LONDON--(BUSINESS WIRE)--The global used car market is expected to grow by 27.15 million units during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
Factors such as the rise in the purchasing power of households, availability of credit payment options, and advances in automotive technologies have increased the sale of passenger cars. In addition, many existing car owners prefer to upgrade to newer versions. This is encouraging automotive OEMs to launch newer car models at competitive pricing to increase sales and gain a competitive edge in the market. Hence, the growing number of new car models has increased the availability of used cars in the market. These factors are driving the growth of the global used car market.
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As per Technavio, OEMs shifting to online portals for the sale of used cars will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Used Car Market: OEMs Shifting to Portals for Used Cars
Increasing penetration of online connectivity and services is encouraging prominent market players to launch online portals to improve the sale of used cars. In addition, some vendors are offering added services such as extended warranty and free services to boost sales. For example, Toyota’s online portal offers options for customers to purchase used cars that are certified by the company. The company also offers two years of extended warranty and three free services to improve customer satisfaction. This trend will have a positive impact on the growth of the global used car market during the forecast period.
“Growing demand for car subscription services and vending machine platform for dispensing used cars will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Used Car Market: Segmentation Analysis
This market report segments the global used car market by product (mid-size cars, full-size cars, and compact size cars) and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2017, followed by EMEA and APAC respectively. During the forecast period, the APAC region is expected to witness maximum incremental growth. This is due to the rising customer preference for online used-car portals.
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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
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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