Global Used Cars Market Size and Forecast 2024-2033| Hendrick Automotive Group, Group 1 Automotive Inc., Cox Automotive Inc., Asbury Automotive Group Inc., CarMax Business Services LLC

The Used Cars by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Used Cars, 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 in the historic period can be attributed to shortage of new cars leading, depreciation of new cars, improved vehicle durability, expansion of the 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 $1996.65 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. 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 emergence of online platforms for used car sales globally is significantly driving the growth of the used cars market. The online platforms provide ease of access and required information to buy and sell used cars. The key players are expanding their business digitally to increase the sales of used cars. For instance, in September 2021, Ola launched a used automobile marketplace named ‘Ola Cars,’ which will allow customers to buy, and trade used cars. It will also provide ‘try and buy’ services from the comfort of customers’ homes, as well as simple financing with EMI alternatives and a one-year warranty. These kinds of new online platforms provide convenience for the buyers to choose from a variety of options irrespective of their locations and invariably increase the sales of used cars. Hence, the emergence of online platforms is expected to propel the growth of the used cars market over the coming years.

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The used cars market covered in this report is segmented –

1) By Vehicle Type: Hatchback, Sedan, SUV

2) By Fuel Type: Petrol, Diesel, Hybrid/Electric

3) By Sales Channel: Peer-To-Peer, Franchised Dealers, Independent Dealers

Increasing investment in the market is a key trend gaining popularity in the used cars market. Major companies operating in the used cars market are focused on increasing investments for business expansions and strengthening their business position. For instance, in in November 2022, Kia India, an Indian Automobile company, has opened a Pre-Owned Car Business ‘Kia CPO’ for customers. With exclusive Kia CPO outlets, the company intends to allow its customers to sell, buy or exchange pre-owned cars, backed by ownership transfers and customized finance options.

The used cars market report table of contents includes:

1. Executive Summary

2. Used Cars Market Characteristics

3. Used Cars Market Trends And Strategies

4. Used Cars Market – Macro Economic Scenario

5. Global Used Cars Market Size and Growth

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

Top Major Players: