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.
Browse the full report description of “Used Car Market Size, Share & Trends Analysis Report by Vehicle Type (Hatchbacks, Sedan, and Sports Utility Vehicle (SUV)), by Vendor (Organized, and Unorganized), and by Fuel Type (Petrol, and Diesel) Forecast Period (2022-2028)” at https://www.omrglobal.com/industry-reports/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.
Market Coverage
• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Vehicle Type
o By Vendor
o By Fuel Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including Emil Frey AG, Hertz Car Sales, LLC, Maruti Suzuki, Pendragon PLC, Penske Cars, and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Used Car Market Report Segment
By Vehicle type
By Vendor
By Fuel Type
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
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