Published on : Jun 05, 2017
Albany, New York, June 05, 2017: The report throws light on the major aspects of the market that are estimated to encourage the growth of the market in the near future. In addition to this, the research report discusses the key segmentation of the global used car market, along with the product portfolio, major applications, and the regional outlook. Furthermore, a detailed overview of the competitive landscape of the market has been provided in the scope of the study.
A substantial rise in the launch of new cars and the exceptional value for money of used cars are anticipated to encourage the growth of the global used car market in the near future. In addition, the increasing unorganized market structure in developing economies is predicted to accelerate the growth of the market over the next few years. On the contrary, a significant rise in the number of car-sharing services and the increasing number of on-demand taxi operators are projected to restrict the growth of the market in the coming years. Nonetheless, the shift of OEMs to online portals for used cars is likely to offer growth opportunities for key players in the global market.
On the basis of engine capacity, the global market for used cars has been classified into full size (above 2500 cc), mid-size (1500 to 2499 cc), and compact size (below 1499 cc). In the last few years, the mid-size engine capacity segment led the global used car market and is predicted to hold a large share of the market throughout the forecast period. The rising level of employment and the growing spending capacity of consumers are the important factors that are projected to fuel the growth of this segment in the coming years. Moreover, the easy availability of convenient credit payment options and the rising social acceptance of owning a pre-owned care, especially in developing economies are predicted to accelerate the growth of the market in the near future.
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From a regional outlook, the Americas are anticipated to witness a high level of growth throughout the forecast period. In the last few years, this region held a major share of the market and is likely to continue in the next few years. The robust growth of this segment can be attributed to the development of the e-commerce industry. In addition to this, the increasing employment opportunities are predicted to encourage the growth of the used car market across the Americas in the next few years. Asia Pacific is likely to experience a substantial growth in the near future.
At present, the global market for used cars is extremely competitive in nature with the existence of several players operating worldwide. The leading players in the market are estimated to experience a strong competition throughout the forecast period. Some of the key players operating in the used car market across the globe are TrueCar, Mahindra First Choice Wheels, Carvana, eBay Motors, Maruti True Value, and Alibaba Group Holding.
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