Used Car and Refurbished Car Sales Market Size & Growth (2021 - 2026)
The abundant potential increased the global used car and refurbished car sales market to US$ 92.22 billion in 2021. Much of the demand for the restored car sales comes from the premium vehicle category that drives the global market to register a compound annual growth rate of around 12% over the foreseen period of 2021 to 2026.
A used car is a vehicle that previously had one or more retail business owners. The used vehicles are often sold through a variety of outlets, including franchises and independent car dealers, car rental companies, buy here and pay here, dealers, rental offices, sales to auctions and private sales. Some car retailers offer "no-deal" prices, "certified" used cars, and extended service plans or warranties.
There is a paradigm shift in the demand for new cars, as people tend to buy used vehicles gradually. There are many positive reasons for doing so. Since the ownership of cars has gone from five to three years, more used and refurbished cars are now on the road. There is also a wave of digitization that covers the automotive industry. Many used car dealers now have an online presence to serve customers remotely. All history and useful information on any used or refurbished car can currently be authenticated online.
Prices mainly drive the growth of the used and refurbished car sales market as these used cars are more affordable. In addition, the cost of insurance and registration of used cars is reasonably lower.
The used car market now offers more growth opportunities than ever.
The used car market in the United States has maintained an upward trend for the past six years, which is linked to 6%.
In OLX India, each list of restored cars averages over 1,000 visits, and almost 65% of cars find a buyer in the first week, with 15,000 cars for sale per day. Average vehicle lifespan is increasing due to advanced engineering and has averaged 13-17 years in 2019 compared to 11.4 years calculated in 2014. With additional occupancy added to the car, the scope of the renewed application is also increasing. The used car sales market has moved from a disorganized trade route to a well-organized market; with car dealers, franchisees and financial investors who capitalize on the trend in sales of restored cars.
OLX India announced in 2018 to expand its offline used car business in India by creating 150 points of sale in 40 cities by 2021. The company is already running 30 pilot projects in 6 Indian cities under the OLX chain. Cash My Car merged with Berlin-based Frontier Car Group.
Market growth and trends:
To familiarize customers with the experience of buying a new car, several new companies in the used car sales market offer their customers value-added services such as warranties, vehicle history, and financial services. This trend is changing the market for renewed car sales towards a well-organized structure.
The automotive industry is saturated with several multinationals and retailers. While multinationals produce and unwind motor vehicles, it is the responsibility of retailers to deal with new or used cars. The used car market has skyrocketed over the years. The analysis has shown since 2016 that the used and refurbished car market is showing significant growth in value. In the United Kingdom, the trend indicates that the used car market contributed 51% of sales in the previous years.
Drivers and Market Restraints:
As websites such as OLX and eBay invite renewed car dealers to mark their online presence, the reach of these suppliers has grown. Also, this space in digital media affirms a tone of authenticity towards buyers. In addition to these peculiarities, start-up companies and established players in the market have begun the trend of verifying and offering guarantees on used cars. They also partner with financial institutions to provide cheap car loans to their clients.
The car rental market, whose commercial volume is increasing, is an essential factor driving the worldwide market for used and refurbished car sales. To execute their operations and business services with minimal expense, car rental sellers take advantage of the restored car for their activities. To curb the initial investment, the $ 64.47 billion car rental market often prefers refurbished vehicles.
However, the use of cheap and less quality products in some vehicles is creating a doubt among consumers to purchase used and refurbishes cars. This is supposed to limit the rapid expansion of this industry to some extent
By type of product, the global used cars and refurbished cars sales market is mainly divided into:
With the increasing focus towards eco-friendly products, the demand for bio-fuels is predicted to extend with a remarkable growth rate in the coming years.
By end-user, this report covers the following segments
Independent car dealers are increasing in the developing economies like India, China, etc., which is contributing to the growth of the global used cars and refurbished cars sales market.
Geographically, the global used cars and refurbished cars sales market is divided into the regions of North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Of these, the Asia Pacific used cars and refurbished cars sales market is projected to witness the highest growth rate in the foreseen years due to the increasing sales of used cars in regional economies of India, China, Japan, etc.
Key Market Players:
Some of the major players in the global used car and refurbished car sales market are General Motors, Nissan, Toyota, Mahindra First Choice Wheels, Penske Automotive Group, Chevrolet, BMW, Asbury Automotive Group, Tata Motors Assured, Global Star Ltd and Autotrader.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Used Car and Refurbished Car Sales Market, By Type of Product
6.1.4 Compressed Natural Gas
6.1.5 Liquified Petroleum Gas
6.1.7 Market Size Estimations & Forecasts (2019-2024)
6.1.8 Y-o-Y Growth Rate Analysis
6.1.9 Market Attractiveness Index
6.2 Used Car and Refurbished Car Sales Market, By End-User
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type of Product
7.2.3 By End-User
7.3.1 By Country
18.104.22.168 Rest of Europe
7.3.2 By Type of Product
7.3.3 By End-User
7.4 Asia Pacific
7.4.1 By Country
22.214.171.124 South Korea
126.96.36.199 South East Asia
188.8.131.52 Australia & NZ
184.108.40.206 Rest of Asia-Pacific
7.4.2 By Type of Product
7.4.3 By End-User
7.5 Latin America
7.5.1 By Country
220.127.116.11 Rest of Latin America
7.5.2 By Type of Product
7.5.3 By End-User
7.6 Middle East and Africa
7.6.1 By Country
18.104.22.168 Middle East
7.6.2 By Type of Product
7.6.3 By End-User
8. Key Player Analysis
8.1 General Motors
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.4 Mahindra First Choice Wheels
8.5 Penske Automotive Group
8.8 Tata Motors Assured
8.9 Global Star Ltd
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures