Global Used Cars Market

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


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

Used Cars Market Insights

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.

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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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Global Used Cars Market

Report ID: SQMIG25C2118

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