Used Cars Market Updates

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.