by The global used car market size is expected to be worth around USD 2.85 trillion by 2032 from USD 1.48 trillion in 2022, growing at a CAGR of 6.80% during the forecast period from 2022 to 2032.
The market for used car witnessed prominent growth over the past few years and anticipated to grow at the same rate during the coming year. This is mainly attributed to the rising investment from automotive manufacturers for expanding their dealership network. Until recently, automotive dealers and manufacturers have focused primarily on the new vehicle production and sale business; however, they have also started focusing on used car and observe it as an important byproduct for their business growth. This has prominently boosted the market growth for used cars over the upcoming years.
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Used Car Market Report Scope
| Report Scope | Details |
| Market Size In 2023 | USD 1.57 Trillion |
| Market Size | USD 2.85 Trillion by 2032 |
| Growth Rate | CAGR of 6.80% From 2023 to 2032 |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Vehicle Type, Vendor Type, Fuel Type, Size, Sales Channel |
| Regional Scope | North America, APAC, Europe, Latin America, MEAN, Rest of the World |
| Companies Mentioned | CarMax Business Service LLC, Alibaba.com, Asbury Automotive Group, Hendrick Automotive Group, Scout24 AG, TrueCar Inc., Lithia Motor Inc., Group 1 Automotive Inc., AutoNation Inc., and eBay Inc. |
Read More: Ride Sharing Market Size is Expanding Around USD 436 Billion by 2032
Moreover, significant advancement in the technology for example development of internet along with the introduction of electric and hybrid vehicles have transformed the buyer’s perspective towards used cars. Further, the quality and reliability of the used cars have also attracted significant number of customers that positively favors the market growth. Presently, increased customer knowledge about the vehicle, quality finance charges, residual value of vehicle, and availability also propels the market growth during the forthcoming years.
Nonetheless, the corona virus outbreak has disrupted the automotive industry to a greater extent and brought its sales significantly down from its prior value. However, as per the analysis, the post pandemic era expected to witness an upsurge in the vehicle sales as people prefer self-owned vehicles rather than shared vehicles. Further, the financial disparities anticipated to hamper the market growth for used car in the coming years.
By vehicle type, electric vehicle witnessed the fastest growth rate over the forthcoming years because of shifting customer preference from conventional vehicles to electric-powered vehicles. In addition, the market growth for electric vehicles is also favored by the increasing number of government policies to promote the adoption of electric cars in order to curb the rate of pollution in the region. In accordance to the same, government of various regions are offering incentives and other tax benefits to promote the adoption of electric vehicles. Hence, the aforementioned factors propel the demand for electric vehicles in the coming years.
Based on fuel type, other segment expected to register prominent growth over the upcoming years due to large number of customers switching from conventional fuels to environment-friendly fuels such as CNG gas and electric-powered cars. This is mainly because of alarming rate of rise in the global pollution. In developing nations CNG gas powered vehicles have shown significant demand over the past few years and estimated to rise at the same rate in the near future.
On the basis of size, the global used car market has been classified into mid-size, compact, and SUVs. Compact sized vehicles are the most-preferred choice of customers in today’s era owing to scarcity of space. Hence, the compact size segment witnessed significant growth over the forecast period and also capture prominent revenue share in the present time.
Based on region, the Asia Pacific held the largest revenue share in the global used car market of approximately 36% in the year 2020. This is primarily because of large number of developing nations present in the region. In addition, the region accounted to hold the major share of middle-class population that also favors the significant demand of used cars in the region. China is the front-runner in the Asia region with the highest demand for used passenger cars.
The used car market experiences intense competition owing to huge surge in the new market entrants. The market for used car is a niche market and thus requires less investment that favors the entry of new market players in the global market. In addition, as new market players focus significantly in the technology integration and expanding their business using internet, they grow faster compared to older ones.
Some of the magnificent industry participants listed in the global used car market include CarMax Business Service LLC, Alibaba.com, Asbury Automotive Group, Hendrick Automotive Group, Scout24 AG, TrueCar Inc., Lithia Motor Inc., Group 1 Automotive Inc., AutoNation Inc., and eBay Inc. among others.
Market Segments:
By Vehicle Type
- Conventional
- Hybrid
- Electric
By Vendor Type
- Unorganized
- Organized
By Fuel Type
- Diesel
- Petrol
- Others
By Size
- Mid-Size
- Compact
- SUVs
By Sales Channel
- Offline
- Online
By Regional Outlook
- North America
- US
- Rest of North America
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
Table of Content
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Used Car Market, By Vehicle Type
7.1. Used Car Market, by Vehicle Type, 2021-2030
7.1.1. Conventional
7.1.1.1. Market Revenue and Forecast (2017-2030)
7.1.2. Hybrid
7.1.2.1. Market Revenue and Forecast (2017-2030)
7.1.3. Electric
7.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 8. Global Used Car Market, By Vendor Type
8.1. Used Car Market, by Vendor Type, 2021-2030
8.1.1. Unorganized
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Organized
8.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Used Car Market, By Fuel Type
9.1. Used Car Market, by Fuel Type, 2021-2030
9.1.1. Diesel
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Petrol
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Others
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Used Car Market, By Size
10.1. Used Car Market, by Size, 2021-2030
10.1.1. Mid-Size
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Compact
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. SUVs
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Used Car Market, By Sales Channel
11.1. Used Car Market, by Sales Channel, 2021-2030
11.1.1. Offline
11.1.1.1. Market Revenue and Forecast (2017-2030)
11.1.2. Online
11.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 12. Global Used Car Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.1.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.1.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.1.4. Market Revenue and Forecast, by Size (2017-2030)
12.1.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.1.6. U.S.
12.1.6.1. Market Revenue and Forecast, by Vehicle Type(2017-2030)
12.1.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.1.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.1.6.4. Market Revenue and Forecast, by Size(2017-2030)
12.1.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.1.7. Rest of North America
12.1.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.1.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.1.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.1.7.4. Market Revenue and Forecast, by Size (2017-2030)
12.1.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.2.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.2.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.2.4. Market Revenue and Forecast, by Size (2017-2030)
12.2.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.2.6. UK
12.2.6.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.2.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.2.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.2.6.4. Market Revenue and Forecast, by Size (2017-2030)
12.2.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.2.7. Germany
12.2.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.2.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.2.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.2.7.4. Market Revenue and Forecast, by Size (2017-2030)
12.2.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.2.8. France
12.2.8.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.2.8.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.2.8.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.2.8.4. Market Revenue and Forecast, by Size (2017-2030)
12.2.8.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.2.9. Rest of Europe
12.2.9.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.2.9.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.2.9.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.2.9.4. Market Revenue and Forecast, by Size (2017-2030)
12.2.9.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.3.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.3.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.3.4. Market Revenue and Forecast, by Size (2017-2030)
12.3.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.3.6. India
12.3.6.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.3.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.3.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.3.6.4. Market Revenue and Forecast, by Size (2017-2030)
12.3.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.3.7. China
12.3.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.3.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.3.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.3.7.4. Market Revenue and Forecast, by Size (2017-2030)
12.3.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.3.8. Japan
12.3.8.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.3.8.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.3.8.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.3.8.4. Market Revenue and Forecast, by Size (2017-2030)
12.3.8.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.3.9. Rest of APAC
12.3.9.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.3.9.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.3.9.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.3.9.4. Market Revenue and Forecast, by Size (2017-2030)
12.3.9.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.4.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.4.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.4.4. Market Revenue and Forecast, by Size (2017-2030)
12.4.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.4.6. GCC
12.4.6.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.4.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.4.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.4.6.4. Market Revenue and Forecast, by Size (2017-2030)
12.4.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.4.7. North Africa
12.4.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.4.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.4.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.4.7.4. Market Revenue and Forecast, by Size (2017-2030)
12.4.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.4.8. South Africa
12.4.8.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.4.8.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.4.8.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.4.8.4. Market Revenue and Forecast, by Size (2017-2030)
12.4.8.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.4.9. Rest of MEA
12.4.9.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.4.9.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.4.9.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.4.9.4. Market Revenue and Forecast, by Size (2017-2030)
12.4.9.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.5.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.5.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.5.4. Market Revenue and Forecast, by Size (2017-2030)
12.5.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.5.6. Brazil
12.5.6.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.5.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.5.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.5.6.4. Market Revenue and Forecast, by Size (2017-2030)
12.5.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
12.5.7. Rest of LATAM
12.5.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
12.5.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)
12.5.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)
12.5.7.4. Market Revenue and Forecast, by Size (2017-2030)
12.5.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)
Chapter 13. Company Profiles
13.1. CarMax Business Service, LLC
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Alibaba.com
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Asbury Automotive Group
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Hendrick Automotive Group
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. Scout24 AG
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. TrueCar, Inc.
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Lithia Motor Inc.
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Group 1 Automoitve Inc.
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. AutoNation Inc.
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. eBay Inc.
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
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