LONDON--(BUSINESS WIRE)--The global used cars market size is expected to post a CAGR of over 5% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Growing demand for used cars in emerging economies is one of the key factors anticipated to trigger the market growth during the forecast period. The increase in used cars sales has outpaced the increase in new cars sales in the emerging economies including India and China in recent years. In addition, in May 2019, China’s Ministry of Commerce allowed the export of used cars from China. This is further expected to create a steady flow of used cars in the international market. Furthermore, other emerging economies including Indonesia and Malaysia are also witnessing a steady demand for the used cars. These factors are expected to have a positive impact on the growth of used cars market during the forecast period.
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As per Technavio, improved touchpoint management will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Used Cars Market: Improved Touchpoint Management
Automotive dealers are establishing direct contact with the customers to purchase used cars online. As online purchases of used cars are done in fewer touchpoints, automotive dealers are exerting a stronger influence on customers in these few touchpoints. This is further creating the need for improved touchpoint management among the automotive dealers, and eventually, become crucial to the growing sales of used cars during the forecast period. Furthermore, automotive dealers with websites are increasingly using touchpoint management technologies for getting feedback from customers about interacting with their websites. Companies are also leveraging multiple digital media inputs from mobile applications, review websites, customer databases, social media, point-of-sale systems, and customer relationship management systems for collecting insights about customers. As a result, the growing focus on improving online touchpoints will eventually act as a crucial growth factor for the market.
“Apart from the improved touchpoint management, other factors such as the growing use of artificial intelligence (AI) for enhancing the buying experience of used cars and growing sales of used cars through online platforms are expected to boost the used cars market growth during the forecast period,” says a senior analyst at Technavio.
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Used Cars Market: Segmentation Analysis
This market research report segments the used cars market by type (mid-size cars, full-size cars, and compact cars) and geography (North America, Europe, APAC, South America, and MEA).
North America led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. The demand for used cars in North America is expected to grow steadily during the forecast period, owing to various factors such as the rise in new vehicle cost, presence of a high number of off-lease vehicles, and availability of better financing options for used cars.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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