Competition Scenario In Global Used Vehicle Market
The global used vehicle industry is largely unorganized due to the preference of consumers towards stand-alone local, independent dealers or the ones located in used car exchanges, along with peer-to-peer sales, facilitated by online auto-classified platforms. The used vehicle market has witnessed the entry of various online classified portals and marketplaces in recent years. These players follow various different business models and aim to harness the untapped potential of the industry. Few players include True Vehicle, Inc, Lithia Motors, Inc., Group 1 Automotive, Inc., The HERTZ Corporation etc.
What is the Expected Future Outlook for the Overall Global Used Vehicle Market?
The Global Used Vehicle market was valued at USD 1.25 trillion in 2022 and is anticipated to reach USD 2.5 trillion by the end of 2027, witnessing a robust CAGR during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
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The Global Used Vehicle market is driven by driven by Inflation, High price of new vehicles, Availability of used vehicles at lower prices are major factors contributing towards development of Global Used Vehicle Market. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
Government has ambitious plans to use digital technologies extensively to strengthen its services, processes, and decision making, as well as its ability to share data with constituents. Most consumers these days make used vehicle buying decision after searching online which necessitates synchronizing online and showroom experiences and sharing product information, offering sales support & servicing online. Online platforms can introduce an additional service wherein consumers can go through all the used vehicle auctions taking place around them or that are scheduled for the future. At present, there is not much used vehicle content on Tik-Tok and Snapchat. Currently, there is only 3% digital presence and it is expected to be around 22% in the future.
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Dealerships are expected to introduce their own official website/platforms to showcase their used vehicle inventory. Online auto portals are expected to venture into omni-channel experiences & offer varied services such as vehicle subscription. Value-added services such as vehicle inspection, financing options, insurance, ownership transfer & more is expected to be a focus area for used vehicle dealers to provide a hassle-free experience to the buyers.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Used Vehicle Dealers
- Used Vehicle Equipment Manufacturers and Distributors
- Auto Portals
- Online Dealers
- Vehicle Showrooms
- Unauthorized Dealers
- Market Research and Consulting Firms
- Automotive Companies
- Vehicle manufacturing Companies
- Tourism Agencies
- Government Bodies & Regulating Authorities
Time Period Captured in the Report
- Historical Period: 2017-2022
- Base Period: 2022
- Forecast Period: 2022-2027
Companies
Major Players Mentioned in the Report
Leading companies
- TrueVehicle, Inc
- Lithia Motors, Inc.
- Group 1 Automotive, Inc.
- THE HERTZ CORPORATION
- Pendragon PLC
- Asbury Automotive Group, Inc.
- AutoNation, Inc
- VehicleMax Business Services LLC
- Cox Automotive
- Hendrick Automotive Group.
- Batfa Japan Inc.
- India Kawasaki Motors Pvt. Ltd.
- Droom, Motorbikes 4 All
- Triumph Motorcycles
- Yamaha Certified Pre-Owned
- Motohunt Inc.
- Blade Motorcycles
- Mundimoto Europe SL
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