Used Car Market to Grow With 8.7% CAGR Through 2030 Says P&S Intelligence
NEW YORK, Jan. 26, 2021 -- The used car market has historically been dominated by various companies operating in the unorganized sector in the developing nations such as India, China, Mexico, and Brazil. A majority of the transactions have been traditionally made by individuals who were trying to sell and buy cars. As the parties involved in these transactions have been primarily individuals rather than organizations or firms, it has been very difficult to build trust and connection between them.
According to the market research report published by P&S Intelligence, the emergence of organized sector players is changing this uncertainty in transactions and relationships. Apart from offering a diverse range of used cars, these players also offer various other services such as free towing and other services at the dealership for luring more customers. These value-added services are helping the prominent organized sector companies and organizations operating in the used car industry expand their customer pool and augment their revenue.
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Besides the aforementioned factors, the growing popularity of e-commerce, due to the surging penetration of the internet and the increasing usage of smartphones, is also propelling the demand for used cars across the world. Many used car owners are increasingly adopting e-commerce technologies for advertising their products and spreading awareness about the availability of used cars. This not only allows people to buy and sell vehicles online but also makes the entire selling and buying process smoother and faster.
The other important factor boosting the sales of used cars is the reducing average age of vehicle ownership all over the world. Because of these reasons, the global used car market will grow in size from 115.2 million units in 2019 to 275.3 million units in 2030. Furthermore, the market will register a CAGR of 8.7% between 2020 and 2030.
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Used cars are mainly sold by organized and unorganized sector companies. Between the two, the sales of these cars by the organizations operating in the organized sector will rise rapidly in the upcoming years. This would be because of the greater propensity of the buyers to purchase the vehicles certified by dealers. Additionally, the increasing usage of online portals by buyers and sellers in the developed nations is further boosting the sales of used cars by organized sector companies.
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Geographically, the used car market is predicted to demonstrate the fastest growth in Latin America, Middle East, and Africa (LAMEA) in the upcoming years. The emerging economies in this region such as Argentina, Brazil, and Mexico are providing numerous growth opportunities to the used car market players, mainly on account of the soaring purchasing power of the people residing in these countries. Additionally, many vehicle manufacturers are partnering with online disruptors for augmenting used car sales in the region.
Hence, it is safe to say that the sales of used cars would rise enormously across the world in the future years, mainly because of the reducing average age of vehicle ownership, the surging popularity of e-commerce, and the emergence of organized sector players all over the world.
Market Size Breakdown by Segment
By Vehicle Type
- Internal Combustion Engine (ICE)
By Sales Medium
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SOURCE P&S Intelligence