The global used car market is anticipated to grow at a significant CAGR of 10.1% during the forecast period. One of the key factors that are boosting the market is the increasing blockchain feature in the vehicle industry for saving the driving history of the vehicle. Such a system has become popular in recent years as it offers consumers to store the driving data of the vehicle which benefits them in insurance and selling their vehicle at the best price since the data informs about the actual vehicle condition. Such a system has increased the buyers’ belief in the used vehicle’s actual condition and helps in estimating the worth of the used vehicle. The system has been increasing as the used vehicle market boomed in the past few years.
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For instance, in August 2021, Morris Garages (MG), launched its new SUV, MG Astor, a vehicle with multiple advanced features. One of them is the blockchain digital passport system which records the driving data of the vehicle. Blockchain is capable of resolving insurance, and reselling issues as drivers can share their driving information with insurers, which can be used for calculating fair insurance rates while for car resellers, sharing the data with potential purchasers about driving history and mileage will yield a more accurate price. MG partnered with Koinearth for recording data in a digital passport, which can be accessed via MG’s application.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
Segment Covered-
- By Vehicle Type
- By Vendor
- By Fuel Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- including Emil Frey AG, Hertz Car Sales, LLC, Maruti Suzuki, Pendragon PLC, Penske Cars, and others.
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Used Car Market Report Segment
By Vehicle type
- Hatchbacks
- Sedan
- Sports Utility Vehicle (SUV)
By Vendor
- Organized
- Unorganized
By Fuel Type
- Petrol
- Diesel
Used Car Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Arnold Clark Automobiles Ltd.
- Asbury Automotive Group
- AutoNation
- CarMax
- Cars24 Services Pvt Ltd.
- Cox Automotive
- Hyundai H Promise
- Mahindra First Choice Wheels Ltd.
- OLX India Pvt Ltd.
- Trusty Cars Pte. Ltd. (Carro)
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