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New York, November 4, 2020 (GLOBE NEWSWIRE) – Reportlinker.com Announces Release of “Used Car Market Research Report: By Sector, Vehicle Type, Propulsion, Vehicle – Global Industry Analysis & Growth Forecasts until 2030 “- https://www.reportlinker.com/p05982463/?utm_source=GNW
The global used car market is projected to reach 275.3 million units by 2030, from 115.2 million units, and is projected to advance at a CAGR of 8.7% during the forecast period (2020 -2030), according to a report. The market is experiencing growth due to the expanding organized sector, the rapid shift to online media, and the high rate of depreciation and reduction in the average age of ownership. When considering the sector, the market is divided into organized and unorganized.
Between these two, unorganized bifurcation held the largest market share in 2019 due to the high share of these players in emerging markets, such as Thailand, India, China, Mexico and Brazil. In addition, the weak regulations on the purchase and sale of used cars in emerging economies are expected to dominate organized actors in the years to come. The organized fork is expected to witness the fastest growth during the forecast period, due to the fact that buyers prefer to purchase certified vehicles.
When propulsion is taken into consideration, the used car market is divided into electric motors and internal combustion engines (ICE), among which, the ICE division held the largest market share in 2019. Due to the growing average age of ICE vehicles, the division is expected to see growth in emerging economies. Additionally, the electric division is expected to witness faster growth during the forecast period due to the growing demand for electric vehicles around the world.
Geographically, in the used car market, Latin America, the Middle East and Africa (LAMEA) are expected to progress at a faster pace during the forecast period. Developing countries in the region, including Argentina, Mexico and Brazil, are offering expansion opportunities for companies in the sector, as the growing purchasing power of people in these countries allows them to purchase used vehicles. This is creating opportunities for people who sell their vehicles and for independent dealers. These factors are driving the growth of the regional market.
The expansion of the organized sector is an important factor leading to the growth of the used car market. Domination was previously dominated by unorganized actors in emerging economies, including Mexico, India, China and Brazil. Most transactions are made between individuals looking to sell and buy a car. Since the parties involved are individuals, it is difficult to establish trust between them. Organized players, on the other hand, provide various services along with the used car offering, such as free towing services at the dealership.
The emergence of e-commerce and online technologies is also expected to drive the growth of the used car market. Internet connectivity, urbanization and the growth of the telecommunications sector have led to a better flow of information between people. Furthermore, online platforms are widely used by used car owners to advertise their products and disseminate information on the availability of used vehicles. This allows more people to buy and sell cars online, making the process easier and faster.
In conclusion, the market is driven by the emergence of e-commerce and online technologies and the expansion of the organized sector.
Read the full report: https://www.reportlinker.com/p05982463/?utm_source=GNW
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