Technavio has been monitoring the used car market and it is poised to grow by 34.53 million units during 2020-2024, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Used Car Market 2020-2024 (Graphic: Business Wire)
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- At what rate is the market projected to grow?
- Growing at a CAGR of almost 6%, the incremental growth of the market is anticipated to be 34.53 million units.
- Who are the top players in the market?
- Alibaba Group Holding Ltd., Asbury Automotive Group Inc., AutoNation Inc., eBay Inc., Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors Inc., Penske Corp. Inc., Scout24 AG, and TrueCar Inc. are some of the major market participants.
- What are the key market drivers and challenges?
- Increasing launch of new model cars is one of the major factors driving the market. However, the increasing demand for car-sharing services restraints the market growth.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alibaba Group Holding Ltd., Asbury Automotive Group Inc., AutoNation Inc., eBay Inc., Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors Inc., Penske Corp. Inc., Scout24 AG, and TrueCar Inc. are some of the major market participants. The increasing launch of new model cars will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Used Car Market is segmented as below:
- Mid-size Cars
- Full-size Cars
- Compact-size Cars
- North America
- South America
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used car market report covers the following areas:” data-reactid=”51″>Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The used car market report covers the following areas:
- Used Car Market Size
- Used Car Market Trends
- Used Car Market Analysis
This study identifies enhancing the operating efficiency with Industry 4.0 as one of the prime reasons driving the used car market growth during the next few years.
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- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist used car market growth during the next five years
- Estimation of the used car market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the used car market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of used car market vendors
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