Used Car Market Size Is Estimated To Reach $2,150.6 Billion By 2027

The global used car market size is expected to reach USD 2,150.6 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% over the forecast period. Rising technological advancements such as the implementation of digital technology in the market and the use of artificial intelligence to improve online buying experience are expected to boost the market demand over the forecast period.

The automotive sector across the world has undergone a lot of ups and down during the pandemic. New resolutions, norms, protocols and lot many things have ruled out the traditional production pattern in the manufacturing units as economies are resuming to normal. Although, the new normal trend suggests social distancing, hygiene and other safety practices, automotive consumers still prefer used cars.

The expected growth rate for used car market is expected at 5.5% till 2027 owing to the rise in revenue share in 2019. Additionally, the market has shown a significant rise during the pandemic as the wait period for new cars typically ranges from 3-4 weeks. Rise in dealership networks, consumer preference and covered depreciation are some of prominent factors for the market growth. Middle class population has shown a high preference for budget friendly cars  that offer features just like the new ones. Also, there is a huge variety available with the dealers if consumers show flexibility on their budget.

Full Research Report On Used Car Market Visit Here: https://www.grandviewresearch.com/industry-analysis/used-car-market

On the other hand, E-commerce has turned up to boost the sales for used cars as online sites have gained credibility among users. For instance, some dealers offer standard discounts for online purchase. This helps in increasing the viability of sales for pre-owned cars and also ensures a better deal with minimum loss. Therefore, emergence of E-commerce is expected to surge the market growth in the near future.

Consumers can get benefit of easier finance schemes as many car manufactures have pre-owned car division with easy finance options for consumers. To make things better, some finance options offer zero down payment on purchase of used cars. Quick loan documentation and immediate disbursal of loan have encourage a large number of users to opt for finance options on used cars.

Lately, in the past few years, the used car market has witnessed a huge competition among car dealers as many have come up with innovative business models. Apparently, operation scaling on yearly basis enables the dealers to increase revenue stream and exhibit competitive advantage. Many dealers have introduced international accessories and also offer customization options for users at reasonable prices based on model and variant. This facility can be tried with sedan and hatchback cars.

Request a Sample Copy of the Report @ https://www.grandviewresearch.com/industry-analysis/used-car-market/request/rs1

Millennials have dominated the hybrid vehicle category due to the growing concerns for environment degradation and automotive features. It is also expected that the demand will get tripled in the next five years as hybrid and electric vehicles will have an upper hand in the automotive segment. In terms of dealership, organized vendors have maintained a dominant position with 71.8% share in 2019.

The rise in number of franchised dealers is likely to encourage the market development. For instance, in the U.S. the franchised dealers earned high gross profits on used cars as per the NADA report. In terms of regional market, Asia Pacific held a high share in the past few years attributing to the rapid growth in demand and availability of a high population. China is the leading market with the presence of high-advanced technology and tools and digital technology.