The used car market is a huge but untapped market opportunity in most countries. A highly fragmented market, the used car market could be beneficial for major dealers across countries to consolidate their position and also to leverage the online sales channel which is highly under-penetrated.
However, the COVID-19 pandemic has significantly affected the used car market with automotive dealers mostly clearing their inventories than purchasing old cars as consumers’ spending power has been massively affected because of recurrent lockdowns and hampering of economic activities.
There has been a slow shift towards the digitisation of records over many years with the trend of E-commerce increasing at a greater pace and this is tending to propel this market as people are getting more flexibilities and ease of access.
America region holds the major used car market share with the region witnessing good demand for the used cars in the past years which is impelling the market growth. Further, the 6-10 Years old used cars segment is expected to hold the major share of this market. In the United States, generally, people buy a car that is being used for 6-7 years because it is a sweet spot for this market. At that age, the customer gets a good value for the car and there are also lots of offers which make that old car value for money.
IICE propulsion type used cars is expected to hold a very larger market share of the used cars than electric propulsion type cars. But nowadays people are moving toward electric propulsion type cars as they are eco-friendly and they are more value for money.
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