Used Car Market Size to Worth Around US$ 2.85 Trn by 2032

The used car market size was valued at USD 1.57 trillion in 2023 and is expected to reach USD 2.85 trillion by 2032, growing at a CAGR of 6.80% from 2023 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.

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.

Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1279

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.

Table of Contents

Toggle

Used Car Market Scope

Report Scope	Details
Market Size in 2023	USD 1.57 Trillion
Market Size by 2032	USD 2.85 Trillion
Growth Rate from 2023 to 2032	CAGR of 6.80%
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

Key Companies

Some of the prominent market players profiled 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.

The global used car market research report classifies the market as follows:

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