Used Car Market Status & Supply Demand | Industry Forecast Report To 2030

The global used car market attained 115.2 million units in 2019 and is predicted to reach 275.3 million units by 2030, exhibiting a CAGR of 8.7% during 2020­­–2030 (forecast period). The increasing number of organized sector players such as CarGurus Inc.,CarMax Inc., and Cars24 Services Pvt. Ltd. isone of the biggest factors fueling the advancement of the market. The organized sector companies not only offer certified used cars at competitive prices but they also provide service guarantees and warranties on their vehicles.
                                   
Based on sector, the used car market is divided into unorganized and organized categories. Between the two, the organized division is predicted to exhibit faster growth in the coming years. This is credited to the higher preference of customers for dealer certified vehicles as compared to the vehicles sold in the unorganized sector without any guarantees and warrantees. Due to this factor, the certified programs are becoming a critical differentiating factor for the organized sector players. In addition to this, the rising popularity of online portals for both buying and selling of used vehicles in the developed nations such as the U.K., the U.S., Japan, and Germany will further boost the progress of the organized sector division in the market in the future years.

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Under the vehicle type segmentation of the used car market, the main categories are small, medium, and large. Out of these, the medium division accounted for a majority of the market share, in volume, in the past. The main factors responsible for the advancement of the category are the high supply of good-quality, less-driven second-hand vehicles and the growing spending power of buyers, especially in the various developing nations around the world.
 
Under the propulsion segmentation, the internal combustion engine (ICE) category recorded higher growth in the market during the last few years. Furthermore, this category is predicted to exhibit rapid progress in the developing regions across the globe such as Latin America, Middle East, and Africa (LAMEA) and Asia-Pacific (APAC) in the coming years, primarily due to the surging average age of the automobiles using ICE propulsion. For example, in China, the average age of automobiles is presently ~5 years, while in other nations such as the U.S., the average vehicle age is currently ~11 years. Thus, the ICE division will demonstrate higher growth in the used car market between 2020 and 2030.
 
Geographically, the used car market is predicted to register the highest CAGR in the LAMEA region in the forthcoming years. The major factors driving the progress of the market in this region are the surging manufacturing of automobiles and the increasing disposable income of the people in various developing countries such as Mexico, Brazil, and Argentina. The market is extremely fragmented in the Middle Eastern nations such as Saudi Arabia and the U.A.E., on account of the presence of numerous unorganized players such as Gargash Enterprises LLC,AL FUTTAIM COMPANY LLC, and The Elite Cars in the region.

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The major players operating in the used car market are increasingly focusing on getting into strategic partnerships and launching mergers with each other, mainly for gaining a foothold in the market. For instance, AB Volvo (U.S.), TrueCar Inc., and PenFed Credit Union started a partnership for each other in December 2019. They worked together on a private incentive program that offers competitive pricing and various other incentives such as access to special rates and incentives on AB Volvo’s premium vehicles to the members of PenFed Credit Union.
 
The COVID-19 pandemic has caused large-scale unemployment and reduced earnings, which has, in turn, caused a sharp fall in the spending power of people, thereby hampering the progress of the market. Furthermore, the pandemic has made many market players and industry stakeholders re-examine their strategies for the medium and long-term growth of the industry.