Used Car Market Size, Share, Overview Detailed Analysis And Forecast To 2029

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Used Car Market size was valued at USD 974.9 Bn. in 2021 and the total revenue is expected to grow at 8.4% of CAGR through 2022 to 2029, reaching nearly USD 1,858.6 Bn.

MMR delivers an in-depth evaluation of the given sector's current status and important drivers in its meticulous investigation Global Used Car Market Size from 2022 to 2029. It provides the precise information and in-depth analysis needed to support the creation of the finest company strategy and the determination of the best route for market industry participants to experience the greatest growth. The dynamics of the Used Car Market Share are clarified by a thorough examination of statistics on current and emerging trends. The study includes Porter's five forces in order to assess the significance of numerous aspects, such as dangers presented by diverse agents, competitive strength, and the capacity of bright young enterprises to comprehend a resource. To determine the total market size by country and segments, the research performed a micro-level examination of each nation. Using a bottom-up approach, the size of the regional and worldwide markets is determined.

The investigation begins with a look at the Used Car Growth foundations, including definitions, classifications, and a market overview. The research then aids in understanding product specifications, supplier chains, production processes, and cost structures, provide better understanding for the Used Car market Opportunity.

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Used Car Market Dynamics:

The important market dynamics in both developed and developing regions of the world can be studied using MMR Research, a focused and practical research methodology. In order to help customers and businesses succeed in specialised industries and expand in emerging global marketplaces, MMR professionals also conduct extensive evaluations of geographic areas. The dynamic Player landscape that affects the market's expansion is also covered in this market research analysis.

Used Car Market Segment:

based on vehicle type SUV segment is expected to dominate the market with xx% of CAGR. SUVs (sports utility vehicles) are slowly gaining traction in the used car market after performing well in the new car market. The share of SUVs in Maruti Suzuki's True Value increased marginally from 5-6% to 17% in the last year in India. The report has covered the analysis of local market by country with market size and share of local organized players. The company, which only sells luxury used cars, saw a nearly 16% increase in volume in FY22, with SUV sales significantly outpacing sedan sales. Pre-owned car sales are expected to reach 4.2-4.4 million units in FY22, up from 3.8 million units in FY21. According to MMR Survey, India's used car market is expected to have 7 million vehicles by FY26. According to CARS24, the market will be valued at $50 billion by FY25 from $25 billion in FY21. SUVs are considered ideal drives by buyers in various regions today because they provide space and size while remaining compact compared to off-road vehicles. With high demand and a larger supply network, the market's replacement cost for SUVs is now higher. The European region has seen significant demand traction for used SUVs.

Regional Analysis:

The five principal geographical regions of the Used Car market Share are North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and South America.

Research methodology:

Top-down and bottom-up methodologies are employed to determine and validate the size of the global Used Car market size. In order to compile a comprehensive list of active and significant participants, players strictly adhere to a number of industry classification standards. To identify the market companies most relevant for the inquiry, a rigorous validation test is also conducted. Priority rankings are arranged according to the revenue from the most recent quarter using subscription databases like Factiva, Bloomberg, and others. Last but not least, a questionnaire that focuses on the primary target categories was specifically created to meet all requirements for primary data collection by appointment only.  This assists us in gathering information on, among other things, player earnings, costs of operations, profits, and the growth of different products and services. Nearly 70–80% of the data is obtained from original sources before being verified by a variety of secondary sources, including the World Bank, associations, corporate websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases, and more. 

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Used Car Market Key players:

•Asbury Automotive Group (US)
• AutoNation Inc.(US)
• CarMax Business Services, LLC(US)
• Cox Automotive(US)
• eBay Inc.(US)
• Vroom Inc(US)
• Group 1 Automotive Inc.(US)
• Hendrick Automotive Group(US)
• LITHIA Motor Inc.(US)
• TrueCar, Inc.(US)
• Sonic Automotive(US)
• Droom Technology (India)
• Trusty Cars Pte. Ltd (UK)
• Alibaba.com (China)
• Scout24 AG (Germany)

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