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The second hand vehicle trading service market was valued at US$ 647.3 million in 2018, and is expected to reach US$ 1,360.1 million by 2027, according to a new market research report, Global Second Hand Vehicle Trading Service Market, by Vehicle Type (Passenger Cars (Hatchback, Sedan, SUV),Light Commercial Vehicles, Heavy Commercial Vehicles), by Fuel Type (Petrol Vehicles, Diesel Vehicles, Electric Vehicles and Others), by Sales Channel (OEMs/Direct Sales, and Third Party Services), by Mode of Sales (Online and Offline), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), published by Coherent Market Insights.

Second hand vehicles are owned previously by one or multiple retail owners. These vehicles are also known as pre owned vehicles or used vehicles. The second hand vehicle trading services market has increased significantly in recent years. The introduction of organized players in this market has propelled the growth of second hand car trading services market globally. These organized players provide certified, well maintained vehicles with extended service warranty to their customers. Moreover, to attract customers, the second hand vehicle trading service providers offer attractive discounts, which is also expected to fuel the market growth in the near future.

In addition to this, various OEMs across the globe have started their own used cars trading services to cater to consumer demand. For instance, Mercedes Benz trades its certified used cars through its own sales channel. The Mercedes Benz provides extended warranty of one year for a used vehicle if the vehicle is sold before four years of registration.

Browse Second Hand Vehicle Trading Service Market Data including 40 Tables and 20* Figures spread through 120+* Pages and in-depth TOC on “Global Second Hand Vehicle Trading Service Market” - Global forecast to 2027

To know the latest trends and insights prevalent in the Global Second Hand Vehicle Trading Service Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/second-hand-vehicle-trading-service-market-3428

Key Takeaways of the Second Hand Vehicle Trading Service Market:

  • The global Second Hand Vehicle Trading Service market was valued at US$ 647.3 million in 2018 and is expected to reach US$ 1,360.1 million by 2027, exhibiting a CAGR of 8.6% over the forecast period
  • On the basis of mode of sales, the online segment is expected to exhibit the highest CAGR over the forecast period. Increasing number of online start-ups for second hand vehicle trading is driving the growth of the second hand car trading services market. Moreover, traders are opting for this mode of sale as it is easy to use and it increases their target audience.
  • On the basis of vehicle type, the passenger cars segment held the dominant position in 2018, and is expected to retain its dominance throughout the forecast period. The demand for used luxury cars and sports utility vehicles (SUVs) is driving the growth of the segment. Moreover, increasing demand for used vintage and muscle cars such as 1965 Ford mustang, and 1969 Chevrolet Corvette among others is expected to drive the market growth over the forecast period.
  • Asia Pacific is expected to be the fastest growing market for second hand vehicles trading services during the forecast period. The increasing number of organized online traders is fueling the growth of the market. For instance, in 2009, the CarTradeExchange, An Indian car auction company started its online platform to enable dealers to sell, procure, and exchange premium vehicles by participating in online auctions.
  • Some of the major companies operating in the global second hand vehicle trading service market include Autotrader (Cox Automotive), Cars.com, Cars24, Edmund, Guazi, Hemmings, Kbb, Renrenche, Truebil, TrueCar and Uxin among others.
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