The used car market is expected to surpass USD 2 trillion by 2028, reported in a research study by Global Market Insights Inc. Substantial increase in urbanization supported by vehicle ownership trends is likely to augment the industry growth.
The report found that demand for hybrid/electric cars is increasing due to stringent emission standards and regulations and a growing demand for low or zero-emission automobiles.
Government purchase incentives and tax breaks for hybrid vehicles, which has a positive impact on the sales of used EVs and hybrid cars, and improvements in EV charging infrastructure are spurring additional investments by used car market players to provide high-quality used cars.
The used cars market is witnessing a high growth rate due to a significant increase in the availability of used cars through the integration of online portals. This makes it easier for buyers to compare and buy used automobiles, increasing industry growth.
Lower-income consumers are more likely to invest in affordable used cars that provide better safety and protection, and lucrative financing options and the ease of purchasing offered by used car sellers have also served to increase the market demand.