Global used car market size [2021-2028] | At a compound annual growth rate of 1.79% to reach US$1,969.72 billion – QNT Press Release


Pune, India, December 8, 2021 (Global News Service)-Global Used car market The scale in 2020 is USD 1,710.75 billion. It is estimated that during the forecast period from 2021 to 2028, the market size will grow at a compound annual growth rate of 1.79%, and is expected to reach US$1,969.72 billion by 2028. This information is provided by Fortune Business Insights™ in its report entitled “Used Car Market, 2021-2028”.

According to our research analysts, there has been a surge in sales of used cars as the number of car ownership drops to about 3 to 4 years. In addition, the decline in the ownership of digital technologies and the evolving progress have improved the online purchase experience of cars and enhanced car subscription facilities. Therefore, it is expected that this will boost the demand for used cars during the forecast period 2021-2028.

Industrial Development

May 2021: AutoNation Inc., a North American automotive retailer, has expanded its footprint in San Antonio, and in addition, the company plans to open more than 130 stores in the United States by the end of 2026.

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Tendency to increase private transportation during COVID-19 to support growth

The outbreak of the coronavirus pandemic has plunged the automotive industry into great chaos. After the outbreak, customers have seen a tendency to use private transportation due to protection and distance standards.

Similarly, an exponential financial recession may hinder the purchase of new cars, causing travelers to prefer used cars. Therefore, it is estimated that this will promote the growth of the used car market during the pandemic.

To learn more about the short-term and long-term effects of

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