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The used cars market will observe a lucrative expansion during the forecast timeline owing to the rapidly evolving economy along with an increase in the purchasing power of the consumers. The affordability and the rising need for personal automobiles coupled with the presence of reliable online players to organize the used cars for sale will also positively drive the growth of used cars market through 2028.
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Used Cars Market Growth Analysis & Forecast Report | 2022-2028
Industry Insights • As per a recent research report, the Used Cars Market size will exceed USD 2 Trillion in yearly valuation by 2028. • The used cars market will observe a lucrative expansion during the forecast timeline owing to the rapidly evolving economy along with an increase in the purchasing power of the consumers. The affordability and the rising need for personal automobiles coupled with the presence of reliable online players to organize the used cars for sale will also positively drive the growth of used cars market through 2028. • Every year, millions of used cars and other automobiles are exported from the USA, Europe, and Japan to middle-income nations. The automobile industry is one of the biggest in terms of research and development activities and witnesses the launch of new models frequently. In effect, this encourages consumers to change cars often, thereby contributing significantly to an increase in the supply of used cars.
Not to mention, to curb climate change and pollution, governments across the world are offering subsidies and benefits on used electric vehicles to propel their adoption. For instance, in 2020, Germany, the biggest passenger car market in Europe in terms of sales, has recorded used passenger cars registration twice more than the new car registrations in the past five years. • Hatchback cars are one of the most preferred car choices when it comes to purchasing used cars because of their versatile nature and affordable costs. They offer a combination of decent load-bearing capacity and flexibility of driving in compact spaces. • According to a report by Crisil, India currently accounts for almost 40 percent of the hatchbacks with players like Maruti Suzuki, Nissan, Renault, TATA, Hyundai, and others being the leaders.
Regional Analysis • Used sedan cars are considered to be of utmost value for people with a relatively low-income source. It offers benefits like low insurance rates and economical purchasing price. Used cars allow the consumers to purchase a more luxurious and likable sedan which they might not be able to afford otherwise as a new model. • Notably, the main advantage of sedans is that they are more economical and reliable as they cut gas cost that rises almost regularly and come with better comfort features. • The SUVs are considered as ideal drive by modern-day customers because of the size and space while remaining compact to off-road automobiles. Many of the leading world manufacturers have entered the SUV market with small, medium, and large SUVs production. • Competitive Analysis • AutoNation Inc. • Asbury Automotive Group Inc. • CarMax Inc. • Mahindra First Choice Wheels Ltd. • Arnold Clark Automobiles Ltd.
Used Cars Market @ https://www.gminsights.com/industry-analysis/used-cars-market Request for sample of this research report @ https://www.gminsights.com/request-sample/detail/5019 Request for customization: https://www.gminsights.com/roc/5019
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