What is the global market size of Used Cars Market?

Used Cars Market size was valued at USD 931.9 billion in 2021 and is poised to grow from USD 996.906 billion in 2022 to USD 1700.1 billion by 2030, growing at a CAGR of 6.9% in the forecast period (2023-2030).

Used Cars Market Size, Share, Growth Analysis, By Vehicle Type(SUV, Hatchback, Sedan), By Distribution Channel(Independent Dealer, Franchise Dealer), By Vendor Type(Organized, Unorganized), By Fuel Type(Petrol, Diesel, Others), By Size(Mid-Size, SUVs, Compact), By Sales Channel(Offline and online), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Used Cars Market?

In the Global Used Cars Market, few big and medium-sized market players account for a large portion of market revenue. Major players are implementing numerous tactics and strategies including mergers and acquisitions, strategic agreements and contracts leveraging ways to generate high market revenue. 'CarMax', 'Vroom', 'CarGurus', 'Shift Technologies', 'Autotrader', 'TrueCar', 'Cars.com', 'Beepi', 'Carvana', 'Hertz Car Sales', 'Enterprise Car Sales', 'Avis Car Sales', 'Budget Car Sales', 'Alamo Car Sales', 'National Car Sales', 'Thrifty Car Sales', 'Sixt Car Sales', 'Europcar Used Car Sales', 'ADESA', 'Manheim'

Report ID: SQMIG25C2118 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 167 | Figures: 79

Used Cars Market News

In April 2022, Spinny launched Spinny Max to sell luxury segment pre-owned cars. It offers customers a range of pre-owned premium cars such as Mercedes-Benz, BMW, Audi and JLR among others.
In August 2021, Mahindra First Choice Wheels (MFCW) partnered with CamCom which is an AI-powered visual inspection solutions company that offers the ability to inspect cars using Artificial Intelligence. Mahindra envisions smart AI regulated assessments of damage in vehicles.
In August 2021, Mercedes-Benz India introduced a ‘direct customer to customer’ selling platform called ‘Marketplace’ This platform intends to provide buyers and sellers with a luxury experience via pre-owned cars along with multiple benefits.
In July 2021, Ola enhanced Mobility Play with the Global Used Cars Marketplace ‘OlaCars’. This platform will allow Ola Cars to directly compete with other market players such as CredR, OLX, CarDekho, Droom, and Spiny, which are currently the most funded companies in the market space.

Used Cars Market Report Snapshots

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Used Cars Market size was valued at USD 931.9 billion in 2019 and is poised to grow from USD 996.906 billion in 2023 to USD 1700.1 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

In the Used Cars Market, few big and medium-sized market players account for a large portion of market revenue. Major players are implementing numerous tactics and strategies including mergers and acquisitions, strategic agreements and contracts leveraging ways to generate high market revenue. 'CarMax', 'Vroom', 'CarGurus', 'Shift Technologies', 'Autotrader', 'TrueCar', 'Cars.com', 'Beepi', 'Carvana', 'Hertz Car Sales', 'Enterprise Car Sales', 'Avis Car Sales', 'Budget Car Sales', 'Alamo Car Sales', 'National Car Sales', 'Thrifty Car Sales', 'Sixt Car Sales', 'Europcar Used Car Sales', 'ADESA', 'Manheim'

Advanced technology and prevalent usage of the internet, and easy access to e-commerce sites/applications are boosting the market demand and helping in building brand presence. The introduction of hybrid vehicles and electric vehicles has altered the buyer‘s position in the market. Online technologies help consumers in gaining information knowledge about the vehicle, third party profit margins, its residual value and others. Moreover, surging urbanisation, rising internet connectivity along with developments in the telecom sector have allowed for much-better information access for people. Car owners are using these factors to spread details and advertise their vehicles. Online forums have provided a seamless process thereby causing increased sales and enabling more stakeholders to sell and buy cars. These online means create transparency between buyer and seller and are thus estimated to be a market driver in upcoming years.

The COVID-19 Pandemic had a remarkable impact on the market. The pandemic hit disrupted the market due to travelling commuting restrictions. The security and safety concerns also inclined individuals towards individual cars in comparison to shared vehicles. The prevalence of Electric vehicles and hybrid vehicles is further creating a potential used cars market in upcoming years.

On the basis of the region, the Asia Pacific held the largest share of the used cars market. The market share was over 35% in 2021. The rapid growth of market demand in China for used cars is attributed to this rising share. The Asia Pacific is estimated to propel the highest market share over the estimated period. increasing sales of the used car in China, India, and other Asian countries is a major contributing factor to the market growth.

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