Used Car Market is Led by the Medium Vehicle Category

The used car market will reach a value of USD 2,980.2 billion by 2030, propelling at a compound annual growth rate of 6.10% by the end of this decade. The growth of the industry can be attributed to the information available on various internet platforms; another factor is the willingness of the people to take these vehicles on lease from car dealers; and the increasing demand for subscription-based car services.

The shortage of new vehicles due to  the global chip shortage has fueled the expansion of the used car industry. Consumers are shifting their attention to the used car industry to find a vehicle because there are fewer new cars available.

It is because they provide have great capacity than compact cars, people prefer mid-range cars. This implies that both front and back seat passengers will have plenty of legroom and headroom. They also have elements that improve the comfort of long journeys.

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Due to reasons like increased disposable income, growing urbanization, and shifting customer preferences, the used automobile industry in the APAC region is leading the way in the industry.

The usage of e-commerce and online vehicle marketplaces has made used car sales and purchases easier and more accessible for customers.

The need for used cars has grown in the nation due to a large population and rising vehicle ownership.

It is due to the fact that the costs of the new cars are relatively high, so the demand for used cars is on the rise all over the world.