Latest News- Used Car Market: Compact is expected to lead the Vehicle Type segment during 2025-2029

The Used Car Market is being driven by Increasing number of new models of cars launched due to high competition

The Used Car Market is expected to grow at a CAGR of 7.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 885.3 billion. Car subscription services represent a novel business model in the automotive industry, providing an alternative to vehicle ownership or leasing. These services enable consumers to access a range of vehicles for a fixed, all-inclusive monthly fee, which covers essentials such as roadside assistance, insurance, and maintenance. The flexibility of these programs allows subscribers to switch between different vehicle types, including sedans, SUVs, and sports cars, at short notice. Some car subscription services cater to the luxury market, prioritizing convenience and comfort. Others offer long-term rental plans, enabling subscribers to change cars weekly or monthly. A key feature of these services is the option to lease used cars for a short duration. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Compact
  • SUV
  • Mid size
• Channel
  • Organized
  • Unorganized
• Fuel Type
  • Diesel
  • Petrol
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing number of new models of cars launched due to high competition
• Declining ownership cycle of vehicles among urban consumers in emerging countries
• Excellent value for money proposition of used cars

However, the market also witnesses some limitations, which are as follows:

• Increasing demand for car-sharing services
• Higher annual vehicle tax on older vehicles in Europe
• Increase in number of on-demand taxi operators

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Market Scope in Used Car Market Research Report

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Research Analysis Overview

In the used car market, various options abound for car enthusiasts seeking aftermarket parts and performance upgrades for their compact cars, full-size cars, luxury sedans, sports cars, classic cars, electric SUVs, and hybrid trucks. Drivers can choose from automatic or manual transmissions, all-wheel drive (AWD), front-wheel drive (FWD), and rear-wheel drive (RWD) configurations. Fuel injection, alloy wheels, and steel wheels are common features, while interior options range from leather to cloth. Technology includes Apple CarPlay, Android Auto, driver assistance systems, collision avoidance, adaptive headlights, head-up displays, child safety seats, roadside assistance, extended warranties, and vehicle maintenance schedules. Preventative maintenance, diagnostic tools, repair manuals, online reviews, and consumer reports are essential resources for informed purchasing decisions.

Market Research Overview

The global automobile manufacturing industry encompasses corporations producing passenger cars, commercial vehicles, and all-terrain vehicles. Notably, this sector excludes manufacturers specializing in motorcycles, scooters, e-bikes, trikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by these automobile manufacturers. Key growth drivers for the global automobile manufacturing market include the integration of advanced technologies, such as electronic components and secured safety systems, autonomous capabilities, emission standardization, and electronic fuel control systems, which enhance fuel efficiency. These features are pivotal in attracting customers, as they prioritize vehicle customization and improved performance, particularly in the context of electric vehicles and internal combustion engines with varying engine displacements.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/