Global Used Car Market to Reach 161.9 Million Units by 2027
Amid the COVID-19 crisis, the global market for Used Car estimated at 109.1 Million Units in the year 2020, is projected to reach a revised size of 161.9 Million Units by 2027, growing at a CAGR of 5.8% over the analysis period 2020-2027. Mid-Size Cars, one of the segments analyzed in the report, is projected to record a 5.7% CAGR and reach 95.2 Million Units by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Full-Size Cars segment is readjusted to a revised 5.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at 29.6 Million Units, While China is Forecast to Grow at 8.8% CAGR
The Used Car market in the U.S. is estimated at 29.6 Million Units in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of 34.1 Million Units by the year 2027 trailing a CAGR of 8.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 5.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.
Compact-Size Cars Segment to Record 6.3% CAGR
In the global Compact-Size Cars segment, USA, Canada, Japan, China and Europe will drive the 5.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of 11.5 Million Units in the year 2020 will reach a projected size of 17 Million Units by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 21.8 Million Units by the year 2027, while Latin America will expand at a 7.5% CAGR through the analysis period. We bring years of research experience to this 6th edition of our report. The 187-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Competitors identified in this market include, among others,
- Alibaba Group Holding Ltd.
- Autotrader, Inc. (Cox Automotive)
- eBay Inc.
- TrueCar, Inc.