USED CAR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Used Car Market, By Vehicle Type (Hatchbacks , Sedan , Sports Utility Vehicle , and Others), By Fuel Type (Petrol , Diesel , Hybrid/Electric , and Others), By Distribution Channel (Franchised dealer , Independent dealer , and Others), By End-Use (Personal and Commercial), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024
Code : CMI6831
Pages :160
Formats :
Excel and PDF
Industry : Automotive and Transportation

Market Concentration and Competitive Landscape

Used Car Market Concentration By Players

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The Preference for Luxury Brands

With rapid economic growth and increasing disposable income, more individuals today aspire to own luxurious brands that were once considered out of reach. While the high costs of buying a new luxury car deters many, the used car market has opened up new opportunities. Customers who want to fulfill their dream of driving a Mercedes, BMW, or Audi are now exploring the used luxury car segment. Such used vehicles that are just a few years old with low mileage provide the nearly new feel of a luxury brand at a much lower price point compared to a new model. Providing advanced features and comfort at a lower cost compared to new ones makes used luxury cars highly appealing to aspiring buyers. Dealers and online marketplaces that specialize in used luxury imports have proliferated, fueling demands further. Driven by human’s innate desire for status symbols, the market for used luxury cars will continue its northbound journey while opening up the high-end experience to a broader base.

Key Players Insights