Used Car Market Huge Growth in Future Scope 2023-2032 | Reports and Data

The global used car market size was USD 1.37 Billion in 2022 and is expected to reach USD 2.13 Billion in 2032, and register a revenue CAGR of 5% during the forecast period. Personal vehicle demand has increased as a result of several causes, including urbanization, population growth, and shifting lifestyle preferences. The number of middle-class people in developing countries is increasing, and having a car is now both a status symbol and a requirement for daily transportation. Since they offer an economical alternative for individuals who cannot afford a new car, this has increased demand for used cars. Also, it has been simpler for customers to buy used cars because of the expansion of financing alternatives and the accessibility of loans.

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