Used Vehicle Market to Reach USD 1,969.72 Billion by 2028; CarMax Business Services Collaborates with Edmund to Witness Remarkable Growth Potential

The global used vehicle market size stood at USD 1,710.75 billion in 2020. The market size is projected to grow at a CAGR of 1.79% during the forecast period from 2021 to 2028 and is estimated to reach USD 1,969.72 billion by 2028.

This information is provided by Fortune Business Insights™, in its report, titled, “Used Vehicle Market Size, Share & Covid-19 Impact Analysis, By Vehicle Type (Passenger Car, Commercial Vehicle), By Vehicle Age (0 to 05 Years, 06 Years to 10 Years, 10 Years and above), By Vendor Type (Organized, Unorganized), By Propulsion Type (ICE, Electric), By Market Type (Offline, Online), and Regional Forecast, 2021-2028.”

According to our researchers, automotive traders are creating sales and marketing channels to augment the sales of vehicles.

Increasing Inclination for Private Transport amid COVID-19 to Support Growth

The COVID-19 pandemic outburst has affected the automobile industry and left it in a situation of elevated turmoil. Post the outbreak, clients have perceived to be disposed towards using private transportation owing to protection and distance criteria. 

Likewise, the exponential financial downturn is probable to hamper the acquisition of fresh vehicles, leading to travelers preferring second-hand cars. Accordingly, this is assessed to enhance the used vehicle market growth during the pandemic.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/used-vehicle-market-104665

TVS Automobile Solutions Procures Business of Mahindra First Choice Service

TVS Automobile Solutions Pvt. Ltd, which is a portion of USD 8.5 billion worth TVS Group, has procured the service business of Mahindra First Choice Services Ltd., which is a pan-India series of multi-brand car and two-wheeler service garages. MFCSL is possessed by the USD 19.4 billion worth Mahindra Group.

As part of the deal, Mahindra and Mahindra Ltd is estimated to protect a marginal stake in TVS ASPL and in return, MFCSL will convert into a subordinate company of TVS ASPL.

This contract will empower the two organizations to integrate their fortes and shape the extremely disjointed automobile aftermarket facilities in India, offering greater value to consumers, channel associates, staff and other shareholders.

Amplified Demand for Pre-owned Luxury Vehicle to Support Market Growth

The possession tenure of conventional vehicles has been declined from 6 years to 4 years and the proprietorship time of luxury cars has also observed a deterioration. With cautious assessment, endurance, and a slight determination, purchasers can possess a well-preserved luxury car at a cost that is significantly lesser than a fresh car.

For example, the cost of a used luxury car is approximately 50-60% lesser than a novel premium automobile. The register of pre-owned luxury cars on online platforms is also rising. Therefore, this is expected to bolster the market during the forecast period.

Brand Procurement by Crucial Companies to Sustain Market Growth

Majority of the vital players present in the market implement numerous tactics to strengthen their position in the market as dominating companies. One such indispensable approach is intermittently launching ground-breaking products with methodical assessment of the market and its target audience. Additional crucial strategy is procuring companies to thrust the brand value among users.

Industry Development

• January 2020: CarMax Business Services, LLC has collaborated with Edmund, who is a digital automotive frontrunner, with an investment of USD 50 million for a marginal stake in the company. This will assist CarMax Business Services to be an Omni channel service.

List of Key Players Covered in this Market Report

• Alibaba.com (Hangzhou, China)


• Group 1 Automotive Inc. (Texas, U.S.)


• Asbury Automotive Group (Georgia, U.S.)


• Hendrick Automotive Group (North Carolina, U.S.)


• AutoNation Inc. (Florida, U.S.)


• LITHIA Motor Inc. (Oregon, U.S.)


• CarMax Business Services, LLC (Kennesaw, U.S.)


• Scout24 AG (Munich, Germany)


• Cox Automotive (Georgia, U.S.)


• TrueCar, Inc. (California, U.S.)


• eBay Inc. (California, U.S.)


• Mahindra First Choice (Mumbai, India)


• Maruti Suzuki India Limited (New Delhi, India)


• Vroom (New York, U.S.)


• OLX (Amsterdam, Netherlands)

Further Findings

• The passenger car segment dominated the market in 2020. Used cars with added dependability and quality have altered customers’ approaches and have thus augmented passenger vehicle sales.


• Asia Pacific is expected to hold the largest used vehicle market share during the forecast period owing to the rising demand for such vehicles in China.

Table of Segmentation