Dublin, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The "Used Cars Global Market Report 2022"report has been added to ResearchAndMarkets.com's offering.
The global used cars market is expected to grow from $1,154.95 billion in 2021 to $1,219.23 billion in 2022 at a compound annual growth rate (CAGR) of 5.57%. The used cars market is expected to reach $1,523.77 billion in 2026 at a CAGR of 5.73%.
The used cars market consists of the sale of used cars by entities (organizations, partnerships, and sole proprietors) that refers to cars, which are preowned by one or more owners. The used cars are generally purchased due to budget restrictions and by first-time buyers. In addition to that, a used car has an advantage over a new car as it depreciates at a slower pace. Particularly for first time car buyers, a used buying is more useful and affordable at the same time.
The main types of used cars include hatchbacks, sedans, and SUVs. The hatchback cars are small boxy type passenger cars with a two-compartment configuration and fold-out cargo door. These used cars are fueled by petrol, diesel, and hybrid/electric and sold through peer-to-peer platforms, franchised dealers and independent dealers.
Asia-Pacific was the largest region in the used cars market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in the used cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The emergence of online platforms for used car sales globally is significantly driving the growth of the used cars market. The online platforms provide ease of access and required information to buy and sell used cars. The key players are expanding their business digitally to increase the sales of used cars.
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