LONDON--(BUSINESS WIRE)--Technavio market research analysts have forecasted the global used car market to grow at a CAGR of almost 5% during the period 2018-2022, in their latest report.
The growing demand for subscription services is one of the major trends being witnessed in the market. Car subscription services are an alternative to owning or leasing a vehicle. These services allow consumers to use a car for an all-inclusive monthly fee that includes roadside assistance, insurance, and maintenance. Such programs also allow the subscriber to change cars at a notice of few days.
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In this report, Technavio analysts highlight the increasing number of new models of cars launched due to high competition as a key factor contributing to the growth of the global used car market:
Increasing number of new models of cars launched due to high competition
Determinants such as the rising income and the subsequent increase in the purchasing power of households, the cheap availability of credit payment options, and the high rate of automotive technological advancements drive consumers to purchase newer models of cars. The decrease in car ownership cycle signifies the increased buying power of car customers.
According to a senior analyst at Technavio for automotive services, “SUVs and crossovers are the highest-selling vehicles in the automotive industry. Crossovers are designed to resemble an SUV and are lighter in weight. They have high fuel economy and exhibit most features of an SUV. They are also appealing because of their reasonable price. Besides, manufacturers of compact crossovers focus on specific demographics, particularly in the millennials, while marketing these crossovers.”
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Global used car market - segmentation analysis
This market research report segments the global used car market into the following products (mid-size cars, full-size cars, compact-size cars) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major products, the mid-size cars segment held the largest market share in 2017, accounting for nearly 58% of the market. This product is expected to dominate the global market throughout the forecast period.
The Americas led the global used car market in 2017, accounting for a market share of more than 46%. It was followed by EMEA and APAC respectively. APAC is expected to project the fastest growth during the forecast period.
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