Global Used Cars Market Analysis 2021| Size, Growth
Opportunity & Increase in Demand Forecast
A used car is also referred as pre-owned car or second-hand car which was previously owned by one
or more retail owners. These cars are sold through traditional walk-in used stores, independent
vehicle dealers, and online platforms. The increase in demand for luxury cars, shorter ownership
periods, and a growing preference of two-wheeler owners to upgrade to small and compact cars are
propelling the market growth.
Growing demand for the vehicle subscription services from the past few years which expected to
boost the global used cars market growth. A vehicle subscription service defined as an alternative to
owning or leasing a vehicle.
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In the report, Global Used Cars Market has been analyzed through a segmental
perspective. The market segmentation allows a deeper understanding of the
By opting for a subscription service for a car, a consumer can use a car on a monthly basis by paying
monthly fees, which include insurance, maintenance, and roadside assistance. The inability of
customers to buy new vehicle became one of the reasons for growing the investments made by key
players to generate their dealership network in the market. These networks help market key players
to brand and make used car options viable. Furthermore, rapid change in technology or the
introduction of new models at short intervals allows customers to sell or exchange their old car with
a new one.
Lack of consumer trust is a main challenging factor which expected to hamper the global used cars
market growth over the forecast period. Also, expansion of car-sharing services may limit the global
used cars market growth.
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The Global Used Cars Market is segmented into vehicle type such as E