New York, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Overview
The Used Cars Market size is expected to reach USD 1.8 trillion by 2024 and is further anticipated to reach USD 3.4 trillion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 7.3% from 2024 to 2033.
A used car, or secondhand vehicle, has had one or more previous owners and is sold through multiple channels like franchise stores, certified dealers, private parties, and rental companies. The market can be unorganized in some regions, like cross-border sales from high-income to low-income countries. Also, pricing models include private-party, dealer trade-in, and dealer prices, with changes in regulations across regions requiring compliance.
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The US Overview
The Used Cars Market in the US is projected to reach USD 0.6 trillion in 2024 at a compound annual growth rate of 7.3% over its forecast period.
The US used car market is expected to show growth with a rise in online sales platforms, increasing demand for certified pre-owned and eco-friendly vehicles, and a focus on affordability. However, challenges like higher interest rates affect financing costs and concerns about maintenance expenses for older cars may deter some buyers.
Important Insights
- The Used Cars Market is expected to grow by USD 1.5 trillion by 2033 from 2025 with a CAGR of 7.3%.
- The SUV segment is set to lead in 2024 with a major & is anticipated to dominate throughout the forecasted period.
- The conventional vehicle segment is anticipated to lead the Used Cars market in 2024.
- The franchised dealer segment is anticipated to get the biggest revenue share in 2024 in the Used Cars market.
- North America is predicted to have a 39.2% share of revenue share in the Global Remote Sensing Technology Market in 2024.
Global Used Cars Market: Trends
- Rising Prices: Limited supply and high demand, mostly post-pandemic, have driven up prices in the used car market.
- Shift to Online Sales: High consumer preference for online buying has led to the growth of digital platforms & contactless transactions in the used car market.
- The popularity of SUVs and trucks: The increase in consumer preference for larger vehicles like SUVs and trucks is reflected in the used car market, driving higher demand for these models.
- Increased Focus on Sustainability: Increasing awareness of environmental impact is pushing interest in used electric & hybrid vehicles, aligning with global sustainability goals.
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Used Cars Market: Competitive Landscape
The used car market features traditional dealerships, online platforms, and private sellers competing for market share. Digital platforms boost convenience & transparency, prompting traditional dealers to improve their online presence and offer services like certified pre-owned programs. Intense price competition drives a focus on quality, trust, and financing, while consolidation increases.
Some of the major players in the market include eBay Inc, TrueCar Inc, Alibaba Group Holding Ltd, AutoNation, Lithia Motor Inc, Cars24, Mahindra First Choice, and more.
Some of the prominent market players:
- eBay Inc
- TrueCar Inc
- Alibaba Group Holding Ltd
- AutoNation
- Lithia Motor Inc
- Cars24
- Mahindra First Choice
- Arnold Clark Automobiles Ltd
- Cox Automotive Ltd
- CarMax Enterprise Service
- Other Key Players
Used Cars Market Scope
| Market Size (2024) | USD 1.8 Tn |
| Forecast Value (2033) | USD 3.4 Tn |
| CAGR (2024-2033) | 7.3 % |
| The US Market Size (2024) | USD 0.6 Tn |
| Leading Region in terms of Revenue Share | North America |
| Percentage of Revenue Share by Leading Region | 39.2% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2025 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Vehicle Type, By Fuel Type, By Size, By Vendor Type, By Sales Channel |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Regional Analysis
North America is expected to lead the used car market in 2024, holding the largest revenue share of 39.2%. The region's varied vehicle selection, catering to various preferences & budgets, attracts a large customer base, solidifying its dominant market position. A strong market infrastructure & strong consumer demand further support North America's leadership. Further, the Asia Pacific region is expected to see the fastest growth, driven by higher demand in China, India, and other emerging markets, where technological development and organized trading services are enhancing the used car buying experience.
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By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Segment Analysis
Franchised dealers are expected to dominate the used car market in 2024, driven by their variety of vehicle selection, certified pre-owned options, immediate delivery, and strong brand trust. Key trends like expanding online infrastructure, competitive pricing, thorough product testing, and improved post-sale services. Independent dealers, providing vehicles from various brands, also play a significant role, benefiting from easy financing, lower prices, and less documentation. Their flexibility and personalized service make them a viable choice for budget-conscious buyers in a competitive market.
Used Cars Market Segmentation
By Vehicle Type
- Conventional
- Hybrid
- Electric
By Fuel Type
- Gasoline
- Diesel
- Others
By Size
- Compact
- Mid-sized
- SUV
By Vendor Type
- Organized
- Unorganized
By Sales Channel
- Franchised Dealers
- Independent Dealers
- Others
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Global Used Cars Market: Driver
- Rising Demand for Affordable Transportation: Economic challenges & high new car prices drive consumers toward more affordable used cars.
- Increased Vehicle Durability: Better vehicle quality & longevity make used cars a more attractive option for buyers.
- Digital Platforms & Online Marketplaces: The expansion of online platforms encourages easier access to a variety of used vehicles, enhancing market efficiency.
- Financing Options & Low Interest Rates: More flexible financing options and low-interest rates make used cars more accessible to a larger pool of buyers.
Global Used Cars Market: Restraints
- Depreciation Concerns: The rapid depreciation of used vehicles can impact buyers, mainly those looking for long-term value.
- Limited Warranty & Reliability Issues: Concerns over potential repairs and a lack of warranties make some consumers hesitant to purchase used cars.
- Market Fragmentation: High variability in vehicle quality & pricing across different sellers can create trust issues & complicate the buying process.
- Regulatory & Compliance Challenges: Changing regulations and standards for used vehicles across regions can impact cross-border transactions and market expansion.
Global Used Cars Market: Opportunities
- Expansion into Emerging Markets: The growing demand for affordable vehicles in emerging economies provides significant growth opportunities for the used car market.
- Integration of AI & Data Analytics: Using AI and data analytics for pricing, vehicle history tracking, and customer targeting can improve market efficiency and consumer trust.
- Certified Pre-Owned Programs: Growth in certified pre-owned programs by manufacturers and dealers can boost consumer confidence & increase sales.
- Electric Vehicle (EV) Resale Market: As EV adoption grows, the resale market for used electric vehicles provides new growth opportunities for the used car market.
Recent Developments in the Used Cars Market
- July 2024: Volkswagen Passenger Cars India released the beginning of its Autofest Mega Exchange Carnival 2024 which provides customers a chance to enhance to a new Volkswagen car with exciting benefits & deals available during July 2024.
- June 2024: Autotech Company CARS24 emerged in the multi-brand car repair and maintenance services sector, which follows the company’s growth into financial services for funding used cars and expanding into Tier III cities and over 40 other cities.
- March 2024: Audi expanded its retail footprint in India by launching a new pre-owned car facility, Audi Approved: plus, in Guwahati, Assam. Situated at Balughat, Jayanagar, Tripura Road, which marks the 26th Audi Approved: plus facility in India and the largest luxury used car showroom in the Northeast, boasting a 10-car display.
- November 2023: Amazon launched digital showrooms on its site for shoppers to research and compare vehicles, but not purchase them directly through Amazon. Consumers can also buy car products, like replacement parts, through its site.
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