Global Used Car Market Report 2023: Sector is Expected to Reach $1,355 Billion by 2027 at a CAGR of 7.8%

Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Global Used Car Market Forecast to 2027" report has been added to's offering.

The Global Used Car Market was valued at USD 974.9 billion in 2021 and is slated to reach USD 1355.15 billion by 2027 at a CAGR of 7.80 % from 2022-2027.

Companies Mentioned

  • Group1 Automotive Inc.
  • AutoNation Inc.
  • CarMax Business Services LLC
  • Manheim
  • Cox Automotive
  • Sun Toyota
  • eBay

A used, pre-owned, or second-hand car has had one or more retail owners in the past. There are several venues to buy used automobiles, including franchise and independent car dealerships, rental car companies, buy-here-pay dealerships, leasing offices, auctions, and private party transactions. Several car dealerships offer no-haggle prices, certified pre-owned cars, and extended warranties or service contracts.

Market Drivers

The automotive industry has noticed an increase in demand for cutting-edge vehicle amenities including power steering, climate control, and anti-lock brakes.

As a result, new cars are now more expensive. Furthermore, the price increase in 2019 - which was led by mainstream passenger car segments - indicates the problems with affordability in the new market. As a result, used car sales have increased significantly in the automotive industry when compared to new car sales.

The market for used cars is expected to rise as a result. Due to the rising demand for hatchbacks that offer flexibility while driving in confined areas, the used hatchback car market in Europe is predicted to increase at a growth rate of over 3.5% through 2028.

Top automakers including Audi AG, BMW AG, Mercedes-Benz, and VW are heavily represented in the used car market, which helps the sector's growth because they provide a wide range of hatchback vehicle types. Competitors in the market provide hatchback vehicles with a high roofline and a small body.

Market Restraints

The lack of strict laws and regulations controlling the purchase of used cars would hinder the growth of the used car market. The market's ability to expand will be hampered by high rates of used-car depreciation. Because fewer people are using public transit, the coronavirus pandemic has had a detrimental effect on the demand for second-hand cars globally.

Market Segmentation

By Vendor Type

  • Organized
  • Unorganized

By Propulsion

  • Petrol
  • Diesel
  • CNG
  • LPG
  • Electric
  • Others

By Engine Capacity

  • Full Size (Above 2500 CC)
  • Mid-size (Between 1500-2499 CC)
  • Small (Below 1499 CC)

By Dealership

  • Franchised
  • Independent

By Sales Channel

  • Online
  • Offline

By Vehicle Type

  • Passenger Car
  • LCV
  • HCV
  • Electric Vehicle

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa.

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