Used Car

Global Used Car Market to Reach US$25.4 Billion by 2030

The global market for Used Car estimated at US$17.9 Billion in the year 2024, is expected to reach US$25.4 Billion by 2030, growing at a CAGR of 6.0% over the analysis period 2024-2030. Used SUV, one of the segments analyzed in the report, is expected to record a 5.8% CAGR and reach US$10.1 Billion by the end of the analysis period. Growth in the Used Sedan segment is estimated at 5.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$4.7 Billion While China is Forecast to Grow at 9.5% CAGR

The Used Car market in the U.S. is estimated at US$4.7 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.8 Billion by the year 2030 trailing a CAGR of 9.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.3% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.0% CAGR.

Global Used Car Market - Key Trends & Drivers Summarized

What Is Driving the Popularity of Used Cars?
The used car market has grown exponentially in recent years, driven by a variety of factors that make pre-owned vehicles an attractive option for consumers. One of the primary drivers is affordability, as used cars offer significant cost savings compared to new models, allowing consumers to access higher-end vehicles at a lower price point. The wide selection of makes and models available in the used car market also caters to diverse consumer preferences, from budget-friendly options to luxury vehicles. Additionally, the perception of used cars has shifted over time, with improvements in vehicle durability and reliability, as well as the availability of certified pre-owned programs, giving buyers more confidence in the quality of used cars. Furthermore, the economic uncertainty and inflationary pressures have made consumers more cautious with their spending, leading to a preference for the value proposition offered by used cars.

How Have Digital Platforms Transformed the Used Car Market?
Digital platforms have revolutionized the way used cars are bought and sold, making the process more transparent, convenient, and accessible. Online marketplaces and classified websites allow consumers to browse a vast inventory of vehicles from the comfort of their homes, compare prices, and read reviews, empowering them to make informed decisions. The rise of e-commerce in the automotive sector has also led to the development of new business models, such as online-only dealerships that offer home delivery and test drives. Moreover, digital tools like vehicle history reports and online financing options have further streamlined the purchasing process, reducing the friction traditionally associated with buying a used car. These technological advancements have expanded the reach of the used car market, making it easier for buyers and sellers to connect across geographic boundaries.

Where Is the Used Car Market Experiencing the Most Growth?
The used car market is experiencing significant growth in both developed and emerging markets, driven by different factors in each region. In developed markets like North America and Europe, the demand for used cars is fueled by high new car prices and the increasing availability of certified pre-owned vehicles that come with warranties and quality assurances. In emerging markets, particularly in Asia-Pacific and Latin America, the growing middle class and rising disposable incomes are driving demand for affordable vehicles, with used cars providing a viable entry point into vehicle ownership. Additionally, in countries where public transportation infrastructure is underdeveloped, used cars are often the preferred mode of transportation for many households. The global expansion of online marketplaces and financing options is also contributing to the growth of the used car market in regions where traditional car dealerships may be less prevalent.

What Factors Are Driving the Growth of the Used Car Market?
The growth in the used car market is driven by several factors, including economic considerations, technological advancements, and shifting consumer preferences. Economic factors, such as inflation and the rising cost of living, are making used cars a more attractive option for budget-conscious consumers. The widespread adoption of digital platforms has made it easier for buyers to access a broader range of vehicles and has increased transparency in the market, boosting consumer confidence. The growing popularity of certified pre-owned programs, which offer warranty coverage and vehicle inspections, is also driving demand by providing added assurance of quality and reliability. Additionally, the increasing durability of modern vehicles has extended their useful life, making used cars a more viable option for longer periods. Environmental concerns and the desire to reduce waste are further encouraging consumers to opt for used cars over new ones, contributing to the market’s growth.

SCOPE OF STUDY:

The report analyzes the Used Car market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Size (SUV, Sedan, Hatchback); Vendor Type (Organized, Unorganized)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 46 Featured) -

• 2see Technology
• 2trde
• 360 Motors
• A & R Motors
• A&P Auto Parts
• A-1 Auto Brokers
• A1 Motors
• Adaperio
• ADSCT Classified
• Agasta Company Limited

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