Used Cars Global Market Report 2024

Used cars, also known as preowned cars, are vehicles that have had one or more previous owners. They are often chosen due to budget constraints and are popular among first-time car buyers. Additionally, used cars offer the advantage of depreciating at a slower pace compared to new cars, making them a more affordable option.

The main categories of used cars include hatchbacks, sedans, and SUVs. Hatchback cars are characterized by their small, boxy design and a two-compartment configuration with a fold-out cargo door. These used cars are typically powered by petrol, diesel, or hybrid/electric engines and are available through various channels, including peer-to-peer platforms, franchised dealers, and independent dealers.

The used cars market research report is one of a series of new reports that provides used cars market statistics, including used cars industry global market size, regional shares, competitors with a used cars market share, detailed used cars market segments, market trends and opportunities, and any further data you may need to thrive in the used cars industry. This used cars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The used cars market size has grown strongly in recent years. It will grow from $1321.55 billion in 2023 to $1405.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historic period can be attributed to several factors, including a shortage of new cars, the slower depreciation of used cars, improved vehicle durability, the expansion of the used car market, and increased consumer price sensitivity.

The used cars market size is expected to see strong growth in the next few years. It will grow to $1996.65 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The anticipated growth in the forecast period can be attributed to the increasing preference for used electric cars, the digitalization of the used car buying process, a shortage of new car inventory, and a heightened focus on sustainable transportation. Major trends expected in the forecast period include the rise of online used car marketplaces, the popularity of certified pre-owned programs, the emergence of subscription-based used car services, the enhancement of vehicle history reports, and the integration of artificial intelligence in pricing and valuation processes.

The growth of the used cars market is significantly being propelled by the global emergence of online platforms for used car sales. These platforms offer convenient access and essential information for buying and selling used cars. Key players in the industry are strategically expanding their digital presence to enhance used car sales. For example, in September 2021, Ola introduced 'Ola Cars,' an online marketplace for used automobiles, offering customers the opportunity to purchase and trade used cars. The platform also provides services like 'try and buy,' enabling customers to explore options from the comfort of their homes, along with straightforward financing options and a one-year warranty. Such innovative online platforms offer buyers the convenience of selecting from a diverse range of options, regardless of their location, thereby boosting used car sales. Consequently, the emergence of online platforms is expected to drive the growth of the used cars market in the foreseeable future.

The forecast period for the used cars market is anticipated to witness growth driven by the easy availability of financing solutions or personal loans. Acquiring a used car has become more accessible due to the availability of personal loans from various platforms. Consumers now have the assurance of obtaining instant loans with favorable terms and conditions for purchasing used cars. This approach allows them to make significant savings, avoiding additional costs typically associated with buying new cars. Notably, apps like LazyPay offer instant loan facilities based on user eligibility, making the application process hassle-free and quick. Loans are processed efficiently, with users able to track and manage them through the LazyPay app, which includes payment reminders. The widespread availability of personal loans for a broad user base further streamlines the process of purchasing used cars, contributing to the overall market growth.

A key trend gaining traction in the used cars market is the increasing investment by major companies to expand their businesses and strengthen their market positions. In November 2022, Kia India, an Indian automobile company, ventured into the pre-owned car business with 'Kia CPO. ' This initiative aims to empower customers to sell, buy, or exchange pre-owned cars through exclusive Kia CPO outlets, offering ownership transfers and customized finance options. Major players in the used cars market recognize the importance of investments in business expansion to cater to the growing demand.

Collaborations and acquisitions are becoming prevalent among major companies in the used cars market as they seek to enhance their financial strength, broaden their product portfolios, and expand their geographical presence. For instance, in January 2023, Ola Fleet Technologies partnered with Dbest Cars to dispose of its used commercial fleet of 5000 cars. Ola, a prominent ride-hailing company in India, aimed to gradually replace its existing vehicles with new ones, potentially electric vehicles. This collaboration highlights the strategic approach companies are taking to manage their vehicle fleets efficiently.

In October 2021, Constellation Automotive Group, a UK-based company operating in the digital marketplace for used cars in Europe, announced the acquisition of CarNext for an undisclosed amount. This strategic move allows Constellation Automotive Group to accelerate its business expansion, targeting 2.5 million car sales annually. CarNext, based in the Netherlands, operates a used car marketplace in multiple European countries. The acquisition aligns with the growth strategies of companies in the used cars market, emphasizing the importance of collaborations and acquisitions for industry players.

Major companies operating in the in the used cars market report are Hendrick Automotive Group, Group 1 Automotive Inc., Cox Automotive Inc., Asbury Automotive Group Inc., CarMax Business Services LLC, AutoNation Inc., Cars24 Services Private Limited, Carvana Co., Lithia Motors Inc., Mahindra First Choice Wheels Ltd., TrueCar Inc., Vroom Inc., Shift Technologies Inc., CarGurus Inc., Penske Automotive Group Inc., Sonic Automotive Inc., CarHop Auto Sales and Finance, Hertz Global Holdings Inc., Enterprise Holdings Inc., Avis Budget Group Inc., Budget Car Sales, Thrifty Car Sales, Off Lease Only, EchoPark Automotive Inc., CarSense, OffLeaseOnly. com, DriveTime Automotive Group Inc., CarsDirect. com LLC, KBB com LLC, Autolist Inc., Cars com Inc., Autotempest Inc.

Asia-Pacific was the largest region in the used cars market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the used cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the used cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The used cars market consists of sales of hybrid, sedan, coupe, convertible, CUV, wagon, and van. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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