The total value of the used car market was USD 1,749.1 billion in 2021, and it will reach USD 2,980.2 billion by 2030, growing at a compound annual growth rate of 6.10% during the course of projection period, as stated in a report by P&S Intelligence.
The organized category had a major share of revenue in the past. Various new car dealers are entering this sector and tempting clients with different trade-in packages, because of the frequently decreasing profitability in the new car market and the vehicles aging on the road.
While, the unorganized category will grow significantly at a rate, of about 5.7%, in the near future. This has a lot to do with the presence of various unorganized players in Thailand, India, Mexico, Brazil, and China.
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Furthermore, because of the unstable regulatory environment around sales and purchases, these nations will see a continued dominance of unorganized players.
The offline category had a larger share in the recent past. This is mainly due to consumers’ strong fondness for buying used cars from trustworthy dealers. Before buying a used car from a dealer, people take test drive and accordingly make-up their mind. So, offline category would dominate the industry in the years to come.
The online category will experience a notable growth in the years to come. The need for initially contact dealers has reduced because of digitization. Customers eagerly engage and get info via numerous media and devices, such as personal computers and smartphones.
Thus, the increased internet use and the simplicity of conducting research and buying cars online will further fuel the growth of the category in the future.
Consequently, the increased internet use and the simplicity of conducting research and buying cars online will further power the growth of the online category in the years to come.