Global Online Second-Hand Car Trading Service Market Size By Product, By Application, By Geographic Scope And Forecast
Report ID: 80514|No. of Pages: 202
Global Online Second-Hand Car Trading Service Market Size By Product, By Application, By Geographic Scope And Forecast
Online Second-Hand Car Trading Service Market Size And Forecast
Online Second-Hand Car Trading Service Market size was valued at USD 1.7 Billion in 2024 and is projected to reach USD 3.9 Billion by 2031, growing at a CAGR of 4.7 % during the forecast period 2024-2031.
The online used car market has shown remarkable growth in the last few years. The factors driving the growth of online used cars in the market are the increasing demand for affordable cars among customers, the growth of online sales channel platforms, and the increasing number of organized dealers in the market. Many of the customers are unable to buy new cars owing to price constraints and thus find it feasible to purchase a used car instead. The growing investments made by the industry participants in the market to establish their dealerships and online sales in the automotive market have become a critical growth factor in the market. The composition of the used car market and the online sales platform has played a vital role in bringing customers to access their products with a single touch this in response contributes to creating a huge demand in the online used car market. The Global Online Second-hand Car Trading Service Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Online Second-Hand Car Trading Service Market Definition
The cars with formerly one or more retail owners are the “used cars” or the “second-hand cars”. There has been a shift to digitalization in the market which has led the suppliers to offer various types of services through online mediums. One of them is trading used car services. There is a societal acceptance and awareness among a few people regarding the advancement of technology. This realistic way of buying products online has enhanced the growth of the online trading market. Henceforth the combination of used car trading and online sales has evolved the technology to sell the cars through online platforms in a more efficient, feasible, and effortless way.
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Global Online Second-Hand Car Trading Service Market Overview
Factors such as the inability of the customer to buy new cars became the inspiration in the used car industry. The advancement of technology has led customers to buy cars online in the lowest price ranges. Purchasing a car online saves time and the process is hassle-free. The objectives such as the availability of a wide range of cars and narrowing the search by filtering the type to find the perfect car make the process quick and simple. Also, the facilities such as a home test drive service where the dealer brings the car for physical inspection, help to drive the car of our choice clarify doubts about it, and list out the exact specifications required with the transparency of dealer identity and details and get to know if they are trustworthy before the purchase.
The investments are made by the market players to establish their dealerships in the market to brand and make car options feasible. These franchise dealers play an important role in driving the market along with factors such as symmetry and transparency of information among purchasers and consumers, with support of Original Equipment Manufacturer (OEM) involvement in certification and marketing programs and the growth of online sales channels and inventory pooling. However, the quality of cars and the awareness of digitalization among a few people may hamper the growth of the market. Almost 6.7% of India’s population is below the poverty line and thus does not know the development of technology. This may change the dynamics and result in restraining the online used car market growth.
Global Online Second-Hand Car Trading Service Market Segmentation Analysis
The Global Online Second-Hand Car Trading Service Market is segmented On The Basis of Product, Application, And Geography.
Online Second-Hand Car Trading Service Market, By Product
- C2C
- B2C
Based on Product, the Online Second-Hand Car Trading Service Market is bifurcated into C2C and B2C. In the C2C business model, transaction of the used car is done between customers or private individuals. Online services have fostered more C2C interaction. The B2C business model trades the used cars directly to the customers through online mediums. They maintain a good relationship with the customers to continue their growth in the business market.
Online Second-Hand Car Trading Service Market, By Application
- Car Rental Company
- Government
- Personal Owner
- Enterprises
- Others
Based on Application, the Online Second-Hand Car Trading Service Market is segmented into Car Rental Companies, Government, Personal Owners, Enterprises, and Others. Car Rental is a very competitive industry that can be lucrative at the same point. The main operations are the contract hire and daily hire. Customers hire the used car to set the amount of time for their personal use depending on the choice of their operation. The government can trade the online used cars to their required employees for traveling purposes or professional purposes. Personal Owners sell or rent used cars to the customers directly without any mediators whereas enterprises are different websites that sell used cars online.
Online Second-Hand Car Trading Service Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Based on regional analysis, the Global Online Second-hand Car Trading Service is classified into North America, Europe, Asia Pacific, and Rest of the world.
Key Players In Global Online Second-Hand Car Trading Service Market
The “Global Online Second-Hand Car Trading Service Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Renrenche, Guazi, 58.com, Truecar, Autohome, Kelley Blue Book, Uxin, Cars.com, and Edmunds.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Global Online Second-Hand Car Trading Service Market Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2021-2023 |
| UNIT | Value (USD Billion) |
| Key Companies Profiled | Renrenche, Guazi, 58.com, Truecar, Autohome, Kelley Blue Book, Uxin, Cars.com, and Edmunds. |
| Segments Covered |
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| Customization Scope | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL ONLINE SECOND-HAND CAR TRADING SERVICE MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL ONLINE SECOND-HAND CAR TRADING SERVICE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL ONLINE SECOND-HAND CAR TRADING SERVICE MARKET, BY PRODUCT
5.1 Overview
5.2 C2C
5.3 B2C
6 GLOBAL ONLINE SECOND-HAND CAR TRADING SERVICE MARKET, BY APPLICATION
6.1 Overview
6.2 Car Rental Company
6.3 Government
6.4 Personal Owners
6.5 Enterprises
6.6 Others
7 GLOBAL ONLINE SECOND-HAND CAR TRADING SERVICE MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East
8 GLOBAL ONLINE SECOND-HAND CAR TRADING SERVICE MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 Renrenche
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 Guazi.com
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 Truecar
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 Autohome
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 Kelley Blue Book
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 Uxin
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
9.7 Cars.com.
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 58.com
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
9.9 Edmunds
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments
10 Appendix
10.1 Related Research
Report Research Methodology
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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| Demand side |
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Econometrics and data visualization model
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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