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.
Get Free Sample link @ https://www.omrglobal.com/request-sample/used-car-market
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.
A full report of Used Car Market available @ https://www.omrglobal.com/industry-reports/used-car-market
- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Used Car Market Report Segment
By Vehicle type
- Hatchbacks
- Sedan
- Sports Utility Vehicle (SUV)
By Vendor
- Organized
- Unorganized
By Fuel Type
- Petrol
- Diesel
Global Used Car Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global used car market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/used-car-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 780-304-0404
