A research study by Global Market Insights made available this week indicated that the worldwide used-car market is expected to surpass $2 trillion by 2028

Firm experts said a substantial increase in urbanization supported by vehicle ownership trends is likely to augment the industry growth.

Global Market Insights mentioned in a news release that the worldwide demand for hybrid/electric vehicles also is increasing due to stringent emission standards and regulations as well as a growing demand for low or zero-emission models.

“Governments of several countries offer purchase incentives and tax breaks for hybrid vehicles including HEVs and PHEVs, thereby promoting the sales of used cars,” the firm said in the news release.

“The market for HEV is increasing led by the high sales volume in the U.S., Japan, and China. Improvements in EV charging infrastructure are spurring additional investments by used car market players to provide high-quality used cars,” the firm added.

Global Market Insights went on to point out that the global used-car market is experiencing growth because of the various benefits of buying vehicles from franchised dealers.

“Increased investments in the restoration and maintenance of used cars by franchised car dealers are expanding their market shares,” the  comapny said.

The complete research report can be acquired via this website.