Used Cars Market size is anticipated to reach over USD 1.5 trillion by 2027, — as per Global Market Insights Inc. report. Availability of online portals have boosted sales and purchase of used cars lately. Online portals such as websites and smartphone apps help buyers to compare and purchase used cars. Features offered like easy financing options and comparison of two different cars have provided multiple growth opportunities in the used cars industry. Used cars are more affordable as compared to a newly purchased one. The price difference between the two could be as big as over 50%.
However, the industry was impacted severely during the first and second quarter of 2020 given to the COVID-19 pandemic. Strict lockdowns imposed by the government have affected the overall revenue of the industry. However, as things were getting normalized, the market has seen an upward trend owing to rising demand for personal mobility solutions. Norms like social distancing and emphasis on personal health have impacted the sales of used cars during the pandemic.
Mentioned below are some of the trends that may support used cars market expansion:
Presence of independent dealers
The presence of a large number of independent dealers in various countries worldwide will offer a lucrative growth opportunity for the used car industry. Independent dealers offer various benefits to the customers and are capable of generating better sales revenue. They offer refurbished cars integrated with in-car entertainment systems. They also offer customers with a wide range of vehicles of many big brands.
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Rising demand for used cars in APAC
The Asia Pacific used cars industry is projected to showcase stellar growth in the estimated timeframe. Presence of large number of IT companies requiring cab services for employees and the expansion of used car trading services in China and India may favor this growth. Traders of used-car are offering a variety of technology-enabled tools such as mobile-based applications and virtual online outlets for tracking car performance in the region. Rising adoption of these technologies will contribute towards escalating the market development.
Robust investments by used car dealers
Companies like Carvana, Group 1 Automotive Inc., CarMax Inc., Asbury Automotive Group Inc., Emil Frey AG Lookers PLC, Mahindra First Choice Wheels Ltd., Arnold Clark Automobiles Ltd., and Maruti Suzuki are offering used car services. These firms are taking strategic initiatives like partnerships, mergers, and collaborations to improve their service offerings. In January 2020, Edmunds Inc. and CarMax Inc. partnered, with an investment of USD 50 million. The partnership aided the company to boost its digital presence in the industry.
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