Used Cars Market by Type and Geography - Forecast and Analysis 2020-2024
Global Used Cars Market: About this market
Technavio’s used cars market analysis considers sales from various outlets such as franchises, independent car dealers, rental car companies, and private party sales. Our report also considers the sales of used cars in APAC, Europe, MEA, North America, and South America. In 2019, the mid-size cars segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as comfort, safety, cost of ownership, and warranty will play a significant role in the mid-size cars segment to maintain its market position. Also, our global used cars market report looks at factors such as growing sales of used cars through online platforms and growing demand for used cars in emerging economies. However, inventory management issues faced by automotive dealers, real estate constraints in terms of space and cost, and growing popularity of the car-subscription model may hamper the growth of the used cars industry over the forecast period.
Global Used Cars Market: Overview
Growing demand for used cars in emerging economies
The demand for used cars is increasing at a faster pace in emerging economies than the developed economies. China’s Ministry of Commerce allowed the export of used cars from China, which is expected to create a flow of used cars in the international market. Similarly, other economies in Africa, such as Nigeria, Algeria, Egypt, Morocco, and Tunisia, are also witnessing a strong demand for used cars leading to the expansion of the global used cars market at a CAGR of over 5% during the forecast period.
Improved touchpoint management
Automotive dealers with websites for used cars are increasingly using touchpoint management technologies to get feedback from their customers. A used car website becomes the primary touchpoint and helps the potential buyer to research about various car models, features, prices, and locations. Hence, it is imperative for online used car dealers to create an attractive website to draw the attention of customers. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global used cars market during the forecast period 2020-2024, click here.
With the presence of several major players, the global used cars market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading used cars manufacturers, that include Alibaba Group Holding Ltd., Asbury Automotive Group Inc., AutoNation Inc., Cox Automotive Inc., eBay Inc., Emil Frey AG, Maruti Suzuki India Ltd., Pendragon PLC, Penske Automotive Group Inc., and TrueCar Inc.
Also, the used cars market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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