Pre-owned Vehicles Market: Introduction
- Rise in trend of owning a vehicle among consumers is anticipated to drive the global pre-owned vehicles market. Stringent emission norms and safety regulations have increased the price of new vehicles, which in turn compelling consumers across the globe to opt for pre-owned vehicles, as they offer a more value-for-money proposition; subsequently driving the global pre-owned vehicles market.
Key Drivers of Pre-owned Vehicles Market
- Surge in digital consumer-to-consumer interaction across third-party online vehicle purchase platforms is anticipated to drive the global pre-owned vehicles market. For instance, according to a survey conducted by online platform OLX, in India, the demand for pre-owned/ used vehicles has increased by 25% since February 2020. According to this survey, about 70% consumers have reduced their budget for buying a vehicle, and more than 50% of consumers prefer travelling in their own vehicles. Therefore, the trend for owning a vehicle coupled with low prices of pre-owned vehicles, as compared to their brand new counterparts, is expected to drive the global pre-owned vehicles market.
- Surge in number of consumers purchasing a private vehicle coupled with the global coronavirus pandemic and increased associated need for social distancing is anticipated to boost the global pre-owned vehicles market
- Rise in number of consumers seeking to upgrade their mode of transport from a two-wheeler to a four-wheeler vehicle is expected to propel the global pre-owned vehicles market. In 2019, according to a report published by Mahindra First Choice Wheels Ltd., over 80% of two-wheeler owners prefer a pre-owned vehicle as an option to upgrade their mode of transport. The global pre-owned vehicles market is expected to expand significantly during the forecast period, as pre-owned vehicles are affordable and offer value for money proposition to consumers.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Asia Pacific to account for prominent share of global pre-owned vehicles market
- In terms of region, the global pre-owned vehicles market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific is expected to hold a significant share of the global pre-owned vehicles market owing to the presence high number of potential buyers seeking upgrade from two-wheelers to four-wheeler vehicles
- Consistent focus on EVs and autonomous vehicles in China has prompted the country to export vehicles to countries where emission and safety norms are lenient. For instance, in May 2019, China’s Ministry of Commerce granted permission to export used vehicles to other countries. Following suite, China-based companies started export of used cars to countries such as Cambodia, Myanmar, Nigeria, and Russia.
- The automotive industry in India enacted BS-VI vehicle regulations from April 2020. Consequently, new vehicles are expected to become expensive due to additional technology costs, thereby prompting consumers seeking vehicles with affordable costs to prefer pre-owned vehicles.
Key Players Operating in Pre-owned Vehicles Market
The global pre-owned vehicles market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global pre-owned vehicles market are:
- Hertz Car Sales
- Penske Cars
- Emil Frey
- Pendragon PLC
- Mahindra First Choice Wheels Ltd.
- Cox Automotive
- Arnold Clark
- Asbury Automotive Group
- Maruti Suzuki True Value
For Right Perspective & Competitive Insights on Pre-owned Vehicles Market, Request for a Sample
Global Pre-owned Vehicles Market: Research Scope
Global Pre-owned Vehicles Market, by Vehicle Type
- SUV (Sports Utility Vehicle)
- Pick-Up Trucks
Global Pre-owned Vehicles Market, by Fuel Type
- Other (alternative fuel vehicles)
Global Pre-owned Vehicles Market, by Vendor
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.