Global Used Car Market is Experiencing Demand from Digital Platform-Makreo Research

Category: Automobile

The Global Used Car Market has grown significantly in recent years due to price war with the advent of online channel. One of the factors driving the used car sales is middle class population that has budget constraint, and recently with disruptions caused by the COVID-19 has given a boost in demand for used car market. The market initially experienced negative growth in 2020, but this has increased in 2021, owing to increased demand for personal mobility, a lack of funds, and a scarcity of new cars on the market. Moreover, the global chip shortage began in 2020, when various governments imposed total lockdown, causing production and supply to be disrupted. A blizzard disrupted manufacturing in the United States, while a fire damaged a factory in Japan, affecting supply in both countries, which together account for 50 percent of the semiconductor chips used in autos worldwide. Furthermore, the development of the Delta version and later COVID-19 breakouts in Southeast Asia aggravated the semiconductor chip shortage, which had a severe influence on new car production, resulting in an increase in used car demand. | Write us at info@makreo.com | Call us at +91-9619699069