Used Car Market Size, Trends and Insights By Vehicle Type Outlook (Hybrid, Conventional, Electric), By Vendor Type Outlook (Organized, Unorganized), By Fuel Type Outlook (Petrol, Diesel, Others), By Size Outlook (Compact, Mid-size, SUVs), By Sales Channel (Online, Offline), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Alibaba.com
- Asbury Automotive Group
- AutoNation Inc.
- CarMax Business Services LLC
- Cox Automotive
- Others
Reports Description
As per the current market research conducted by CMI Team, the global Used Car market is expected to record a CAGR of 6.2% from 2023 to 2030. In 2023, the market size is projected to reach a valuation of US$ 1.82 Trillion. By 2030, the valuation is anticipated to reach US$ 20.96 Trillion.
The used car market refers to the buying and selling of pre-owned or second-hand cars. It is an important segment of the overall automobile industry and offers an affordable option for those who are not able to buy a new car or prefer not to spend a large amount of money on a new vehicle.
The used car market includes various types of cars such as sedans, SUVs, hatchbacks, and luxury cars, and it has its own set of buyers and sellers. The market is influenced by factors such as the economy, consumer preferences, and the availability of financing options.
| Attributes | Value |
| Used Car Value (2022) | US$ 1.72 Trillion |
| Used Car Market Expected Value (2023) | US$ 1.82 Trillion |
| Used Car Market Forecast Value (2030) | US$ 2.72 Trillion |
| Used Car Market Expected CAGR (2023 to 2030) | 6.2% |
Used Car Market – Mergers and Acquisitions
There have been several mergers and acquisitions in the used car market in recent years as companies seek to expand their reach and consolidate their position in the industry. Some of the notable M&A deals in the used car market include:
- Carvana’s acquisition of Car360: In 2018, online used car dealer Carvana acquired Car360, a start-up that specializes in creating 3D images and augmented reality models of cars, to enhance its online car buying experience.
- Cars24’s acquisition of CarWale: In 2020, Indian used car marketplace Cars24 acquired CarWale, an online car classifieds platform, to expand its offerings and reach more customers in the competitive Indian market.
- Cox Automotive’s acquisition of Dealertrack: In 2015, automotive services company Cox Automotive acquired Dealertrack, a provider of software solutions for automotive retailers and lenders, to expand its digital capabilities in the used car market.
- CarMax’s acquisition of Edmunds: In 2021, used car retailer CarMax acquired Edmunds, an online car shopping and information platform, to enhance its digital offerings and provide customers with more information and transparency in the car buying process.
These mergers and acquisitions are indicative of the growing competition and consolidation in the used car market as companies look to innovate and improve their offerings to attract more customers.
Used Car Market – Significant Opportunities
The used car market presents significant opportunities for buyers, sellers, and investors alike. Here are some of the main reasons why:
Lower Prices: Used cars are generally much cheaper than new cars, often costing thousands of dollars less. This makes them a great option for budget-conscious consumers who still want a reliable vehicle.
- Greater Variety: The used car market offers a much wider range of vehicles than the new car market, with a vast selection of makes, models, and years available. This allows buyers to find the exact car they want, often at a better price than buying a new one.
- Reduced Depreciation: New cars can lose up to 20% of their value as soon as they are driven off the lot, and continue to depreciate rapidly in the first few years. Used cars, on the other hand, have already experienced this initial depreciation, meaning that they hold their value better over time.
- Increased Access to Financing: Many lenders offer financing for used cars, which can make it easier for buyers to afford the car they want.
- Strong Demand: The used car market is consistently strong, with many buyers preferring to purchase a used car over a new one. This ensures that there is always a market for used cars, which is good news for sellers and investors.
- Environmentally Friendly: Buying a used car is a more sustainable choice than buying a new car. When a car is manufactured, it consumes significant resources, including energy and raw materials. By purchasing a used car, you can help reduce the environmental impact of car production.
Overall, the used car market presents significant opportunities for anyone looking to buy or sell a vehicle, or for investors looking to make a profit in the automotive industry.
COMPARATIVE ANALYSIS OF THE RELATED MARKET
| Used Car Market | (AR) Augmented Reality Market | 5G Fixed Wireless Access |
| CAGR 6.2% (Approx) | CAGR 50%
(Approx) |
102.7%
(Approx) |
| US$. 2.72 Trillion by 2030 | USD 100 billion by 2030 | USD 23108.05 million by 2030. |
Used Car Market – Significant Threats
While the used car market does offer significant opportunities, there are also several significant threats to consider:
- Quality Concerns: Used cars may have a history of accidents, wear and tear, and other issues that can affect their performance and reliability. Buyers must be diligent in inspecting used cars and verifying their condition before making a purchase.
- Warranty Limitations: Many used cars are sold “as-is,” meaning that buyers are responsible for any repairs or maintenance needed after the sale. This can be a significant risk for buyers who may encounter unexpected issues with their used car.
- Competition from New Cars: While the used car market offers lower prices and greater variety, new cars can still be a strong competitor, particularly for buyers who prioritize having the latest technology and safety features.
- Economic Downturns: In times of economic uncertainty, consumers may delay or cancel purchasing a car altogether, reducing demand in the used car market.
- Changes in Regulations: Changes in regulations or policies related to the automotive industry can significantly impact the used car market, such as restrictions on emissions or safety requirements that may render certain models obsolete.
- Disruptive Technologies: Advancements in technology, such as self-driving cars, may disrupt the traditional automotive industry, potentially reducing demand for used cars.
Overall, while the used car market offers significant opportunities, it is important to be aware of the potential threats and risks involved in buying or selling used cars.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 1.82 Trillion |
| Projected Market Size in 2030 | USD 2.72 Trillion |
| Market Size in 2022 | USD 1.72 Trillion |
| CAGR Growth Rate | 6.2% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Vehicle Type Outlook, Vendor Type Outlook, Fuel Type Outlook, Size Outlook, Sales Channel, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Category-Wise Insights
Vehicle Type Insights
In 2022, the conventional vehicle segment had the largest share, accounting for over 42% of shipments. However, the electric vehicle segment is expected to grow rapidly, supported by the hybrid vehicle segment, with a significant compound annual growth rate (CAGR) projected over the forecast period. The affordability of used electric vehicles compared to used hybrid vehicles has been a driving factor for the increasing sales of electric vehicles in recent years. Additionally, the technology-driven performance and sustainability aspects of electric vehicles have increased their demand, particularly in the luxury vehicle segment.
Conversely, the conventional gasoline vehicle segment offers affordable options with a wide range of choices, with maximum shares in all sizes including compact cars, mid-size, and SUVs. Nevertheless, concerns about climate change and pollution have led to an increasing demand for alternative options to conventional gasoline vehicles, leading to significant growth in the market for used electric cars.
Vendor Type Insights
The organized vendor segment dominated the used car market in 2022, with a volume share of over 72%. This was primarily due to the increasing number of franchised dealers, along with the entry of new players and retail models. According to the National Automobile Dealers Association (NADA), franchised dealers in the U.S. earned higher gross profits on used vehicle sales compared to independent dealers. Furthermore, brand loyalty across all age groups also contributed to the growth of organized vendors.
The organized vendor segment is expected to maintain its dominance in the market and witness high growth over the forecast period, accounting for more than two-thirds of the market. Although the used car market is highly fragmented with numerous dealers worldwide, developed countries such as the U.S., Germany, and the U.K. have top dealers such as CarMax Business Services, LLC, and Asbury Automotive Group, which account for more than half of the volume share.
Fuel Type Insights
In 2022, the petrol segment held the largest volume share of over 41% due to the decreasing usage of diesel vehicles. The government discourages the purchase of used diesel vehicles, leading to the growth of the petrol segment. The other segment is expected to experience significant growth over the forecast period. In developing countries, there has been a sustainable increase in the sales volume of CNG-powered used vehicles.
Emission standards have become a major factor contributing to the decline in diesel vehicle sales. Stringent emission standards for compression ignition (diesel) vehicles and excessive emission of NOx have led to an increase in the substitute market. In contrast, the petrol-fueled car emission standard is less stringent, which has resulted in a growing consumer base for petrol cars with refined engines, good fuel efficiency, and strong top-end performance. Furthermore, the increasing inventory of petrol-based SUVs has been a driving factor for the growth of the petrol segment.
Size Insights
In 2022, the SUV size segment held the largest volume share of over 34%, causing a decline in other segments. SUVs provide space and size while remaining compact compared to off-road vehicles, making them an ideal choice for buyers in various regions. The demand for SUVs has led to a wider supply network, resulting in higher residual value for SUVs in the market. The used SUV market in the European region has witnessed significant demand traction.
Over the forecast period, the compact size segment is expected to register a significant CAGR. This is due to people’s preference for economical and compact size vehicles. Franchised owners prefer compact size vehicles due to their high production rate and large inventory, making them easily available at affordable prices. While the demand for used compact vehicles has been high in recent years, changing consumer preferences and advancements in SUVs have led to significant growth in the used SUV market. This trend is expected to continue in the coming years.
Used Car Market – Regional Analysis
North America:
The North American used car market is expected to witness significant growth over the forecast period. The presence of large organized vendors and increasing demand for electric and hybrid vehicles is driving the growth of the market. The increasing awareness about the benefits of used cars and the availability of affordable financing options are expected to further fuel the growth of the market.
Europe:
Europe is one of the largest markets for used cars, and it is expected to continue its dominance over the forecast period. The high demand for SUVs and the increasing trend of consumers opting for sustainable mobility is driving the growth of the market. In addition, the presence of established players and favourable government policies are expected to further boost the growth of the market.
Asia Pacific:
The Asia Pacific used car market is expected to witness significant growth over the forecast period, owing to the increasing urbanization, rising middle-class population, and growing demand for affordable mobility solutions. The increasing availability of financing options and the entry of new players in the market are also contributing to the growth of the market.
Latin America:
The Latin America used car market is expected to witness moderate growth over the forecast period. The presence of a large unorganized market and the lack of awareness about the benefits of used cars are the major factors hindering the growth of the market. However, the increasing availability of financing options and the entry of new players in the market are expected to fuel the growth of the market.
Middle East and Africa:
The Middle East and Africa used car market is expected to witness significant growth over the forecast period, owing to the increasing demand for affordable mobility solutions and the presence of a large unorganized market. The increasing availability of financing options and the entry of new players in the market are also contributing to the growth of the market.
Competitive Landscape
To gain a competitive advantage in the market, key players are concentrating on expanding their customer base. As a result, vendors are undertaking strategic initiatives such as partnerships, mergers and acquisitions, and collaborations. For example, in 2020, Volkswagen announced a significant investment in the used cars market by collaborating its own used-car chain, Das WeltAuto, with various used car platforms. Major automakers are also expanding their presence in this sector by establishing pre-owned car sales networks, such as Maruti Suzuki’s True Value, M&M Mahindra’s First Choice Wheels, and Toyota’s U Trust.
Key Market Players
- Alibaba.com
- Asbury Automotive Group
- AutoNation Inc.
- CarMax Business Services LLC
- Cox Automotive
- eBay Inc.
- Group 1 Automotive Inc.
- Hendrick Automotive Group
- LITHIA Motor Inc.
- Scout24 AG
- TrueCar Inc.
- Others
The Used Car market is segmented as follows:
Vehicle Type Outlook
- Hybrid
- Conventional
- Electric
Vendor Type Outlook
- Organized
- Unorganized
Fuel Type Outlook
- Petrol
- Diesel
- Others
Size Outlook
- Compact
- Mid-size
- SUVs
Sales Channel
- Online
- Offline
By Region
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Used Car Market, (2024 – 2030) (USD Million)
- 2.2 Global Used Car Market : snapshot
- Chapter 3. Global Used Car Market – Industry Analysis
- 3.1 Used Car Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 The electric vehicle segment is expected to grow rapidly
- 3.2.2 Increasing demand for alternative options to conventional gasoline vehicles
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Vehicle Type Outlook
- 3.7.2 Market attractiveness analysis By Vendor Type Outlook
- 3.7.3 Market attractiveness analysis By Fuel Type Outlook
- 3.7.4 Market attractiveness analysis By Size Outlook
- 3.7.5 Market attractiveness analysis By Sales Channel
- Chapter 4. Global Used Car Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Used Car Market: company market share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Used Car Market – Vehicle Type Outlook Analysis
- 5.1 Global Used Car Market overview: By Vehicle Type Outlook
- 5.1.1 Global Used Car Market share, By Vehicle Type Outlook, 2022 and 2030
- 5.2 Hybrid
- 5.2.1 Global Used Car Market by Hybrid, 2024 – 2030 (USD Million)
- 5.3 Conventional
- 5.3.1 Global Used Car Market by Conventional, 2024 – 2030 (USD Million)
- 5.4 Electric
- 5.4.1 Global Used Car Market by Electric, 2024 – 2030 (USD Million)
- 5.1 Global Used Car Market overview: By Vehicle Type Outlook
- Chapter 6. Global Used Car Market – Vendor Type Outlook Analysis
- 6.1 Global Used Car Market overview: By Vendor Type Outlook
- 6.1.1 Global Used Car Market share, By Vendor Type Outlook , 2022 and 2030
- 6.2 Organized
- 6.2.1 Global Used Car Market by Organized, 2024 – 2030 (USD Million)
- 6.3 Unorganized
- 6.3.1 Global Used Car Market by Unorganized, 2024 – 2030 (USD Million)
- 6.1 Global Used Car Market overview: By Vendor Type Outlook
- Chapter 7. Global Used Car Market – Fuel Type Outlook Analysis
- 7.1 Global Used Car Market overview: By Fuel Type Outlook
- 7.1.1 Global Used Car Market share, By Fuel Type Outlook , 2022 and 2030
- 7.2 Petrol
- 7.2.1 Global Used Car Market by Petrol, 2024 – 2030 (USD Million)
- 7.3 Diesel
- 7.3.1 Global Used Car Market by Diesel, 2024 – 2030 (USD Million)
- 7.4 Others
- 7.4.1 Global Used Car Market by Others, 2024 – 2030 (USD Million)
- 7.1 Global Used Car Market overview: By Fuel Type Outlook
- Chapter 8. Global Used Car Market – Size Outlook Analysis
- 8.1 Global Used Car Market overview: By Size Outlook
- 8.1.1 Global Used Car Market share, By Size Outlook , 2022 and 2030
- 8.2 Compact
- 8.2.1 Global Used Car Market by Compact, 2024 – 2030 (USD Million)
- 8.3 Mid-size
- 8.3.1 Global Used Car Market by Mid-size, 2024 – 2030 (USD Million)
- 8.4 SUVs
- 8.4.1 Global Used Car Market by SUVs, 2024 – 2030 (USD Million)
- 8.1 Global Used Car Market overview: By Size Outlook
- Chapter 9. Global Used Car Market – Sales Channel Analysis
- 9.1 Global Used Car Market overview: By Sales Channel
- 9.1.1 Global Used Car Market share, By Sales Channel , 2022 and 2030
- 9.2 Online
- 9.2.1 Global Used Car Market by Online, 2024 – 2030 (USD Million)
- 9.3 Offline
- 9.3.1 Global Used Car Market by Offline, 2024 – 2030 (USD Million)
- 9.1 Global Used Car Market overview: By Sales Channel
- Chapter 10. Used Cars Market – Regional Analysis
- 10.1 Global Used Cars Market Regional Overview
- 10.2 Global Used Cars Market Share, by Region, 2022 & 2030 (USD Million)
- 10.3. North America
- 10.3.1 North America Used Cars Market, 2024 – 2030 (USD Million)
- 10.3.1.1 North America Used Cars Market, by Country, 2024 – 2030 (USD Million)
- 10.3.1 North America Used Cars Market, 2024 – 2030 (USD Million)
- 10.4 North America Used Cars Market, by Vehicle Type Outlook, 2024 – 2030
- 10.4.1 North America Used Cars Market, by Vehicle Type Outlook, 2024 – 2030 (USD Million)
- 10.5 North America Used Cars Market, by Vendor Type Outlook , 2024 – 2030
- 10.5.1 North America Used Cars Market, by Vendor Type Outlook , 2024 – 2030 (USD Million)
- 10.6 North America Used Cars Market, by Fuel Type Outlook , 2024 – 2030
- 10.6.1 North America Used Cars Market, by Fuel Type Outlook , 2024 – 2030 (USD Million)
- 10.7 North America Used Cars Market, by Size Outlook , 2024 – 2030
- 10.7.1 North America Used Cars Market, by Size Outlook , 2024 – 2030 (USD Million)
- 10.8 North America Used Cars Market, by Sales Channel , 2024 – 2030
- 10.8.1 North America Used Cars Market, by Sales Channel , 2024 – 2030 (USD Million)
- 10.9. Europe
- 10.9.1 Europe Used Cars Market, 2024 – 2030 (USD Million)
- 10.9.1.1 Europe Used Cars Market, by Country, 2024 – 2030 (USD Million)
- 10.9.1 Europe Used Cars Market, 2024 – 2030 (USD Million)
- 10.10 Europe Used Cars Market, by Vehicle Type Outlook, 2024 – 2030
- 10.10.1 Europe Used Cars Market, by Vehicle Type Outlook, 2024 – 2030 (USD Million)
- 10.11 Europe Used Cars Market, by Vendor Type Outlook , 2024 – 2030
- 10.11.1 Europe Used Cars Market, by Vendor Type Outlook , 2024 – 2030 (USD Million)
- 10.12 Europe Used Cars Market, by Fuel Type Outlook , 2024 – 2030
- 10.12.1 Europe Used Cars Market, by Fuel Type Outlook , 2024 – 2030 (USD Million)
- 10.13 Europe Used Cars Market, by Size Outlook , 2024 – 2030
- 10.13.1 Europe Used Cars Market, by Size Outlook , 2024 – 2030 (USD Million)
- 10.14 Europe Used Cars Market, by Sales Channel , 2024 – 2030
- 10.14.1 Europe Used Cars Market, by Sales Channel , 2024 – 2030 (USD Million)
- 10.15. Asia Pacific
- 10.15.1 Asia Pacific Used Cars Market, 2024 – 2030 (USD Million)
- 10.15.1.1 Asia Pacific Used Cars Market, by Country, 2024 – 2030 (USD Million)
- 10.15.1 Asia Pacific Used Cars Market, 2024 – 2030 (USD Million)
- 10.16 Asia Pacific Used Cars Market, by Vehicle Type Outlook, 2024 – 2030
- 10.16.1 Asia Pacific Used Cars Market, by Vehicle Type Outlook, 2024 – 2030 (USD Million)
- 10.17 Asia Pacific Used Cars Market, by Vendor Type Outlook , 2024 – 2030
- 10.17.1 Asia Pacific Used Cars Market, by Vendor Type Outlook , 2024 – 2030 (USD Million)
- 10.18 Asia Pacific Used Cars Market, by Fuel Type Outlook , 2024 – 2030
- 10.18.1 Asia Pacific Used Cars Market, by Fuel Type Outlook , 2024 – 2030 (USD Million)
- 10.19 Asia Pacific Used Cars Market, by Size Outlook , 2024 – 2030
- 10.19.1 Asia Pacific Used Cars Market, by Size Outlook , 2024 – 2030 (USD Million)
- 10.20 Asia Pacific Used Cars Market, by Sales Channel , 2024 – 2030
- 10.20.1 Asia Pacific Used Cars Market, by Sales Channel , 2024 – 2030 (USD Million)
- 10.21. Latin America
- 10.21.1 Latin America Used Cars Market, 2024 – 2030 (USD Million)
- 10.21.1.1 Latin America Used Cars Market, by Country, 2024 – 2030 (USD Million)
- 10.21.1 Latin America Used Cars Market, 2024 – 2030 (USD Million)
- 10.22 Latin America Used Cars Market, by Vehicle Type Outlook, 2024 – 2030
- 10.22.1 Latin America Used Cars Market, by Vehicle Type Outlook, 2024 – 2030 (USD Million)
- 10.23 Latin America Used Cars Market, by Vendor Type Outlook , 2024 – 2030
- 10.23.1 Latin America Used Cars Market, by Vendor Type Outlook , 2024 – 2030 (USD Million)
- 10.24 Latin America Used Cars Market, by Fuel Type Outlook , 2024 – 2030
- 10.24.1 Latin America Used Cars Market, by Fuel Type Outlook , 2024 – 2030 (USD Million)
- 10.25 Latin America Used Cars Market, by Size Outlook , 2024 – 2030
- 10.25.1 Latin America Used Cars Market, by Size Outlook , 2024 – 2030 (USD Million)
- 10.26 Latin America Used Cars Market, by Sales Channel , 2024 – 2030
- 10.26.1 Latin America Used Cars Market, by Sales Channel , 2024 – 2030 (USD Million)
- 10.27. The Middle-East and Africa
- 10.27.1 The Middle-East and Africa Used Cars Market, 2024 – 2030 (USD Million)
- 10.27.1.1 The Middle-East and Africa Used Cars Market, by Country, 2024 – 2030 (USD Million)
- 10.27.1 The Middle-East and Africa Used Cars Market, 2024 – 2030 (USD Million)
- 10.28 The Middle-East and Africa Used Cars Market, by Vehicle Type Outlook, 2024 – 2030
- 10.28.1 The Middle-East and Africa Used Cars Market, by Vehicle Type Outlook, 2024 – 2030 (USD Million)
- 10.29 The Middle-East and Africa Used Cars Market, by Vendor Type Outlook , 2024 – 2030
- 10.29.1 The Middle-East and Africa Used Cars Market, by Vendor Type Outlook , 2024 – 2030 (USD Million)
- 10.30 The Middle-East and Africa Used Cars Market, by Fuel Type Outlook , 2024 – 2030
- 10.30.1 The Middle-East and Africa Used Cars Market, by Fuel Type Outlook , 2024 – 2030 (USD Million)
- 10.31 The Middle-East and Africa Used Cars Market, by Size Outlook , 2024 – 2030
- 10.31.1 The Middle-East and Africa Used Cars Market, by Size Outlook , 2024 – 2030 (USD Million)
- 10.32 The Middle-East and Africa Used Cars Market, by Sales Channel , 2024 – 2030
- 10.32.1 The Middle-East and Africa Used Cars Market, by Sales Channel , 2024 – 2030 (USD Million)
- Chapter 11. Company Profiles
- 11.1 Alibaba.com
- 11.1.1 Overview
- 11.1.2 Financials
- 11.1.3 Product Portfolio
- 11.1.4 Business Strategy
- 11.1.5 Recent Developments
- 11.2 Asbury Automotive Group
- 11.2.1 Overview
- 11.2.2 Financials
- 11.2.3 Product Portfolio
- 11.2.4 Business Strategy
- 11.2.5 Recent Developments
- 11.3 AutoNation Inc.
- 11.3.1 Overview
- 11.3.2 Financials
- 11.3.3 Product Portfolio
- 11.3.4 Business Strategy
- 11.3.5 Recent Developments
- 11.4 CarMax Business Services LLC
- 11.4.1 Overview
- 11.4.2 Financials
- 11.4.3 Product Portfolio
- 11.4.4 Business Strategy
- 11.4.5 Recent Developments
- 11.5 Cox Automotive
- 11.5.1 Overview
- 11.5.2 Financials
- 11.5.3 Product Portfolio
- 11.5.4 Business Strategy
- 11.5.5 Recent Developments
- 11.6 eBay Inc.
- 11.6.1 Overview
- 11.6.2 Financials
- 11.6.3 Product Portfolio
- 11.6.4 Business Strategy
- 11.6.5 Recent Developments
- 11.7 Group 1 Automotive Inc.
- 11.7.1 Overview
- 11.7.2 Financials
- 11.7.3 Product Portfolio
- 11.7.4 Business Strategy
- 11.7.5 Recent Developments
- 11.8 Hendrick Automotive Group
- 11.8.1 Overview
- 11.8.2 Financials
- 11.8.3 Product Portfolio
- 11.8.4 Business Strategy
- 11.8.5 Recent Developments
- 11.9 LITHIA Motor Inc.
- 11.9.1 Overview
- 11.9.2 Financials
- 11.9.3 Product Portfolio
- 11.9.4 Business Strategy
- 11.9.5 Recent Developments
- 11.10 Scout24 AG
- 11.10.1 Overview
- 11.10.2 Financials
- 11.10.3 Product Portfolio
- 11.10.4 Business Strategy
- 11.10.5 Recent Developments
- 11.11 TrueCar Inc.
- 11.11.1 Overview
- 11.11.2 Financials
- 11.11.3 Product Portfolio
- 11.11.4 Business Strategy
- 11.11.5 Recent Developments
- 11.1 Alibaba.com
List Of Figures
Figures No 1 to 33
List Of Tables
Tables No 1 to 127
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Players
- Alibaba.com
- Asbury Automotive Group
- AutoNation Inc.
- CarMax Business Services LLC
- Cox Automotive
- eBay Inc.
- Group 1 Automotive Inc.
- Hendrick Automotive Group
- LITHIA Motor Inc.
- Scout24 AG
- TrueCar Inc.
- Others
FAQs
“Europe” region will lead the global Used Car market during the forecast period 2023 to 2030.
The key factors driving the market are the electric vehicle segment is expected to grow rapidly and increasing demand for alternative options to conventional gasoline vehicles.
The key players operating in the Used Car market are Alibaba.com, Asbury Automotive Group, AutoNation Inc., CarMax Business Services LLC, Cox Automotive, eBay Inc., Group 1 Automotive Inc., Hendrick Automotive Group, LITHIA Motor Inc., Scout24 AG, TrueCar Inc.
The global Used Car market is expanding growth with a CAGR of approximately 6.1% during the forecast period (2023 to 2030).
The global Used Car market size was valued at USD 12.85 Million in 2021 and it is projected to reach around USD 20.96 Million by 2030.