Global Used Car Market is Experiencing Demand from Digital Platform

LOS ANGELES - Dec. 14, 2022 - PRLog -- The Global Used Car Market has expanded significantly in recent years as a result of price competition and the introduction of online channels. One of the factors driving used car sales is a middle-class population with limited resources, and recent disruptions caused by the COVID-19 have increased demand for the used car market.

Moreover, the global chip shortage began in 2020, when various governments imposed total lockdown, causing production and supply to be disrupted. A blizzard disrupted manufacturing in the United States, while a fire damaged a factory in Japan, affecting supply in both countries, which together account for 50 percent of the semiconductor chips used in autos worldwide. Furthermore, the development of the Delta version and later COVID-19 breakouts in Southeast Asia aggravated the semiconductor chip shortage, which had a severe influence on new car production, resulting in an increase in used car demand.

Rise in Prices: Demand for cars globally has plummeted, weak demand for cars is in response to rise in prices worldwide. Prices of cars have skyrocketed due to several reasons ranging from Covid-19 to Ukraine-Russia war. This has benefitted the used car industry.

Emergence of Start-ups: With increasing demand for used cars, there has been increased number of start-ups in this industry. Used cars market has experienced exponential growth.

Consumers' Preference Towards Used Cars: People nowadays have started giving importance to the cost of depreciation in new cars, which stands at 30% in the first year when the car is purchased.

Further Key Findings
§  Growing Urbanization: More than half of the world's population now lives in cities, with that number expected to increase to 68% by 2050.

§  Rising Middle Class Population: Since 2016, the global middle class population has increased significantly, with Asian (https://www.makreo.com/report/asia-pacific-used-car-marke...) countries such as India and China playing a prominent role. Around half of the world's population is classified as middle class, with 5.85 million individuals in 2020.

§  Rising Global Inflation Rate: Inflation has always been a source of anxiety for people all around the world. Global inflation is anticipated to be 7.4% in 2022.

Makreo Research has published a study on Used Car demand and supply, report titled "Global Used Car Market Future Outlook to 2027-COVID-19 Impact Assessment and Growth Opportunities" is a detailed study that offers the reader to understand the market from the prospect of economy, from the prospect of automotive demand, and also consumer behavior.

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https://www.makreo.com/report/global-used-car-market-future-outlook-to-2027-covid-19-impact-assessment-and-growth-opportunities