How big is the pre-owned vehicles market today, and what are its future growth expectations?
The pre-owned vehicles market size has grown strongly in recent years. It will grow from $311.96 $ billion in 2024 to $328.29 $ billion in 2025 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to demand for cost-effectiveness, improvements in vehicle durability, competitive financing options for used cars, and rise in 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 $399.28 $ billion in 2029 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to rising sustainable goals, improved online platforms, rising inflation, and lower insurance premiums for used cars. Major trends in the forecast period include shift towards car subscription services, improved virtual reality tools for car inspections, use of AI and big data for accurate pricing models, enhanced access to detailed vehicle history reports, and increased demand for CPO vehicles.
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What have been the primary factors driving the pre-owned vehicles market’s growth?
The increase in demand for personal mobility is expected to propel the growth of the pre-owned vehicle market going forward. Personal mobility refers to the ability of an individual to move freely and independently from one place to another, using their own mode of transportation. The rise of remote work and flexible schedules has reduced the reliance on traditional commuting, making personal mobility solutions more attractive. Pre-owned vehicles enhance personal mobility by providing vehicles at affordable rates that enable individuals to travel independently and efficiently. For instance, in February 2024, according to the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts, an Australia-based government department, as of January 31, 2022, there were 20.7 million registered motor vehicles, marking a 2% increase from January 2021. Moreover, in February 2024, according to the Society of Motor Manufacturers and Traders, a UK-based trade association, the UK used car market grew 6.5% to almost 2 million units in Q1 2024. Therefore, the increase in demand for personal mobility is driving the growth of the pre-owned vehicle market.
What are the key segments within the pre-owned vehicles market?
The pre-owned vehiclesmarket covered in this report is segmented –
1) By Vehicle Type: Two Wheelers, Three Wheelers, Passenger Vehicles, Light Commercial Vehicles, Heavy Duty Trucks, Buses And Coaches, Off-Road Vehicles
2) By Propulsion: Gasoline, Diesel, Electric
3) By Certification Status: Certified Pre-Owned (CPO), Non-certified Vehicles
4) By Mode of Selling: Online, Dealership Walk-Ins
5) By Distribution Channel: Organized Dealers, Multi Brand Retailers, Direct Dealership Sales Agents, Unorganized Dealers, Other Distribution Channels
Subsegments:
1) Two Wheelers: Motorcycles, Scooters, Electric Two Wheelers
2) Three Wheelers: Auto Rickshaws, Electric Three Wheelers, Cargo Three Wheelers
3) Passenger Vehicles: Sedans, Hatchbacks, SUVs
4) Light Commercial Vehicles: Vans, Pickup Trucks, Mini Trucks
5) Heavy Duty Trucks: Tractor Trucks, Dump Trucks, Cargo Trucks
6) Buses And Coaches: City Buses, Intercity Buses, School Buses
7) Off-Road Vehicles: All-Terrain Vehicles (ATVs), Utility Task Vehicles (UTVs), Dirt Bikes
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Which key players are shaping the pre-owned vehicles market?
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
How will emerging trends drive the pre-owned vehicles market throughout the forecast period?
Major companies operating in the pre-owned vehicles market are developing integrated platforms to streamline the buying and selling process. Integrated platforms enhance customer experience and increase transparency and trust by providing 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 an integrated platform for pre-owned car transactions in India. The platform provides individual customers with access to loans, vehicle inspection, valuation, insurance, and RC transfer services, whether they are purchasing second-hand cars 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 provide end-to-end used car loan origination and management.
How do regional factors impact the pre-owned vehicles market, and which region is the largest contributor?
Asia-Pacific was the largest region in the pre-owned vehicles market in 2024. The regions covered in the pre-owned vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Pre-owned Vehicles Market Report 2025 Offer?
The pre-owned vehicles market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Pre-owned vehicles are vehicles that have been owned and used by one or more previous owners before being sold again. Pre-owned vehicles are generally much less expensive than new cars, making them an attractive option for buyers who are looking for more affordable transportation. They offer a cost-effective alternative to new cars, providing buyers with flexibility, lower costs, and a wide range of choices.
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