The advent of e-commerce has enabled a better flow of information among people. Moreover, the enhancement in internet connectivity, development in the telecom sector, and rapid urbanization are providing numerous platforms to peopleto advertise their used cars and spread information about their availability. Due to these developments, sellingand buyingused cars have become easier and faster. With the increasing space for advertisement, individual owners and dealerships can supply more products to potential buyers.
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Besides, the rising presence of organized players in the used car market is expected to lead to an increase in sales from 115.2 million units in 2019 to 275.3 million units in2030, at a CAGR of 8.7% during 2020–2030. The organized players are providing used cars with offers such as free services at the dealership and free towing, to expand their presence. These value-added benefits and services are helping online and offline dealerships in gaining the trust of customers.
These dealers and individuals offer a wide range of options of used small, medium, and large cars topotential customers. Most people across the world are buying medium-sizedused cars from offline and online suppliers. This is due to the increasing stock of good-quality, less-driven, second-hand mid-sizedcars in the developing nations of the Asia-Pacific (APAC) and Latin America, Middle East, and Africa (LAMEA) regions. Moreover, the rising disposable income of customers in several emerging economies is augmenting the demand for mid-sizedused cars.
With the growing consciousness among individuals regarding alternative energy sources, electrification of the powertrain,and intensifying support from governments and international organizations to promote electric mobility and curtail pollution levels, the demand for used small, medium-sized, and large electric cars is expected to soar in the future.This is because with the increasing sale of such first-hand cars, people will have a large number of used cars to sell, and with reusing and recycling also being promoted in a bid to save the environment, many people are expected to buy used cars rather than purchasing new ones.
In 2019, people of North America bought the largest number of used cars due to the strongsupport from governments to organized entities dealing in used cars. The increasing digitization in the region has changed the retailing scenario of used cars, with more people now looking for and buying second-hand cars from online dealerships. The growing number of digitally drivenentrants, such as Vroom Inc., Carvana Co., and Fair Financial Corp., is thus boosting the sale of used cars in the region.
According to P&S Intelligence, the LAMEA used car market will witnessthe fastest-growingsales volume in the coming years. This can be ascribed to the increasing purchasing power of the people in Argentina, Mexico, and Brazil. Moreover, the surging number of dealerships and car-selling individuals in the region, along with the partnerships between online disruptors andautomobile manufacturers, financial institutions, and dealerships, is fueling the availability of used cars in LAMEA nations. These partnerships are creating shared value by exchangingdata onnew-model-reselling partners and customer preferences, thus helping increase each other’s customer reach.
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Thus, the increase in the purchasing power of individuals in developing nations, rise in the number of dealerships, and growth in online platformsare boosting the adoption of used cars.