Used Car Market Size, Share and Growth Analysis (By Vehicle Type: Conventional, Hybrid, and Electric; By Vendor Type: Unorganized and Organized; By Fuel Type: Diesel, Petrol, and Others; By Size: Mid-Size, Compact, and SUVs; By Sales Channel: Offline and Online) - Global Industry Analysis, Trends, Regional Outlook, and Forecast 2024 to 2033
The global used car market size was valued at USD 1.58 trillion in 2023 and is expected to reach around USD 3.12 trillion by 2033, growing at a compound annual growth rate (CAGR) of 7% over the forecast period 2024 to 2033.
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The Asia Pacific used car market size was estimated at USD 600 billion in 2023 and is predicted to be worth around USD 1,230 billion by 2033, at a CAGR of 7.3% from 2024 to 2033.
The Asia Pacific is the global leader in the used car market and accounted to held more than 38.14% revenue share in the year 2023. This is primarily attributed to the increasing demand for used cars in developing countries such as China, India, South Korea, and many others.
Meanwhile, North America also accounted to hold prominent revenue share in the global used car market because of plummeted growth during the past few years. However, the Asia Pacific anticipated to witness the highest growth over the forecast period.
The North America used car market size was calculated at USD 370.00 billion in 2023 and is projected to expand around USD 770.00 billion by 2033, poised to grow at a CAGR of 7.9% from 2024 to 2033.
| Year | Market Size (USD Billion) |
| 2023 | 370.00 |
| 2024 | 390.00 |
| 2025 | 430.00 |
| 2026 | 460.00 |
| 2027 | 500.00 |
| 2028 | 530.00 |
| 2029 | 570.00 |
| 2030 | 620.00 |
| 2031 | 660.00 |
| 2032 | 710.00 |
| 2033 | 770.00 |
The shipment of used cars was recorded mpre than 106 million units in the year 2022. The market growth for used cars witnessed significant growth during the past few years because of price competitiveness among new market players along with inability of significant share of customers to buy a new car. In addition, the market players in the used car market are strengthening their dealership network through he investment in different regions to grab major share of customers in that region and to establish their hold in the market. These dealership network help industry participants to establish their brand recognition as well as to make used car options viable mostly for the lower middle-class population.
In addition, online sales are one of the most critical factors that drive the market growth for used car during the forthcoming years. Online sites play a major role in bringing access of used cars to huge number of customers in just single touch. Hence, the aforementioned factors significantly propel the market growth for used car in the upcoming period.
Earlier, automotive manufacturers were mainly focused towards the new car production and sales, whereas now view used cars as a byproduct for their sales growth. However, increasing competition in the used car market has significantly surged the dealership networks. Moreover, an added advantage for high reliability and quality of the used vehicles has upended the customer perspective towards used passenger cars and thus propels the market growth for used cars during the forthcoming years.
The COVID-19 pandemic has disrupted the sales and operation of the automotive industry to a larger extent. With the disruption in the industry, the sale of used cars was also affected. However, in the post-effect of coronavirus disease, customers are likely to prefer private vehicles in respect to shared ones. This in turn anticipated to proliferate the market growth for used car during the forecast period.
| Report Scope | Details |
| Market Size in 2023 | USD 1.58 Trillion |
| Market Size by 2033 | USD 3.12 Trillion |
| Growth Rate from 2024 to 2033 | CAGR of 7% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Vehicle Type, Vendor Type, Fuel Type, Size, Sales Channel |
| Regional Scope | North America, APAC, Europe, Latin America, MEAN, Rest of the World |
| Companies Mentioned | CarMax Business Service LLC, Alibaba.com, Asbury Automotive Group, Hendrick Automotive Group, Scout24 AG, TrueCar Inc., Lithia Motor Inc., Group 1 Automotive Inc., AutoNation Inc., and eBay Inc. |
The conventional vehicle type segment dominated the global used car market accounting for a revenue share of more than 47% in the year 2023 and estimated to exhibit significant growth over the forthcoming years. The prominent share of the segment is mainly attributed to its large inventory that offers large number of choices for the customer at an affordable price. In addition, the conventional vehicles cover maximum share in all sizes of vehicles that include mid-size, compact, and SUVs.
The electric vehicle witnessed the fastest growth rate due to shifting customer preference from conventional vehicles to electric-powered vehicles.
The organized vendor type segment registered the fastest growth and accounted to hold more than two-thirdsof the total market revenue over the analysis period owing to new retail model as well as significant amount of entry of new players favor the market growth of organized vendor segment.
The petrol fuel type accounted to register the largest revenue share of nearly 42% in the year 2023 and expected to witness a stagnant growth over the forecast period. This is primarily because of declining usage of diesel-based vehicles. In addition, the government of various regions has issued stringent regulations for the diesel-powered vehicles, this triggers the market growth for alternate fuel sources.
Based on size, the global used car market is classified into mid-size, compact, and SUVs. The compact size held the majority of revenue share accounting for approximately 45% in the year 2023 because of increasing preference of customers towards compact and economical vehicles.
On the other hand, SUVs have shown downfall in their sale owing to changing landscape in the automobile industry. Nonetheless, with the advancements in SUVs, the segment likely to witness an upsurge during the forthcoming years.
Offline sales channel accounted to hold majority of revenue share of nearly 80% in the year 2023 and anticipated to continue its dominance during the forecast time frame. This is mainly attributed to the high consumer preference for conventional mode of purchasing. In addition, the offline sales also offer higher consumer satisfaction. However, shifting trend for online purchasing has also triggered the online sales of used cars. Further, the rising penetration of internet in developing and under-developed nations anticipated to favor the growth of online sales channel.
The global market for used car is highly competitive as the leading industry platers are highly focused towards expanding their consumer base to gain significant competitive edge in the market. Hence, vendors adopt various inorganic growth strategies such as merger & acquisitions, collaborations, strategic alliances, and many others. For instance, in the year 2020, Volkswagen announced to invest in the market through collaborating with its own used car chain i.e. Das WeltAuto to expand its reach in the market and gain higher degree of competitive advantage on the global scale.
Some of the prominent market players profiled in the global used car market include CarMax Business Service LLC, Alibaba.com, Asbury Automotive Group, Hendrick Automotive Group, Scout24 AG, TrueCar Inc., Lithia Motor Inc., Group 1 Automotive Inc., AutoNation Inc., and eBay Inc. among others.
By Vehicle Type
By Vendor Type
By Fuel Type
By Size
By Sales Channel
By Regional Outlook
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Used Car Market, By Vehicle Type
7.1. Used Car Market, by Vehicle Type, 2024-2033
7.1.1. Conventional
7.1.1.1. Market Revenue and Forecast (2021-2033)
7.1.2. Hybrid
7.1.2.1. Market Revenue and Forecast (2021-2033)
7.1.3. Electric
7.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 8. Global Used Car Market, By Vendor Type
8.1. Used Car Market, by Vendor Type, 2024-2033
8.1.1. Unorganized
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Organized
8.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Used Car Market, By Fuel Type
9.1. Used Car Market, by Fuel Type, 2024-2033
9.1.1. Diesel
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Petrol
9.1.2.1. Market Revenue and Forecast (2021-2033)
9.1.3. Others
9.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Used Car Market, By Size
10.1. Used Car Market, by Size, 2024-2033
10.1.1. Mid-Size
10.1.1.1. Market Revenue and Forecast (2021-2033)
10.1.2. Compact
10.1.2.1. Market Revenue and Forecast (2021-2033)
10.1.3. SUVs
10.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 11. Global Used Car Market, By Sales Channel
11.1. Used Car Market, by Sales Channel, 2024-2033
11.1.1. Offline
11.1.1.1. Market Revenue and Forecast (2021-2033)
11.1.2. Online
11.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 12. Global Used Car Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.1.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.1.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.1.4. Market Revenue and Forecast, by Size (2021-2033)
12.1.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.1.6. U.S.
12.1.6.1. Market Revenue and Forecast, by Vehicle Type(2021-2033)
12.1.6.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.1.6.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.1.6.4. Market Revenue and Forecast, by Size(2021-2033)
12.1.6.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.1.7. Rest of North America
12.1.7.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.1.7.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.1.7.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.1.7.4. Market Revenue and Forecast, by Size (2021-2033)
12.1.7.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.2.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.2.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.2.4. Market Revenue and Forecast, by Size (2021-2033)
12.2.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.2.6. UK
12.2.6.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.2.6.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.2.6.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.2.6.4. Market Revenue and Forecast, by Size (2021-2033)
12.2.6.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.2.7. Germany
12.2.7.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.2.7.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.2.7.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.2.7.4. Market Revenue and Forecast, by Size (2021-2033)
12.2.7.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.2.8. France
12.2.8.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.2.8.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.2.8.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.2.8.4. Market Revenue and Forecast, by Size (2021-2033)
12.2.8.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.2.9. Rest of Europe
12.2.9.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.2.9.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.2.9.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.2.9.4. Market Revenue and Forecast, by Size (2021-2033)
12.2.9.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.3.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.3.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.3.4. Market Revenue and Forecast, by Size (2021-2033)
12.3.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.3.6. India
12.3.6.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.3.6.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.3.6.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.3.6.4. Market Revenue and Forecast, by Size (2021-2033)
12.3.6.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.3.7. China
12.3.7.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.3.7.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.3.7.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.3.7.4. Market Revenue and Forecast, by Size (2021-2033)
12.3.7.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.3.8. Japan
12.3.8.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.3.8.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.3.8.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.3.8.4. Market Revenue and Forecast, by Size (2021-2033)
12.3.8.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.3.9. Rest of APAC
12.3.9.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.3.9.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.3.9.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.3.9.4. Market Revenue and Forecast, by Size (2021-2033)
12.3.9.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.4.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.4.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.4.4. Market Revenue and Forecast, by Size (2021-2033)
12.4.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.4.6. GCC
12.4.6.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.4.6.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.4.6.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.4.6.4. Market Revenue and Forecast, by Size (2021-2033)
12.4.6.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.4.7. North Africa
12.4.7.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.4.7.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.4.7.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.4.7.4. Market Revenue and Forecast, by Size (2021-2033)
12.4.7.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.4.8. South Africa
12.4.8.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.4.8.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.4.8.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.4.8.4. Market Revenue and Forecast, by Size (2021-2033)
12.4.8.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.4.9. Rest of MEA
12.4.9.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.4.9.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.4.9.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.4.9.4. Market Revenue and Forecast, by Size (2021-2033)
12.4.9.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.5.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.5.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.5.4. Market Revenue and Forecast, by Size (2021-2033)
12.5.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.5.6. Brazil
12.5.6.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.5.6.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.5.6.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.5.6.4. Market Revenue and Forecast, by Size (2021-2033)
12.5.6.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
12.5.7. Rest of LATAM
12.5.7.1. Market Revenue and Forecast, by Vehicle Type (2021-2033)
12.5.7.2. Market Revenue and Forecast, by Vendor Type (2021-2033)
12.5.7.3. Market Revenue and Forecast, by Fuel Type (2021-2033)
12.5.7.4. Market Revenue and Forecast, by Size (2021-2033)
12.5.7.5. Market Revenue and Forecast, by Sales Channel (2021-2033)
Chapter 13. Company Profiles
13.1. CarMax Business Service, LLC
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Alibaba.com
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Asbury Automotive Group
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Hendrick Automotive Group
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. Scout24 AG
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. TrueCar, Inc.
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Lithia Motor Inc.
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Group 1 Automoitve Inc.
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. AutoNation Inc.
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. eBay Inc.
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
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