The global used car market size is calculated at USD 1.81 billion in 2025 and is forecasted to reach around USD 3.31 billion by 2034, accelerating at a CAGR of 6.95% from 2025 to 2034. The North America used car market size surpassed USD 660 billion in 2024 and is expanding at a CAGR of 7% during the forecast period. The market sizing and forecasts are revenue-based (USD Million/Billion), with 2024 as the base year.
The global used car market size was estimated at USD 1.69 trillion in 2024 and is predicted to increase from USD 1.81 trillion in 2025 to approximately USD 3.31 trillion by 2034, expanding at a CAGR of 6.95% from 2025 to 2034.
The Asia Pacific used car market size was valued at USD 660 billion in 2024 and is expected to be worth around USD 1,290 billion by 2034, at a CAGR of 7% from 2025 to 2034.
Asia Pacific dominated the global used car market with the largest share in 2024. The region’s market growth is driven by the increased urbanization activities, surge in number of middle class population, availability of budget-friendly used cars and rising disposable incomes in countries like India and China. A significant rise in businesses selling used cars and growing use of online platforms offering trading services for used cars to cater the increased demand is boosting the market growth. Additionally, consumer access to financing options for streamlining purchase of used cars, launch of certified pre-owned (CPO) programs by manufacturers offering extended warranties and quality assurance as well as supportive government initiatives for promoting sustainable transportation and mitigating the environmental impact of the automotive industry by fostering the adoption of used cars is strengthening the presence of Asia Pacific in the used cars market.
North America used car market is expected to grow at the fastest rate over the forecast period. The rising prices of new cars, inflation in market, increased influence of automotive manufacturers in the used car business providing certified pre-owned (CPO) vehicles and growing consumer preference for buying or renting used cars is fuelling the market growth. Integration of digital technologies and AI algorithms by major market companies like eBay Motors for retailing and streamlining buying process by enhancing accessibility for customers to wide range of vehicles is expanding the market. Furthermore, franchise dealers and dealership networks are focused on expanding their market presence by offering trustworthy and organized service options for used car buyers.
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 2025 | USD 1.81 Trillion |
| Market Size in 2024 | USD 1.69 Trillion |
| Market Size by 2034 | USD 3.12 Trillion |
| Growth Rate from 2025 to 2034 | CAGR of 6.95% |
| Largest Market | Asia Pacific |
| Base Year | 2024 |
| Forecast Period | 2025 to 2034 |
| Segments Covered | Vehicle Type, Vendor Type, Fuel Type, Size, Sales Channel |
| Regional Scope | North America, APAC, Europe, Latin America, MEAN, Rest of the World |
The conventional vehicle type segment dominated the global used car market accounting for a revenue share of more than 47% in the year 2024 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 2024 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 2024 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.
By Vehicle Type
By Vendor Type
By Fuel Type
By Size
By Sales Channel
By Regional Outlook
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