Used Car Market Size Is Poised To Reach $2,150.6 Billion By 2027: Grand View Research Inc.
The global used car market size is expected to reach USD 2,150.6 billion by 2027 , according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% over the forecast period. Rising technological advancements such as the implementation of digital technology in the market and the use of artificial intelligence to improve online buying experience are expected to boost the market demand over the forecast period. Furthermore, the growing adoption of used electric and hybrid cars has become one of the noticeable trends in the last few years. The increased number of new Electric Vehicle (EV) and hybrid cars registered over the last few years is now flowing through into the market. For instance, European countries such as Germany, the U.K., Spain, and Austria have registered significant volume sales for petrol, EVs, and hybrid vehicles. Globally, the growth of online sales channels also changed the overall consumption of the used cars. As online automotive retailing ac