Used Car Market Will Touch USD 2,980.2 Billion by 2030
The used car market will touch USD 2,980.2 billion, advancing at a 6.10% compound annual growth rate, by 2030. The progress of this industry is because of the increasing penetration of the Internet along with the accessibility of information through online platforms; the growing fame of car subscription services; and the growing need for off-lease automobiles from auto dealers, leasing offices, and franchises.
In recent years, the organized category, based on sector, was the major contributor to the industry. Numerous new car dealers are entering this industry and attracting customers with various trade-in packages. This is because of the incessantly decreasing profitability in the new car industry and the aging of automobiles on the road.
The unorganized category, on the other hand, will propel at a significant rate, of approximately 5.7%, in the years to come. This is ascribed to the existence of numerous unorganized players in India, Mexico, Thailand, China, and Brazil.
The medium category, based on vehicle type, led the industry, with a 38.3% share, in recent years. This can be mainly because of the higher accessibility of less-driven, superior used vehicles, coupled with the increasing purchasing power of customers in emerging economies.
In recent years, the internal combustion engine (ICE) category, based on propulsion, accounted for the larger used car market share. The requirement for used internal combustion engine-based cars is likely to have significant progress across developing nations of LATAM and APAC due to the increasing average age of automobiles.
The electric category, on the other hand, will progress at a higher rate during this decade. This is primarily attributed to the increasing concerns of the government regarding pollution levels, which offer opportunities for EV dealers.
The E-Scooters Category Dominated the Australia Micromobility Market
The Australia micromobility market will touch USD 19,185.6 million, propelling at an 89.5% compound annual growth rate, by 2030. The growth of this industry can be attributed to the low cost and suitability of these solutions, the mounting requirement for lessening traffic congestion in urban locations, and the surging need for first- and last-mile connectivity. The pandemic of COVID-19 has had a positive impact on this industry. This is because during the pandemic individuals started to avoid the packed public transportation, which led to the increasing requirement for an alternative mode of transport, and micromobility presented as the perfect option.
In the past few years, the e-scooters category, based on type, dominated the industry, and it will remain dominant in the years to come. This can be ascribed to the high e-scooters popularity for recreational purposes and short distances transportation.
Moreover, e-scooters are easily available, inexpensive, and eco-friendly as they don’t necessitate any forms of petroleum-based fuels. These vehicles can be easily driven in congested traffic and also fit in a small area. Additionally, the helpful rules and surging count of trips per automobile will further boost the growth of this category.
In recent years, the dockless category, based on sharing system, accounted for the largest Australia micromobility market share, and it is also likely to advance at a significant rate in the years to come. This can be primarily because of the rising count of companies selecting the dockless bike-sharing idea as it has lesser operating expenses and necessitates less capital.
Moreover, users also favor dockless bike sharing as it is cost-effective and offers suitable features, for instance, flexibility in parking. In addition, the mounting need for e-scooter-sharing services will promote the distribution of more dockless systems in the nation.
In the past few years, the first- and last-mile category, based on model, accounted for the larger share in the industry, and it will also advance at a substantial rate in the years to come. This can be mainly because of the surging requirement for first- and last-mile transport in the nation.
It is because of the surging requirement to lessen congestion of traffic in urban locations, as well as the low cost and suitability of these solutions, the Australia micromobility industry will progress significantly in the years to come.
Unlocking Urban Mobility: Launching a Sustainable E-Bike Sharing Service in Turkey
Concepts of micro mobility and shared ecosystems are permeating human lives more and more frequently each day. Initiatives to hire electric scooters have proven very popular in Turkey. The main drivers of the expansion of micromobility market in Turkey are the need to preserve the environment, an effective short-distance transport system, and the growing need to lessen traffic congestion. The sector will reach $14,711.1 million in 2030 as a result of the aforementioned causes.
Maintenance of a Green Environment Is Required
Environmental contamination is one of the main problems in Turkey. The amount of air pollution in the entire nation exceeds WHO recommendations, which causes fatal illnesses. Approximately 27% of the nation's overall health spending is typically allocated to treating illnesses brought on by air pollution.
The government is using micromobility to lower pollution levels. The wide availability, cheap cost, ease of use, and environmental friendliness of the micromobility system have all contributed to its exponential rise.
Additionally, in the long term, automobiles used for short-distance, or within 5 km, transport would be replaced by micromobility services. Additionally, they increase the demand for and usage of short-range cars by lowering the number of emissions those vehicles produce.
Need to Reduce Traffic Congestion Is Driving Market Expansion
Istanbul is now ranked second among 220 cities worldwide in terms of traffic congestion, according to research by the transportation analytics company INRIX. The count of commuters is growing as a result of fast urbanization, which puts additional strain on the current transportation infrastructure.
People frequently pick their own automobiles when there isn't an effective form of public transit, which complicates matters and increases traffic congestion.
Thus, micromobility improves connection to public transportation, lowers the dependency on private automobiles, and also contributes to a reduction in greenhouse gas emissions. It is regarded as a cutting-edge transportation plan that has shown to have significant promise for reducing congestion.
E-Scooters Dominated Market due to Their Extensive Fleet
Based on vehicle type, the e-scooter category represented the greatest value share in the Turkish micromobility industry.
In the coming years, this category is likewise anticipated to continue experiencing a similar trend. This is mostly attributable to the enormous fleet that e-scooters have, which leads to their high market availability when opposed to other vehicle types.
Vietnam's Next Big Thing: Pedaling Towards a Greener Future with our Bike Sharing Platform
