The Business Research Company’s report on the Used Cars Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the used cars industry?
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 August 2024, according to UK car market statistics published by We Buy Any Car Ltd., a UK-based online car buying platform, in the UK, a total of 1,963,395 used cars were sold in the second quarter of 2024 (April to June), reflecting a 7.2% year-over-year increase compared to the same period in 2023. Therefore, the emergence of online platforms for used car sales globally is significantly driving the growth of the used cars market.
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What is the estimated market size of the used cars sector by 2029, based on current forecasts?
The used cars market size has grown strongly in recent years. It will grow from $1385.48 billion in 2024 to $1464.84 billion 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 $1954.08 billion 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.
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Who are the top players in the used cars market?
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.
What are the major trends in the used cars market?
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 in 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.
Which geography holds the highest used cars market share?
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
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How do different segments contribute to the overall expansion of the used cars market?
The used cars market covered in this report is segmented –
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
Subsegments:
1) By Hatchback: Compact Hatchbacks, Subcompact Hatchbacks, Performance Hatchbacks
2) By Sedan: Compact Sedans, Mid-Size Sedans, Full-Size Sedans
3) By SUV: Compact SUVs, Mid-Size SUVs, Full-Size SUVs, Crossover SUVs
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What defines the structure and scope of the used cars market?
The used cars refer to cars, which are preowned by one or more owners. The used cars are generally purchased due to budget restrictions and by first-time buyers. In addition to that, a used car has an advantage over a new car as it depreciates at a slower pace. Particularly for first time car buyers, a used buying is more useful and affordable at the same time.
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