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The global used vehicle market size is projected to reach USD 1,917.35 billion by 2027, exhibiting a CAGR of 1.64% during the forecast period. Reduced demand for public transport during the current COVID-19 pandemic is likely to spur the adoption of personal vehicles, states Fortune Business Insights™ in its report, titled “Used Vehicle Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Car, Commercial Vehicle), By Vehicle Age (0 to 05 Years, 06 Years to 10 Years, 10 Years and above), By Vendor Type (Organized, Unorganized), By Propulsion Type (ICE, Electric), By Market Type (Offline, Online), and Regional Forecast, 2020-2027”. Fears of contracting the coronavirus and the strict social distancing rules imposed by governments around the world to stem the transmission of the virus have led to a drastic fall in demand for public transportation.
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List of Key Companies Profiled in the Used Vehicle Market Report:
OLX
eBay Inc.
Cox Automotive
CarMax Business Services, LLC
AutoNation Inc.
Asbury Automotive Group
com
Maruti Suzuki India Limited
Vroom
Mahindra First Choice
TrueCar, Inc.
Scout24 AG
LITHIA Motor Inc.
Hendrick Automotive Group
Group 1 Automotive Inc.
Regional Insights
Asia Pacific to Hold Dominant Market Position; North America to Display Healthy Growth
Asia Pacific led the used vehicles market share in 2019 with a market size of USD 1,215.27 billion and is expected to dominate during the forecast period. This is mainly attributable to the booming demand for passenger vehicles in the rapidly developing economies of Asia Pacific such as China and India. In addition to this, improving access to the internet and increasing activities of online vehicle retailers in this region will further aid market growth.
In North America, widespread popularity of pre-owned cars, especially among the youth, will ensure sustained market growth in the region. On the other hand, the market in Europe will experience dynamic growth in the coming years on account of the rising sales of electric vehicles in the region.
Competitive Landscape
Key Players to Rely on Acquisitions to Deepen Market Presence
Top competitors in this market are relying on the conventional acquisition strategy to deepen their market foothold and expand their presence. These activities are also enabling companies to diversify their operations and widen their offerings to customers.
Industry Developments:
August 2020: Asbury Automotive Group announced the successful acquisition of Park Place Dealerships, augmenting its annual revenues by USD 1.7 billion. Park Place owns and operates a high-profile portfolio of premium luxury dealerships and also possesses large tracts of real estate in the country.
January 2020: Hendrick Automotive Group inaugurated a satellite outlet for pre-owned BMW cars and other vehicles in south Charlotte, offering amenities such as Wi-Fi, loaner vehicles, and refreshments to customers.
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