Pre-owned Vehicle Market Rewriting Huge Growth in Years to Come | Reports and Data
August 22, 2023 ⚊ 1 Min read ⚊ Views 172 ⚊ BLOG
The global Pre-owned Vehicle 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 Pre-owned Vehicles. Also, it has been simpler for customers to buy Pre-owned Vehicles because of the expansion of financing alternatives and the accessibility of loans.
