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

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).

Increased internet accessibility and availability of various apps, and websites have increased awareness among people about vehicles and advanced features. Urbanisation and the use of technology along with various advertising and media have made the buying and selling of cars easy and hustle-free. Moreover, there is a craze for luxury facilities of the car, which cost high. There are people who can not afford to buy new cars but look forward to used cars with those luxury features. Increased Urbanisation and the increasing middle-class population are expected to create high market demand for used cars in upcoming years.

Increased population and the rising cost of cars have inclined people to go for used cars. Ownership of care is low among millennials. Increasing population and the rising cost of maintenance of a vehicle along with other accompanying constraints increase the demand for used cars and hence paves way for higher market growth.

US Used Cars Market is poised to grow at a sustainable CAGR for the next forecast year.