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Used Cars Market Trends

Report ID: GMI5019
Published Date: Nov 2023
Report Format: PDF

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Used Cars Market Trends

The used cars industry is increasingly leveraging online platforms for buying and selling transactions. Digital platforms offer a convenient and transparent way for consumers to browse inventory, compare prices, and complete transactions. The trend towards online sales is likely to continue, with more dealerships and online marketplaces enhancing their digital presence and providing features such as virtual inspections and online financing options.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of used cars was worth over USD 1.5 trillion in 2022 and is expected to register 5.2% CAGR through 2032, due to rising preference for attractive options amongst budget-conscious consumers worldwide.

The gasoline fuel type segment held over 64% share of the used cars market in 2022 and is expected to register appreciable CAGR from 2023 to 2032, owing to the extensive infrastructure support for gasoline vehicles.

Europe held over 35% share of the used cars industry in 2022 and is expected to register commendable CAGR from 2023 to 2032, due to the growing number of consumers seeking cost-friendly alternatives in the region.

Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., AutoNation Inc., AutoScout24, Universal Motor Agencies, CarMax Inc., Carvana, Cox Automotive Inc. (Autotrader), and Emil Frey AG are some of the major used cars companies worldwide.