Latest News- Used Car Market: Compact car is expected to lead the Vehicle Type segment during 2024-2028

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 7.56% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 857.1 billion. Car subscription services represent a novel business model in the automotive industry, offering consumers a flexible alternative to vehicle ownership or leasing. These services enable subscribers to utilize a car for a monthly fee, which encompasses roadside assistance, insurance coverage, and routine maintenance. The programs provide the added advantage of allowing subscribers to switch vehicles with short notice, providing the opportunity to drive a sedan during the workweek and an SUV or sports car during weekends. Various subscription plans cater to diverse market segments, including short-term leases of pre-owned vehicles and long-term rentals with weekly or monthly car swaps. Some services specialize in catering to the luxury car market, prioritizing convenience and comfort for their clientele. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Compact car
  • SUV
  • Mid size
• Channel
  • Organized
  • Unorganized
• Fuel Type
  • Petrol/Gasoline
  • Diesel
  • Electric/Hybrid
• End User
  • Individual Buyers
  • Business/Fleet Operators
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Middle East and Africa
    • Egypt
  • South America
    • Brazil
    • Argentina

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 today's used car market, safety is a top priority. Modern used vehicles offer advanced features like adaptive cruise control and lane-keeping assistance. Buying a used car has become more convenient with online platforms and e-commerce sites. The industry caters to a diverse consumer base, providing personal transportation solutions. Environmental concerns are addressed through vehicle histories and reports, while infotainment systems and mobile apps enhance the buying experience. Industry applications include advanced imaging technologies for vehicle inspections. Online presence and mobile accessibility are essential for transparency and convenience.

Market Research Overview

The global automobile manufacturing industry encompasses businesses producing passenger cars, commercial vehicles, and all-terrain vehicles. Excluding motorcycles, scooters, e-bikes, trikes, and three-wheelers from this scope. According to Technavio, market size is determined by the consolidated revenue generated from the sales of these vehicle types. Key growth drivers for the automobile manufacturing sector include the integration of advanced features such as electronic components, enhanced safety systems, autonomous capabilities, emission standardization, improved fuel efficiency through electronic fuel control, and customization options. These elements are increasingly influencing consumer preferences and demand for personal transportation solutions. Furthermore, the aging vehicle fleet and regulatory changes are creating opportunities for used vehicle markets on online platforms and e-commerce sites. The future outlook for the industry remains positive, with continued innovation and consumer demand shaping the market landscape.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/