Surging E-Commerce Operations Propelling Sales of Used Cars

The used car industry has historically been dominated by various companies operating in the unorganized sector in the developing nations such as India, China, Mexico, and Brazil. A majority of the transactions have been traditionally made by individuals who were trying to sell and buy cars. As the parties involved in these transactions have been primarily individuals rather than organizations or firms, it has been very difficult to build trust and connection between them.

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The global used car market attained a size of 115.2 million units in 2019 and is predicted to reach a capacity of 275.3 million units in 2030. According to the forecast of P&S Intelligence, a market research firm based in India, the market would progress at a CAGR of 8.7% from 2020 to 2030. The rapid growth in car ownership rates all over the world is fueling the expansion of the global used car industry.

Globally, the used car market is predicted to demonstrate the highest CAGR in the Latin America, Middle East, & Africa (LAMEA) region in the upcoming years. Due to the surging spending power of the people living in the developing countries such as Argentina, Brazil, and Mexico, the players operating in the market are getting numerous lucrative growth opportunities. It is also creating numerous opportunities for individuals and independent dealerships selling their cars.

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Hence, it can be concluded from the above paragraphs that the market is set to exhibit rapid advancement all over the globe in the coming years, mainly because of the growing requirement for used cars, the rising operations of organized sector players, and the increasing home ownership rates around the world.

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