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
  • CarMax
  • 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

  • Hatchbacks
  • Sedan
  • SUV (Sports Utility Vehicle)
  • Others
    • Pick-Up Trucks
    • MPVs

Global Pre-owned Vehicles Market, by Fuel Type

  • Gasoline
  • Diesel
  • Electric
  • Other (alternative fuel vehicles)

Global Pre-owned Vehicles Market, by Vendor

  • Organized
  • Unorganized

This upcoming business intelligence report is intended to be a one-stop market research solution to guide organizations in taking timely and effective decisions for their business growth. The ongoing study is the culmination of our deep expertise on data science methods, combined with an unparalleled understanding of the external environment and analysis of the industries. Each of the reports by TMR aims at offering a detailed scrutiny of the value chain of our current and prospective customers, takes them from identifying value propositions, and subsequently assist their business executives to implement right strategies to create customer value. We believe that creating and sustaining the customer value is the key pivot on which business executives can create profits for their organizations and increase the market shares, continuously and with sustainability.

Each of our touchpoints through which we engage with the organization/enterprise during the primary research enables us to understand the internal environment it operates in and the ways in which the external environment influences its growth.

Always Evolving with Competition

Excellence is built into the DNA of TMR, and all our teams work collaboratively and committedly toward achieving that in whatever they do. From the very first interaction our teams of research analysts have with any interested market participant to the final preparation processes in each of our reports reflects a rigorous understanding of the dynamic industry environment that businesses operate in.

We relentlessly work to be a differentiator in whatever we do in the current era of hypercompetitive global environment. The result of our unceasing focus on excellence is reflected clearly in the insights and guidance we offer to our customers in order to empower them to create brand equity. Our simple yet very powerful underpinning for navigating the competition is to always keep evolving with changing business environments. Our close-kinit team of research analysts not only believe in this simple philosophy but also implement the same.

Constantly Innovating Our Research Methodologies and Models

We do not limit with any specific market research tool or one standard approach for obtaining or analyzing data. Undoubtedly, our report making process is ever-evolving to meet the customer needs and demands supported broadly by a vast knowledge of data science methods that we combine with business acumen our teams have built upon for several years. Evidently, our primary and secondary research data about customers and consumers have shown that we can go to any lengths to obtain them. This is followed by applying next-gen automation tools integrated with human judgement to clear the clutter, ascertain the most relevant and recent qualitative and quantitative insights, and package them in digestible chunks in our reports for our customers.

We Take Pride in No-One-Size-Fits-All Approach

Over the past several years, we have been conducting market intelligence studies across all industries for all types of organizations — big and small, profit and not-for-profit, and Fortune 500 and Unicorns, as we believe that a sound decision making must be based on no-one-size-fits-all approach. Without doubt, each of the organizations regardless of the industry they are in are affected differently by changes in political, economic, socio-culture, legal, ecological, and legal environments. The research models and the value chain analysis process that our analysts employ for conducting the study uphold this approach.

We look at myriad components of internal and external business environment affecting the growth strategies of organizations. Some of the broader aspects that we focus on are:

  • Our team of Analysts and Support Teams always strive to see the bigger picture in life cycle stages of any industry
  • The Teams focus on obtaining valuable insights into different models of competitive advantage while making an internal environment analysis
  • They keep on modifying the value chain analysis processes of organizations to understand on how customer value is created

Some areas of assessing market dynamics that are used in the research models and methodologies adopted by our analysts can be summarized as:

  • Corporate and business strategies underlying new brand positioning strategies
  • Mapping for strategic planning for business units
  • Various metrics for business portfolio analysis, including BCG matrix
  • Value chain analysis

These will help create and sustain competitive advantage for our prospects and current customers.

Key focus areas and agenda that underpin and catalyze our primary and secondary research initiatives and endeavors are:

  • What are some of the core competencies and distinctive competencies of new entrants and established players in the industry we are analyzing?
  • What are some of the branding opportunities that are emerging at a rapid pace?
  • What are the major competitive forces and elements of external environment shaping the industry life cycle stages of most organizations?
  • Why some competitive strategies are popular than others among leaders in a certain market?
  • What customer-based brand equity strategies companies have leveraged in a certain industry or set of related industries in a sector?
  • What are some of the key pricing strategies that companies in an industry are implementing for marketing their products internationally?
  • Identifying whether market-push or market-pull strategies are more relevant to a certain product or a service?

Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.

Enquiry Before Buying

TMR offers Enquiry Before Buying that help clients to get information on their business scenario required where syndicated solutions are not enough.

Enquiry Before Buying

Pre-owned Vehicles Market