USED CAR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The used car market is estimated to be valued at US$ 1.78 trillion in 2024 and is expected to reach US$ 2.73 trillion by 2031, growing at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

Report Description

The used car market in the North America holds a significant share of the overall automotive industry. With millions of used cars changing hands every year, it is a multi-billion dollar sector of the economy. Factors, such as increasing average age of vehicles on the road, shorter replacement cycles, and availability of affordable financing options, drive demand in this space. The average age of vehicles in the U.S. is over 11 years currently, highlighting consumers' preference to retain vehicles longer instead of bearing high costs of new vehicles. Furthermore, robust growth is expected in used luxury car sales as more people opt for certified pre-owned luxury vehicles that come with warranty at competitive prices. While the internet has enabled greater transparency in used car transactions, challenges around ensuring vehicle condition and quality still exist for buyers. Overall, the used car market plays an important role in providing accessible vehicle ownership across different income segments.

Market Dynamics:

The used car market. is influenced by several drivers, restraints, and opportunities. Strong driver demand amid the rising average age of vehicles acts as a key factor spurring sales. Additionally, the availability of inexpensive loan schemes and flexible financing options from banks has made vehicle purchase more affordable. This has further stimulated market growth. However, market potential is hindered by regulatory challenges involving unclear mileage certification and title transfer issues in some states. Stringent inspection standards and emission regulations also act as a restraint. Moreover, the proliferation of online marketplaces has threatened offline dealer profitability to some extent. On the opportunity side, the burgeoning demand for certified pre-owned luxury cars and green used vehicles like hybrids and Electric Vehicles (EVs) is paving the way for future expansion. Similarly, implementing Blockchain technology can help address title and odometer problems, thereby boosting consumer confidence in used car buying.

Key Features of the Study:

• This report provides an in-depth analysis of the global used car market., and provides market size (US$ Trillion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031, considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global used car market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., AutoNation Inc., Autotrader, AutoScout24, Universal Motor Agencies, CarMax Inc., Carvana, Cox Automotive Inc. (Autotrader), Emil Frey AG, Group 1 Automotive Inc., Inchcape Group, Lithia Motors Inc.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global used car market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global used car market.

Market Segmentation

• Used Car Market By, Vehicle Type
  • Hatchbacks
  • Sedan
  • Sports Utility Vehicle
  • Others
• Used Car Market By, Fuel Type
  • Petrol
  • Diesel
  • Hybrid/Electric
  • Others
• Used Car Market By, Distribution Channel
  • Franchised dealer
  • Independent dealer
  • Others
• Used Car Market By, End-use
  • Personal
  • Commercial
• Used Car Market By, Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Key Players Insights
  • Arnold Clark Automobiles Ltd.
  • Asbury Automotive Group Inc.
  • AutoNation Inc.
  • Autotrader
  • AutoScout24
  • Universal Motor Agencies
  • CarMax Inc.
  • Carvana
  • Cox Automotive Inc. (Autotrader)
  • Emil Frey AG
  • Group 1 Automotive Inc.
  • Inchcape Group
  • Lithia Motors Inc.
  • CarMax Business Service LLC
  • Asbury Automotive Group
  • AutoNation Inc.
  • eBay Inc.
  • Big Boy toyz
  • VROOM
  • Others