Pre-Owned Vehicles Market Report 2024

This Pre-owned Vehicles market 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 pre-owned vehicles market size has grown steadily in recent years. It will grow from $297.26 billion in 2023 to $311.96 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth during the historic period can be attributed to the demand for cost-effective transportation, enhancements in vehicle durability, competitive financing options for used cars, and the expansion of digital platforms for used car sales.

The pre-owned vehicles market size is expected to see strong growth in the next few years. It will grow to $380.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The anticipated growth in the forecast period is driven by increasing sustainability goals, enhanced online platforms, rising inflation, and reduced insurance premiums for used cars. Key trends expected during this period include a shift toward car subscription services, advanced virtual reality tools for vehicle inspections, the use of AI and big data for precise pricing models, better access to detailed vehicle history reports, and a growing demand for certified pre-owned (CPO) vehicles.

The rising demand for personal mobility is expected to drive the growth of the pre-owned vehicle market. Personal mobility refers to an individual's ability to move independently from one location to another using their own transportation. The shift towards remote work and flexible schedules has decreased the need for traditional commuting, making personal mobility solutions more appealing. Pre-owned vehicles support personal mobility by offering affordable transportation options that allow people to travel independently and efficiently. For example, the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts reported in February 2024 that, as of January 31, 2022, there were 20.7 million registered motor vehicles in Australia, reflecting a 2% increase from January 2021. Additionally, the Society of Motor Manufacturers and Traders noted in February 2024 that the UK used car market grew by 6.5% to nearly 2 million units in Q1 2024. This increasing demand for personal mobility is fueling the growth of the pre-owned vehicle market.

Leading companies in the pre-owned vehicle market are creating integrated platforms to simplify the buying and selling process. These platforms improve customer experience by offering comprehensive vehicle histories, financing options, and digital tools for valuation and comparison. For instance, in May 2024, Nxcar, an India-based fintech company specializing in pre-owned cars, launched a comprehensive platform for pre-owned car transactions in India. This platform provides customers with access to loans, vehicle inspections, valuations, insurance, and RC transfer services, whether buying from individual sellers, dealers, or classified listings. Nxcar has partnered with over 20 banks and non-banking financial companies (NBFCs) to offer nationwide coverage and facilitate end-to-end used car loan services.

In June 2024, MOTORS, a UK-based retailer of used vehicles, acquired Cazoo Group Ltd. for an undisclosed amount. This acquisition is a significant step for MOTORS, which plans to transform Cazoo Group Ltd. into a mobile-first digital marketplace for used cars. Cazoo Group Ltd. is a UK-based online retailer that specializes in the sale and purchase of used cars.

Major companies operating in the pre-owned vehicles market are CarMax Inc., Lithia Motors Inc., Penske Automotive Group, AutoNation, Cox Automotive Inc., Group 1 Automotive Inc., Asbury Automotive Group, Sonic Automotive Inc., Carvana Co., Manheim Inc., Adesa Inc., VroomWheel, CarGurus Inc., DriveTime Automotive Group Inc., Cars.com Inc., ACV Auctions Inc., Edmunds.com Inc., Craigslist Inc., TrueCar Inc., CarsDirect.com Inc., Hemmings, Autoweb.co.uk Ltd., Hertz Car Sales LLC, Enterprise Car Sales.

Asia-Pacific was the largest region in the pre-owned vehicles market in 2023. The regions covered in the pre-owned vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

Pre-owned vehicles are cars that have been previously owned and used by one or more individuals before being resold. They are typically more affordable than new cars, making them an attractive choice for buyers seeking cost-effective transportation. Pre-owned vehicles provide a flexible, budget-friendly alternative to new cars, with a broad selection available.

The pre-owned vehicle market includes various types, such as two-wheelers, three-wheelers, passenger vehicles, light commercial vehicles, heavy-duty trucks, buses and coaches, and off-road vehicles. Pre-owned two-wheelers specifically refer to used motorcycles or scooters available for resale. These vehicles come with different propulsion options, including gasoline, diesel, and electric, and can be certified pre-owned (CPO) or non-certified. Sales occur through online platforms and physical dealerships, with distribution channels involving organized dealers, multi-brand retailers, direct dealership sales agents, and unorganized dealers.

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

The pre-owned vehicles market consists of sales of used cars, trucks, and sport utility vehicles. 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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