Press Release: March 30, 2020
Second hand vehicles or used vehicles are defined as vehicles that are already registered and are available for sale. In recent years, the longevity, reliability and quality of used cars has improved, while global demand for cars continues to rise. Used vehicles offer consumers mobility at a lower cost, owing to which demand for used cars has increased substantially among middle class people. Moreover, increasing disposable income in developing countries such as China and Brazil are also one of the contributing factors for the growth of used car market. Furthermore, in developing markets such as India the new vehicle sales have declined by 2% during 4QFY19 while the overall used car market registered a growth of 10% for the same period.
However, stringent emission norms and introduction of electric vehicles can be a major challenge for conventional petrol and diesel vehicles. Moreover, the governments across the globe are planning to ban diesel vehicles. For instance, India and U.K. are planning to ban diesel vehicles by 2030 and 2040 respectively. Moreover, many German cities such as Berlin, Frankfurt, Munich have imposed a ban on old diesel cars from 2019. Such restrictions on diesel vehicles is projected to negatively affect growth of the second hand diesel vehicle market. This is also expected to restrain the growth of the second hand vehicle trading service. Moreover, factors, such as standardized dealership experience, fair price experience, and high financing cost for used cars, is likely to hinder the growth of the used car market.
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Original equipment manufacturers (OEMs) across the globe are focused on continuous product innovation, and introducing new vehicle models with advanced features to expand their consumer bases. As a result, existing car owners are purchasing new cars and selling their old or existing cars in the aftermarket. Moreover, various OEMs have started their own organized second hand car trading car trading services. For instance, Mahindra and Mahindra, an Indian car manufacturer, is providing multi brand certified second hand cars through its group company Mahindra First Choice. The increasing number of organized players in the second hand vehicle trading market is one of the major contributing factors to the growth of the global second hand car market. However, unavailability of finances for used cars can be a major challenge for the growth of the second hand vehicle trading industry.
Global Second Hand Vehicle Trading Service Market, By Vehicle Type
Light Commercial Vehicles
Heavy Commercial Vehicles
Global Second Hand Vehicle Trading Service Market, By Fuel Type:
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Key companies covered as a part of this study include Autotrader (Cox Automotive), cars.com, Cars24, eBay Motors, Edmund, Guazi, Hemmings, Kbb, Renrenche, Truebil, TrueCar and Uxin among others
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