Global Used Car Market 2024-2028

Used Car Market 2023-2027

Technavio has been monitoring the used car market and is forecast to grow by USD 703.33 bn during 2022-2027, accelerating at a CAGR of 6.7% during the forecast period. Our report on the used car market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the increasing number of new models of cars launched due to high competition, declining ownership cycle of vehicles among urban consumers in emerging countries, and excellent value for money proposition of used cars.

Technavio's used car market is segmented as below:

• By Vehicle Type
• Compact car
• SUV
• Mid-size
• By Channel
• Organized
• Unorganized
• By Geographical Landscape
• APAC
• North America
• Europe
• Middle East and Africa
• South America

This study identifies the growing demand for car subscription services as one of the prime reasons driving the used car market growth during the next few years. Also, vending machine platform for dispensing used cars and OEMs shifting to online portals for used cars will lead to sizable demand in the market.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the used car market covers the following areas:

• Used car market sizing
• Used car market forecast
• Used car market industry analysis

Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading used car market vendors that include Alibaba Group Holding Ltd, Asbury Automotive Group Inc., AutoNation Inc., Autotrader Inc., Berman Auto Group, CarGurus Inc., CarMax Inc., Cars24 Services Pvt. Ltd., DriveTime Automotive Group Inc., eBay Inc., Group 1 Automotive Inc., Hendrick Automotive Group, Hertz Global Holdings Inc., Lithia Motors Inc., Mahindra and Mahindra Ltd., Penske Corp., Scout24 AG, Sonic Automotive Inc., Toyota Motor Corp., and TrueCar Inc. Also, the used car market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.