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Used Cars Market Trends

Report ID: GMI5019
Published Date: Jul 2024
Report Format: PDF

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Used Cars Market Trends

The shift toward organized vendors in the used car industry signifies a transformation driven by enhanced consumer trust, facilitated by rigorous inspections and warranties offered through certified pre-owned programs. The shift toward organized vendors in the used car market is driven by efforts to bolster consumer confidence and clarity. This transparency encompasses pricing, detailed vehicle histories, and thorough inspection reports, effectively mitigating the typical risks involved in buying pre-owned vehicles.

For instance, in March 2023, CARS24 launched its first Engineering Research and Development (R&D) Center in Bengaluru, focusing on pioneering advancements in the pre-owned vehicle market. Equipped with cutting-edge technology, the center aims to develop innovative solutions for vehicle inspection, refurbishment, and reconditioning. It will also analyze market data to predict demand, identify growth opportunities, optimize pricing strategies, enhance customer satisfaction and drive innovations in the industry.

Concurrently, the advent of digital platforms, such as Spinny and CARS24, has revolutionized the purchasing experience, democratizing vehicle access with detailed information, virtual tours, and streamlined online transactions, thereby further augmenting market transparency and consumer convenience.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of used cars reached USD 2.4 trillion in 2023 and will grow at 4.5% CAGR between 2024 and 2032, fueled by the rising cost of new vehicles, economic uncertainty, and the need for cost-effective transportation.

The SUV segment captured 35% of the used cars industry share in 2023, driven by its popularity among consumers for its spaciousness, versatility, and safety features along with its availability of a variety of models and attractive resale values.

Europe market achieved 35% share in 2023, attributed to a strong infrastructure supporting the sale and distribution of used vehicles, featuring well-established dealership networks and online platforms in the country.

Prominent players operating in the industry are Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., AutoNation Inc., AutoScout24, Universal Motor Agencies, CarMax Inc., Carvana, Cox Automotive Inc. (Autotrader), Emil Frey AG, Group 1 Automotive Inc., Inchcape Group, and Lithia Motors Inc, among others.