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A used vehicle, or secondhand vehicle, or pre-owned vehicle, is a vehicle that was previously owned by one or more retail owners. Used vehicles are sold through traditional walk-in used car stores, online platforms, and independent vehicle dealers. Furthermore, franchises, including social media and online used-car companies, help people buy and sell used cars.

Demand for the vehicle subscription services has been rising in the last few years. A vehicle subscription service is an alternative to owning or leasing a vehicle. By opting for a subscription service for a vehicle, a consumer can use a vehicle on a monthly basis by paying a monthly fees, which includes maintenance, insurance, and roadside assistance. Customers get value for money, which is expected to be a major factor that drives the used vehicle market. Increase in number of automobile manufacturers operating in the used vehicle market along with increasing number of online vehicle dealerships has changed the perception of the customer about the quality of used cars. Moreover, rapid change in technology or introduction of new models of vehicle at short intervals allows customers to sell or exchange their old vehicle with a new vehicle. A key restraint for the used vehicle market is expected to be the expansion of car-sharing services.

The global used vehicle market can be segmented based on vehicle type, vehicle class type, fuel type, vendor type and region. In terms of vehicle type, the used vehicle market can be segregated into passenger vehicle segment, which can be further sub-segmented into mini, hatchback, sedan, SUV/MUV, sportscar, and others. In terms of vehicle type, the market can also be split into commercial vehicles, which include light commercial vehicles and heavy commercial vehicles. Based on vehicle class type, the used vehicle market can be bifurcated into mid-size vehicle, luxury vehicle, and premium vehicles. Based on fuel type, the used vehicle market can be divided into petrol, diesel, natural gas, and others. Based on vendor type, the market can be classified into organized, unorganized, online, and offline. Based on region, the global used vehicle market can be segmented into Asia Pacific, Middle East & Africa, North America, Latin America, and Europe. Asia Pacific is home to major manufacturers and consumers of cars, which contributes to the significant demand and share held by the region of the global used vehicle market. India is a major contributor to the sales of used vehicle in the region, as it has a considerably large population and the ratio of vehicle per one thousand persons is very less. Moreover, the disposable income of the people residing in this country is increasing, which in turn is driving the demand for used vehicles. Demand for used cars is likely to rise in Latin America and Africa, as these regions have a moderate source of income and the ratio of vehicle per one thousand persons is very less in these regions.

Key players operating in the global used vehicle market include Cars24, Autotrader (Cox Automotive), TrueCar, Truevalue, First choice, PenskeCars (Penske Automotive Group), Alibaba Group, eBay, and Quikr.

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
  • Europe
  • 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.

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Used Vehicle Market

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