Automotive manufacturers are investing in dealer networks and branding of used cars, so as to make the market feasible to consumers.
· Digitalization has made its way into the automotive industry, where digital channels have already established themselves as a primary source of information. Since consumers are looking for mobility along with communication, online retailers are expected to see their market share increase.
· The battery electric vehicles market has begun to see growth because of regulations against carbon dioxide emissions. This, in turn, encourages growth of the refurbished electric cars market.
Used Car Sales Market: Competitive Landscape
Major vendors operating in the global used car and refurbished car sales market are noted as General Motors, Nissan, Toyota, BMW, Asbury Automotive Group, Tata Motors Assured, Penske Automotive Group, Chevrolet, Global StarLtd, and Autotrader which are holding major market share.
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The used car and refurbished car sales market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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