Used Car Market Segmentation:
Vehicle (Hatchback, Sedan, SUV)
In terms of vehicle type, the used car market is predicted to be dominated by the SUV segment by the end of 2037. It is poised to capture the largest share of 36.6% during the forecast period. The fuel efficiency of these models makes them a budget-friendly option for families, thereby increasing their demand in the pre-owned industry. The potential of holding its value makes it a beneficial option for the reselling process. SUVs are preferred for urban areas due to their practicality and diverse driving capability. This further boosts the demand for this category. According to an article published by The Times of India, in October 2024, the sale of used SUVs spiked by 49% during the festive season.
Fuel (Gasoline, Diesel, Hybrid, Electric)
Based on fuel type, the used car market is predicted to register significant growth in the electric vehicle segment. The sale of used EVs gained traction due to growing awareness of environmental issues. The effectiveness of electric cars in reducing carbon emissions has inspired companies to invest in managing their footprint. In May 2023, Arnold invested USD 25.0 million to strengthen the EV charging network across the UK. The outlay of Arnold Clark Charge encompassed the installation of over 500 charging stations. Such investments are clear evidence of the company’s plan to expand its pre-owned portfolio. This further empowers the adoption of used EVs by contributing to infrastructure development.
Our in-depth analysis of the market includes the following segments:
|
Vehicle |
|
|
Fuel |
|
|
Sales Channel |
|
|
End use |
|
