Used Cars Market Size, Share, Growth Analysis, By Vehicle Type(SUV, Hatchback, Sedan), By Distribution Channel(Independent Dealer, Franchise Dealer), By Vendor Type(Organized, Unorganized), By Fuel Type(Petrol, Diesel, Others), By Size(Mid-Size, SUVs, Compact), By Sales Channel(Offline and online), By Region - Industry Forecast 2024-2031

Used Cars Market Driver

• Advanced technology and prevalent usage of the internet, and easy access to e-commerce sites/applications are boosting the market demand and helping in building brand presence. The introduction of hybrid vehicles and electric vehicles has altered the buyer‘s position in the market. Online technologies help consumers in gaining information knowledge about the vehicle, third party profit margins, its residual value and others. Moreover, surging urbanisation, rising internet connectivity along with developments in the telecom sector have allowed for much-better information access for people. Car owners are using these factors to spread details and advertise their vehicles. Online forums have provided a seamless process thereby causing increased sales and enabling more stakeholders to sell and buy cars. These online means create transparency between buyer and seller and are thus estimated to be a market driver in upcoming years.

Used Cars Market Restraint

• The rising demand for used cars has paved the way for growing unorganised players in the market. A notable share is attributed to the unorganised players in the used cars market especially in countries such as India, China, Thailand, Brazil, and Mexico, hold. The unorganised market players do not adhere to any rules and regulations and pose a threat to market growth. No provision for warranty and malpractices such as selling a defective and damaged product by hiding its flaws is leading to trust issues among consumers.