At the same time, rising incomes and the increase in the purchasing power of households, the cheap availability of credit payment options, and the high rate of automotive technological advancements drive consumers to purchase newer models of cars.
The global used car market is divided into three segments or “products” -- mid-sized cars, full-sized autos and compact-size vehicles. Of the three major products, the mid-sized cars segment held the largest market share in 2017, accounting for nearly 58 percent of the market. This product is expected to dominate the global market throughout the forecast period.
The Americas led the global used car market in 2017, accounting for a market share of more than 46 percent, Technavio researchers say. It was followed by EMEA and APAC, respectively. APAC is expected to project the fastest growth during the forecast period.
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