Turkey Online Used Cars Market Growth and Size, Rising Trends, Revenue, Industry Share, CAGR Status, Challenges, Future Opportunities and Forecast till 2033: SPER Market Research
Turkey Used Car Market is estimated to reach USD XX billion by 2033 with a CAGR XX%.
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A vehicle that has been owned by one or more retail owners in the past is called a used, pre-owned, or second-hand vehicle. You can acquire used cars from a variety of sources, including private sales, franchised and independent auto dealers, buy here pay dealerships, rental car companies, and leasing offices. Certain car sellers offer "no-haggle prices," "certified" pre-owned cars, and extended warranties or service contracts.
According to SPER Market Research, ‘Turkey Used Car Market Size- By Type of Market Structure, By Type of Car, By Brand, By Age of Vehicle, By Kms Driven - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Turkey Used Car Market is estimated to reach USD XX million by 2033 with a CAGR of XX%.
Drivers:
Demand for cutting-edge technologies such as power steering, anti-lock brakes, and climate control has increased in the auto industry. Consequently, the cost of new cars has increased. Additionally, the price increase in 2019—which was mostly driven by mainstream passenger car segments—indicates the difficulties the new market is experiencing with affordability. This has led to an increase in used car sales in the automotive industry relative to new car sales. This is projected to drive up the market for older autos.
Restraints:
Limited Warranty Coverage: Used cars are often sold with limited or no warranty. This lack of warranty may deter some purchasers who value the peace of mind that comes with a new car's comprehensive guarantee.
Costlier Maintenance: As cars get older, there's a greater chance they'll need repairs and maintenance. Owners of second-hand cars may see increased recurring expenses as a result.
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Quick technical Development: The automotive sector is seeing quick technical development. Modern features and technology are frequently found in newer car models, which may not be present in older used vehicles.
The COVID-19 pandemic in 2020 negatively impacted market demand by forcing governments to enact stringent containment measures, social seclusion, lockdowns in certain regions, and quarantine periods. Client preferences on personal mobility have changed as a result of lockdown relaxations. This incentivised entrepreneurs to adopt online marketplaces for pre-owned vehicles, providing adaptable financing alternatives. The increasing demand from customers for used automobiles in price-sensitive areas is anticipated to propel the business's growth in the near future.
The Turkey Used Car Market is dominated by the Northwestern Region of Turkey, specifically the Marmara Region, which is home to Istanbul. Due to its high population density and economic activity, this region of the nation has a higher used automobile market turnover rate. Major players in the market are Araba.com, Arabam.com, Autorola Turkey, Borusan Araç, ikinciyeni.com, and Others.
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Turkey Used Cars Market Growth
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