Used Cars Market: Diesel Segment Is Expected to Grow Significantly By 2027
On the basis of fuel type, the global used cars market from the diesel segment is expected to witness a steady growth rate in years ahead, owing to the low costs associated with secondhand diesel cars. However, the industry is expected to observe a shift from diesel to other alternative fuels, such as LPG and CNG, over the forthcoming years.
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In the wake of the coronavirus pandemic, the used cars market encountered challenges due to the implementation of strict lockdown to curb the virus spread in its earlier months. Despite these issues, the market observed an upward trend in the Q3 of 2020, which can be credited to the rising adoption of personal mobility solutions. In addition, various other factors including high priority on personal health and social distancing practices have resulted in a massive rise in demand for this type of car across the globe.
In terms of segmentation by vehicle type, the hatchback segment will amass considerable gains in years to come, which is attributable to its availability in compact size as well as cost-effective nature, playing a major role in the growth of the overall used cars industry over the estimated timeline. According to a study conducted by OLX Autos on 5,800 car buyers and sellers from August to October 2020 to identify the COVID-19 impacts on consumer behavior during the festive season, 61% of the buyers planned to purchase pre-owned cars during this period, with 56% of them intending to buy the hatchback cars.
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 market. 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%.
The used cars market size is anticipated to reach over USD 1.5 trillion by 2027. 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.
On the regional front, the Asia Pacific used cars market is set to gain significant traction over the projected timeframe, driven by the proliferation of the used vehicle trading services, along with the strong presence of organized companies in India and China. In addition, the technology-enabled tools like virtual online outlets & mobile-based apps offered by the used car traders to track the car performances will further drive the regional market expansion.
North America will also hold an appreciable share of the used cars market over the coming years, due to the strong presence of industry players and the accelerating product demand for commercial purposes.
The competitive landscape of the used cars market consists of companies such as Maruti Suzuki True Value, Lookers PLC, Emil Frey AG, Group 1 Automotive Inc., CarMax Inc., Carvana, and Asbury Automotive Group Inc., among others. These firms are majorly focusing on M&A and other strategies to enhance their service offerings and increase their market share. For example, in June 2020, Shift Technologies, an online used cars retailer, initiated talks to merge with Insurance Acquisition Corp., a blank-check company, to expand its business.
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Some Point from Table of Contents:
Chapter 7 Used Cars Market, By Sales Channel
7.1 Key trends, by sales channel
7.2 Peer-to-peer
7.2.1 Market estimates and forecast, 2017 - 2027
7.3 Franchised dealers
7.3.1 Market estimates and forecast, 2017 – 2027
7.4 Independent dealers
7.4.1 Market estimates and forecast, 2017 – 2027
Chapter 8 Used Cars Market, By End-Use
8.1 Key trends, by end-use
8.2 Personal
8.2.1 Market estimates and forecast, 2017 - 2027
8.3 Commercial
8.3.1 Market estimates and forecast, 2017 – 2027
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