USD 31.63 Billion
Report ID:
SQMIG25C2118 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|Tables:
167
|Figures:
79
Used Cars Market size was valued at USD 31.63 Billion in 2023 and is poised to grow from USD 36.12 Billion in 2024 to USD 104.5 Billion by 2032, growing at a CAGR of 14.2% during the forecast period (2025-2032).
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.
Market snapshot - 2025-2032
Global Market Size
USD 31.63 Billion
Largest Segment
Type
Fastest Growth
SUV
Growth Rate
14.2% CAGR
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Global Used Cars Market is segmented by vehicle type, vendor type, fuel type, sales channel and region. Based on vehicle type, the market is segmented into hatchbacks, sedans, SUVs and others. Based on vendor type, the market is segmented into organized and unorganized. Based on fuel type, the market is segmented into gasoline, diesel, electric and hybrid. Based on sales channel, the market is segmented into online and offline. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
On the basis of market analysis by type the market segment is expected to grow for SUVs. SUV, the Sport Utility Vehicle is very popular and per the recent survey in China out of 5 passenger vehicles sold 2 are SUVs. SUV cars are popular for being a combination of on -road-use vehicles and off-road vehicles and provide rough and tough appeal.SUV cars sales are estimated to increase by 50 million units by 2023. Owing to the popularity of SUVs the market is anticipated to rise for Used SUV cars in the forecasted period.
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On the basis of the region, the Asia Pacific held the largest share of the global 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.
The number of organised market players is rising, China is leveraging its market presence in the Asia Pacific region. Various deals and vendors have come up with advanced technologies of marketing, personalised mobile applications, eye-catching advertisements, and digital marketing methods are paving way for huge prospects in the market. Malaysia, Indonesia, and South Korea are estimated to be potential markets in upcoming years.
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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.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global used cars market analysis, current initiatives to provide a comprehensive platform for used cars, as well as rising product launches and services by key players are expected to raise market competition over the projection period. Furthermore, increased R&D activities in electric vehicles are expected to be a valuable resource in the growth of the Global Used Cars Market over the forecast period.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 31.63 Billion |
Market size value in 2032 | USD 104.5 Billion |
Growth Rate | 14.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Used Cars Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Used Cars Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Used Cars Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Used Cars Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Used Cars Market size was valued at USD 31.63 Billion in 2023 and is poised to grow from USD 36.12 Billion in 2024 to USD 104.5 Billion by 2032, growing at a CAGR of 14.2% during the forecast period (2025-2032).
Key vendors in Used Cars Market are: 'Cars24 ', 'Maruti True Value ', 'Mahindra First Choice Wheels ', 'OLX Autos ', 'Hyundai H Promise ', 'Big Boy Toyz Ltd ', 'BMW India Private Limited ', 'Toyota U Trust ', 'Ford Assured ', 'Honda Auto Terrace ', 'Tata Motors Assured ', 'Renault Selection ', 'Audi Approved Plus ', 'Mercedes-Benz Certified ', 'Volkswagen Das WeltAuto ', 'Nissan Intelligent Choice ', 'Droom ', 'Spinny ', 'CarDekho Gaadi ', 'QuikrCars'
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 global 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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