What are the Market Size and Expected Growth Rate for the Global Used Cars Market?
The used cars market has shown remarkable growth in recent years. It’s estimated to expand from $1385.48 billion in 2024 to $1464.84 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. This positive trajectory can be attributed to a shortage of new cars, depreciation of new vehicles, improved vehicle durability, market expansion, and increased consumer price sensitivity.
Looking forward, the used cars market is predicted to sustain its strong growth. By 2029, it’s forecasted to reach $1954.08 billion, with a CAGR of 7.5%. This growth in the forecast period will likely be driven by a preference for used electric cars, digitalization in the buying process, a continual shortage of new car inventory, and a heightened focus on sustainable transportation.
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How is the Growth of Online Platforms Driving the Used Cars Market?
The emergence of online platforms for used car sales is significantly propelling the growth of the used cars market. These digital avenues offer consumers easy access and a wealth of information for buying and selling used cars. The key players in the market are expanding their businesses digitally, thereby increasing the sales of used cars. This digital expansion is evident in statistics published by UK car market, where nearly 2 million used cars were sold in the second quarter of 2024, marking a 7.2% year-over-year increase.
What Are the Major Segments in the Used Cars Market?
1) By Vehicle Type: Hatchback, Sedan, SUV
2) By Fuel Type: Petrol, Diesel, Hybrid Or Electric
3) By Sales Channel: Peer-To-Peer, Franchised Dealers, Independent Dealers
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Which Companies are Leading the Used Cars Market?
Major companies 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., and many more.
How Are Investments and Business Expansions Shaping the Used Cars Market Trends?
Increasing investment and business expansions in the used cars market are emerging trends gaining popularity. Kia India’s investment in a pre-owned car business, ‘Kia CPO’, is indicative of this trend. With this new venture, the company intends to allow customers to sell, buy, or exchange pre-owned cars, backed by ownership transfers and customized finance options, helping to strengthen the business position in the marketplace.
What is the Regional Picture of the Used Cars Market?
Asia-Pacific was the largest region in the used cars market in 2024, and it’s expected to sustain the fastest growth during the forecast period. The regions covered in the used cars market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Used Cars Market Report 2025 Offer?
The used cars market encompasses cars that have been preowned by one or more owners. These cars are primarily purchased due to budget restrictions and by first-time buyers. The depreciation rate of used cars is lower than new ones, providing an affordable and practical choice for consumers. The Used Cars Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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