LONDON--(BUSINESS WIRE)--The global used car market is projected to reach 128.42 million units by 2021, growing at a CAGR of more than 7% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global used car market for 2017-2021. Based on the engine capacity, the market is divided into mid-size (1500 cc-2499 cc), full-size (above 2499 cc), and compact size (below 1499 cc) segments.
|Used cars (also called secondhand cars or pre-owned cars) provide excellent value for money to consumers who do not have the resources, or inclination to invest in new vehicles. The current day used car dealerships provide high quality, inspected cars at reasonable prices and improved customer care, which is encouraging more consumers to buy pre-owned cars.|
Technavio’s research study segments the global used car market into the following regions:
Used car market in the Americas
“The Americas occupied a majority 48% of the global used car market in 2016, and is expected to continue its dominance through the forecast period, driven by decreasing ownership cycles,” says Praveen Kumar, a lead analyst at Technavio for automotive services research.
The increasing demand for cars used for less than three years has led to an increase in the price of such vehicles, adding revenue to the market. The rapid growth of the e-commerce industry and growing employment opportunities are other factors boosting the used car market in the Americas.
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Used car market in EMEA
The used car market in EMEA is quite mature and is projected to reach 36.03 million units by 2021. The increasing aging population and rising fuel prices drive the used car market in EMEA. Regions such as Russia lack stringent vehicular emissions regulations, which will positively impact the market. Compact and mid-size cars are the most preferred vehicles due to their wide availability and decreased prices.
Used car market in APAC
“APAC is the fastest-growing segment of the used car market, expected to showcase a CAGR of over 20% through 2021. The region is expected to increase its market shares swiftly and is likely to compete with the Americas by the end of the forecast period,” says Praveen.
The developing e-commerce industry and relaxation in emission norms drive the used cars market in APAC. India and China are the key markets in the region. The online sales contribute to the majority of the organized used car sales in APAC, with traditional brick-and-mortar stores moving to online platforms for generating leads and increasing customer base.
The top vendors in the global used car market highlighted in the report are:
- Alibaba Group Holding
- eBay Motors
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