Global Used Cars Market to Grow Exponentially by 2021
There will be a lot of growth in the international used car market in the next few years if the recently unveiled reports are to be believed.
According to global technical research and advisory firm, Technavio, there will be a 128.42 million car sales in the global used-car market by the year 2021. This represents a CAGR(Compound Annual Growth Rate) of around 7 percent.
On the other hand, Research and Markets has given a CAGR of 7.07 for the duration from 2017-2021 in the international pre-owned car business.
It is being speculated that the Asia-Pacific region will account for a higher percentage in the future while currently Americas(North and South) have the largest share(47.76 in the year 2016).
Asia Pacific’s growth is expected to reach new lengths with a CAGR of more than 20 percent in the year 2021, according to Technavio.
The growth of e-commerce besides simpler emission norms are what are driving companies and resellers to find increased base around the world. There has been a move from traditional stores to online platforms that contribute to lead generation and growth in customer base.
Since a lot of good companies and firms have been established in the used car sales, customers have been having an easy time as they see the brand names and can trust them with their money. Affordability has been an improved factor too along with increased benefits that come these days like warranty etc.