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Refurbished Car Sales Market Growth Driven By Technological Advancements in Automotive Industry

Published By: IndustryARC Published On : 30-May-2019

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.

 

Talk to one of our sales representative about the full report by providing your details in the link below:

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What can you expect from the report?

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

 

Frequently Asked Questions:

Q. Does IndustryARC provide customized reports and charge additionally for limited customization?

Response: 

Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:

1. Increase the level of data in application or end user industry.

2. Increase the number of countries in geography chapter.

3. Find out market shares for other smaller companies or companies which are of interest to you.

4. Company profiles can be requested based on your interest.

5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.

Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com  to discuss more about our consulting services.

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About IndustryARC

: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.

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