OLX India refurbished car listing receives more than 1000 views on average. Nearly 65% of cars find a buyer within the first seven days. There are 15,000 cars for sale every day. From 11.4 years in 2014, the average vehicle lifespan has increased due to modern engineering. It now averages 13-17 years.
The Used Car and Refurbished Car Market is at the growing stage, According to a new analysis presented by Market.us (40,000+ published and upcoming reports), the takeaway and Automative industry will indeed witness an increased demand in the coming years on top of Used Car and Refurbished Car Market.
This report examines the major factors that have influenced the industry’s growth and describe how they are contributing to it. The global Used Car and Refurbished Car market is analyzed objectively and compared to all key segments. The report offers valuable analysis and suggestions for industry players. The report offers recommendations that will help industry players compete in the market and to survive. The market leaders are now focusing on strategies like product innovation, mergers-and-acquisitions, recent developments and joint ventures, collaborations and partnerships to improve their market position.
Growth Factors:
Internet Penetration – Online platforms like eBay and OLX have made it easier for refurbished car sellers to establish their online presence. Furthermore, this digital presence gives buyers a sense of authenticity. In addition to these peculiarities, both established market players as well as start-ups have started to offer warranties and verify used cars. They partner with financial institutions to offer customers affordable auto loans.
The Car Rental Market is growing rapidly and is an important factor in the growth of the global used car market. Rent-a-car vendors are using refurbished cars to streamline their operations and reduce costs. The $64.47 trillion car rental market prefers refurbished cars to reduce initial investment. The industry’s global reach and presence will continue to expand at a rate of 11.53% in the forecast period.
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People also ask
1. What is used car market?
2. How big is the used car market in North America?
3. Why is the used car market so high in India?
4. Which is the best portal to buy used cars?
5. What is the future of the used car market?
6. Are used cars in demand now?
7. Is the second-hand car market booming?
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Key Market Segments
Type
- Used Car
- Refurbished Car
Application
- Franchised
- Independent
Key Market Players included in the report:
- Autonation
- CarMax
- CarWoo
- Autotrader
- Penske Automotive Group
- Asbury Automotive Group
- Toyota
- Nissan
- Tata Motors Assured
- General Motors
- Global Star Ltd
- Maruti TrueValue
- Mahinda FirstChoice
- Chevrolet
- BMW
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