According to Technavio’s latest market research study, the global used car market is expected to grow at a CAGR of around 7% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global used car market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the engine capacity
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The top three revenue contributing engine capacity segments are discussed below
Global used car market in mid-size segment (1500-2499 cc): The US is the largest market for used cars, with mid-size engines being the most popular segment. The rise in spending power, increased employment opportunities, and convenient credit payment options drive the mid-size segment in the used car market. According to Technavio’s market research analysts, the global used car market in mid-sized segment is projected to account for almost 74 million units by 2021.
“The growing social acceptance of owning pre-owned cars and the decline in the mid-size cars segment in the used-car market in APAC has led to an increase in the demand for mid-size used cars in the region. These vehicles have downsized engines to increase fuel efficiency,” says Siddharth Jaiswal, a lead analyst at Technavio for research on automotive services.
Global used car market in full-size segment (above 2499cc): The premium pricing of new luxury cars and SUVs, increasing social acceptance of used luxury cars models, and the quality assurances given by the used car dealerships are some of the key factors driving the demand for used full-size cars in the global market. Pickup trucks contribute to the majority of the full-size segment in the global used car market. Geographically, the Americas is the key revenue-contributing geographical segment of the global used car market in the full-size segment.
Global used car market in compact size segment (below 1499 cc): APAC and Europe are the largest used car markets and contribute to most the share in the compact size segment. The growth of the market is likely to be driven by the increasing specifications for compact cars and the rising need for personal mobility. India is one of the key revenue contributing countries in the global used car market in the compact size segment.
The top vendors operating in the global used car market are:
- Alibaba Group Holding
- eBay Motors
- TrueCar
Other prominent vendors in the market include Carvana, Mahindra First Choice Wheels, and Maruti True Value.
A more detailed analysis is available in the Technavio report titled, ‘Global Used Car Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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