Pre-owned vehicles typically come at lower prices than new ones, attracting budget-conscious consumers.
WILMINGTON, Del., July 24, 2024 /PRNewswire/ -- The pre-owned vehicles market was projected to attain US$ 311.1 billion in 2023. It is likely to garner a 3.4% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 446.4 billion [https://www.transparencymarketresearch.com/preowned-vehicles-market.html]. Escalating prices of new vehicles push consumers towards more affordable used options. Accessible financing and leasing options make it easier for consumers to purchase pre-owned vehicles.
https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg [https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg]
Growth in digital platforms enables easier browsing, comparison, and purchasing of used vehicles online. Manufacturer-backed certification programs offer warranties and assurances on used vehicles, boosting consumer confidence. Increasing availability of used electric and hybrid vehicles as their popularity grows in the new vehicle market. Adoption of advanced technologies like AI for vehicle inspection and blockchain for transparency in transactions enhances market growth.
Download Sample of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=80903 [https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=80903]
Subscription and leasing services offer alternatives to traditional ownership, appealing to a broader consumer base. Increasing variety of models and trim levels available in the pre-owned market cater to varied consumer preferences. Consumers are more aware of new vehicle depreciation rates, opting for pre-owned vehicles to avoid initial depreciation. Rise of vehicle subscription services allows consumers to access vehicles without the commitment of ownership, appealing to urban dwellers and tech-savvy individuals.
Integration of pre-owned vehicles into MaaS platforms offers convenient transportation solutions in urban areas. Growth of online auction platforms and marketplaces facilitates easier buying and selling of used vehicles globally.
Pre-owned Vehicles Market Report Scope:
Report Coverage Details Forecast Period 2024-2034 Base Year 2020-2022 Size in 2023 US$ 311.1 Bn Forecast (Value) in 2034 US$ 446.4 Bn Growth Rate (CAGR) 3.4 % No. of Pages 170 Pages Segments covered By Vehicle Type, By Propulsion, By Distribution Channel, By Mode of Selling, By Certification Status, By Purchase Type
Pre-owned Vehicles Market: Key Players
The pre-owned vehicles market is highly competitive, driven by technological advancements, consumer preferences for value and quality, and strategic initiatives aimed at enhancing customer satisfaction and market share. The following companies are well known participants in the pre-owned vehicles market:
-- AutoNation
-- Autotrader Inc
-- CarGurus, Inc.
-- CarMax Enterprise Services, LLC
-- Carvana
-- Copart Inc.
-- DriveTime
-- Enterprise Holdings Inc.
-- Group 1 Automotive Inc.
-- The HERTZ CORPORATION
-- LEE MOTOR COMPANY
-- Penske Automotive Group Inc.
-- Shift
-- Sonic Automotive
-- TrueCar Inc.
-- Vroom
Key Developments
-- In 2023, Jardine Cycle & Carriage Limited, the investment arm of Hong
Kong-based Jardine Matheson, partnered with Southeast Asian car
marketplace Carro. According to a joint statement, this collaboration
will allow Carro to expand its inventory with a wider range of top-tier
used vehicles. Simultaneously, Carro will enhance Republic Auto's
digital services and product offerings. The alliance is designed to
bolster both companies' market positions and elevate customer
satisfaction through improved service delivery.
-- In 2022, Lexus, a subsidiary of TOYOTA MOTOR CORPORATION, introduced the
Lexus Certified Programme in India. This strategic initiative aims to
enhance the resale value of current Lexus vehicle owners' automobiles.
Additionally, it seeks to make Lexus models more accessible and
affordable for potential customers in the Indian market. By launching
this certified program, Lexus aims to increase customer satisfaction and
strengthen its brand presence in the Indian automotive industry.
Key Findings of Market Report
-- Utilization of data analytics for vehicle pricing, market trends, and
consumer preferences enables more informed decision-making in the
pre-owned vehicle market.
-- Accessibility to competitive financing rates and flexible loan terms
makes purchasing pre-owned vehicles more feasible for a broader range of
consumers.
-- Increased adoption of ride-sharing and carpooling services boosts demand
for pre-owned vehicles among service providers looking to expand their
fleets economically.
-- Adoption of virtual vehicle inspections via AI and AR technologies
streamlines the buying process, reducing barriers for remote buyers.
Market Trends for Pre-owned Vehicles
-- By vehicle type, the passenger vehicles segment, SUVs in particular, is
expected to propel the growth of the pre-owned vehicles market.
-- SUVs have become increasingly popular due to their versatility,
spaciousness, and perceived safety advantages, driving demand in both
new and pre-owned markets.
-- SUVs generally hold their value better than other vehicle types, making
them more attractive as pre-owned purchases.
-- Newer SUV models often come equipped with advanced features (such as
infotainment systems, driver assistance technologies) that retain
consumer interest in pre-owned markets.
-- SUVs are often perceived as durable and capable of handling various road
conditions, which enhances their appeal in the pre-owned market.
-- On the basis of propulsion, the electric vehicles segment is anticipated
to accelerate the market growth.
-- Rapid advancements in electric vehicle technology have led to improved
battery life, range, and performance, making pre-owned EVs more
attractive to buyers.
Explore Sample of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=80903 [https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=80903]
Global Market for Pre-owned Vehicles: Regional Outlook
North America
-- Vehicles are lasting longer due to improved manufacturing quality and
maintenance practices, making older models more attractive.
-- Certification programs for pre-owned vehicles, such as
manufacturer-backed warranties and inspections, enhance consumer trust
and confidence in the quality of used cars.
Asia Pacific
-- Government initiatives promoting the sale and adoption of pre-owned
vehicles, such as tax incentives and relaxed import regulations,
stimulate market growth.
-- Growth in digital platforms and online marketplaces for buying and
selling vehicles facilitates easier transactions and expands market
reach beyond traditional dealerships.
Pre-owned Vehicles Market Segmentation
By Vehicle Type
-- Two Wheelers
-- Three Wheelers
-- Passenger Vehicles
-- Hatchbacks
-- Sedans
-- SUVs
-- Light Commercial Vehicles
-- Heavy Duty Trucks
-- Buses & Coaches
-- Off-road Vehicles
-- Agriculture Tractors & Equipment
-- Construction & Mining Equipment
By Propulsion
-- Gasoline
-- Diesel
-- Electric
By Distribution Channel
-- Organized Dealers
-- Multi Brand Retailers
-- Direct Dealership Sales Agents
-- Unorganized Dealers
-- Others
By Mode of Selling
-- Online
-- Dealership Walk-ins
By Certification Status
-- Certified Pre-Owned (CPO)
-- Warranty
-- Inspection
-- Documentation
-- Non-certified Vehicles
By Vehicle Age
-- Less than 5 Years
-- 6 - 10 Years
-- More than 10 Years
By Purchase Type
-- One-time Payment
-- Financing
-- Others
By Region
-- North America
-- South America
-- Europe
-- Asia Pacific
-- Middle East & Africa
Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=80903<ype=S [https://www.transparencymarketresearch.com/checkout.php?rep_id=80903<ype=S]
More Trending Report by Transparency Market Research:
-- Automotive Chip Market [https://www.transparencymarketresearch.com/automotive-chip-market.html] Size to Grow by USD 127.5 billion till 2031, with 7.63% CAGR | TMR Study
-- Global Automotive Augmented Reality Head-Up Display (AR-HUD) Market [https://www.transparencymarketresearch.com/automotive-ar-head-up-display-market.html] to Reach US$ 1.1 billion by 2031, Expanding at a CAGR of 26.3%: TMR Report
-- Vehicle Occupancy Detection System Market [https://www.transparencymarketresearch.com/vehicle-occupancy-detection-system-market.html] - Global vehicle occupancy detection system market is estimated to exceed the value of US$ 180 Mn by 2030, expanding at a CAGR of 18.5% during the forecast period
-- Vehicle Cameras Market [https://www.transparencymarketresearch.com/vehicle-cameras-market.html] is expected to reach value of US$ 24.37 Bn by the end of 2031
About Transparency Market Research
Transparency Market Research, a global market research company [https://www.transparencymarketresearch.com/] registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com [https://www.transparencymarketresearch.com/]
Email: sales@transparencymarketresearch.com [mailto:sales@transparencymarketresearch.com]
Follow Us: LinkedIn [https://www.linkedin.com/company/transparency-market-research]| Twitter [https://twitter.com/research_market]| Blog [https://tmrblog.com/] | YouTube [https://www.youtube.com/@transparencymarketresearch9870]
View original content:https://www.prnewswire.co.uk/news-releases/pre-owned-vehicles-market-to-reach-us-446-4-billion-garnering-at-a-3-4-cagr-by-2034-transparency-market-research-inc-302204281.html [https://www.prnewswire.co.uk/news-releases/pre-owned-vehicles-market-to-reach-us-446-4-billion-garnering-at-a-3-4-cagr-by-2034-transparency-market-research-inc-302204281.html]
Photo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg Transparency Market Research
