This Used Cars report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The used cars market size has grown strongly in recent years. It will grow from $1.38 trillion in 2024 to $1.46 trillion in 2025 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to shortage of new cars leading, depreciation of new cars, improved vehicle durability, expansion ofThe used car market, increased consumer price sensitivity.
The used cars market size is expected to see strong growth in the next few years. It will grow to $1.95 trillion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to growing preference for used electric cars, digitalization in the used car buying process, shortage of new car inventory, increased focus on sustainable transportation. Major trends in the forecast period include online used car marketplaces, certified pre-owned programs, subscription-based used car services, enhanced vehicle history reports, integration of ai in pricing and valuation.
The rise of online platforms for used car sales worldwide is significantly fueling the growth of the used cars market. These platforms offer convenient access and essential information for buying and selling used vehicles. Key players in the industry are increasingly expanding their digital presence to boost used car sales. For example, in August 2024, data from We Buy Any Car Ltd., a UK-based online car buying platform, revealed that a total of 1,963,395 used cars were sold in the UK during the second quarter of 2024 (April to June), representing a 7.2% year-over-year increase compared to the same period in 2023. Thus, the emergence of online platforms for used car sales is a significant driver of growth in the used cars market.
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 March 2022, Cars.com Inc., a US-based online retailer specializing in cars and related accessories, announced the acquisition of Accu-Trade for an undisclosed amount. This acquisition is a strategic move by Cars.com to enhance its dealer network and improve pricing tools for consumers, thereby enriching its overall service offerings in the used car marketplace. Accu-Trade is a US-based company that provides vehicle valuation and appraisal technology specifically tailored for used cars.
Major companies operating in the used cars market include 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 2024 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.
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 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.
This product will be delivered within 3-5 business days.
The used cars market size has grown strongly in recent years. It will grow from $1.38 trillion in 2024 to $1.46 trillion in 2025 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to shortage of new cars leading, depreciation of new cars, improved vehicle durability, expansion ofThe used car market, increased consumer price sensitivity.
The used cars market size is expected to see strong growth in the next few years. It will grow to $1.95 trillion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to growing preference for used electric cars, digitalization in the used car buying process, shortage of new car inventory, increased focus on sustainable transportation. Major trends in the forecast period include online used car marketplaces, certified pre-owned programs, subscription-based used car services, enhanced vehicle history reports, integration of ai in pricing and valuation.
The rise of online platforms for used car sales worldwide is significantly fueling the growth of the used cars market. These platforms offer convenient access and essential information for buying and selling used vehicles. Key players in the industry are increasingly expanding their digital presence to boost used car sales. For example, in August 2024, data from We Buy Any Car Ltd., a UK-based online car buying platform, revealed that a total of 1,963,395 used cars were sold in the UK during the second quarter of 2024 (April to June), representing a 7.2% year-over-year increase compared to the same period in 2023. Thus, the emergence of online platforms for used car sales is a significant driver of growth in the used cars market.
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 March 2022, Cars.com Inc., a US-based online retailer specializing in cars and related accessories, announced the acquisition of Accu-Trade for an undisclosed amount. This acquisition is a strategic move by Cars.com to enhance its dealer network and improve pricing tools for consumers, thereby enriching its overall service offerings in the used car marketplace. Accu-Trade is a US-based company that provides vehicle valuation and appraisal technology specifically tailored for used cars.
Major companies operating in the used cars market include 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 2024 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.
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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Used Cars Market Characteristics3. Used Cars Market Trends and Strategies4. Used Cars Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global Used Cars Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Used Cars Market34. Recent Developments in the Used Cars Market
5. Global Used Cars Growth Analysis and Strategic Analysis Framework
6. Used Cars Market Segmentation
7. Used Cars Market Regional and Country Analysis
8. Asia-Pacific Used Cars Market
9. China Used Cars Market
10. India Used Cars Market
11. Japan Used Cars Market
12. Australia Used Cars Market
13. Indonesia Used Cars Market
14. South Korea Used Cars Market
15. Western Europe Used Cars Market
16. UK Used Cars Market
17. Germany Used Cars Market
18. France Used Cars Market
19. Italy Used Cars Market
20. Spain Used Cars Market
21. Eastern Europe Used Cars Market
22. Russia Used Cars Market
23. North America Used Cars Market
24. USA Used Cars Market
25. Canada Used Cars Market
26. South America Used Cars Market
27. Brazil Used Cars Market
28. Middle East Used Cars Market
29. Africa Used Cars Market
30. Used Cars Market Competitive Landscape and Company Profiles
31. Used Cars Market Other Major and Innovative Companies
35. Used Cars Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Used Cars Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on used cars market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for used cars? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The used cars market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Vehicle Type: Hatchback; Sedan; SUV2) by Fuel Type: Petrol; Diesel; Hybrid or Electric
3) by Sales Channel: Peer-To-Peer; Franchised Dealers; Independent Dealers
Subsegments:
1) by Hatchback: Compact Hatchbacks; Subcompact Hatchbacks; Performance Hatchbacks2) by Sedan: Compact Sedans; Mid-Size Sedans; Full-Size Sedans
3) by SUV: Compact SUVs; Mid-Size SUVs; Full-Size SUVs; Crossover SUVs
Key Companies Mentioned: Hendrick Automotive Group; Group 1 Automotive Inc.; Cox Automotive Inc.; Asbury Automotive Group Inc.; CarMax Business Services LLC
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this Used Cars market report include:- 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.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 1464.84 Billion |
| Forecasted Market Value ( USD | $ 1954.08 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 33 |
