Used Car Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024

Description

Key Highlights

The used car market was valued at USD 2,048.8 billion in 2023, and it will rise to USD 3776.1 billion, powering at an 8.9% CAGR, by 2030.

The rising organized sector is a major factor driving the industry growth. In emerging economies like India, Mexico, China, and Brazil, the industry has historically been led by unorganized sector players.

Most transactions have been completed by individual people trying to purchase as well as sell their cars.

As the parties involved are not organizations, it has been difficult to find trust among the parties involved.

This pushes the industry toward the organized sector, such as original equipment manufacturers and large automotive dealerships like Cars24 Services Pvt. Ltd., CarMax Inc., Carvana Co., and CarGurus Inc.

With the participation of OEMs and various other organized sectors rises, customers are now more encouraged to purchase second-hand cars because of the greater sense of reliability and trust.

The rising need for these vehicles in developing nations is a major opportunity in the industry. China and India have observed a rise in the disposable salary of people.

This has allowed a large count of people, who were previously not able to buy a car, to own one now.

Market Insights

North America accounted for the largest share of the industry in 2023, of approximately 50%. This is primarily because of the rising sales of used cars in Canada and the U.S. and the high price of new cars in the continent.

APAC is likely to advance at the fastest compound annual growth rate, of 9.5%, in the years to come.

This can be because of the increasing need for used cars in India and China, and the rising count of organized firms providing used vehicle trading services in this region.

The organized category will advance significantly at approximately 9.2% CAGR during this decade.

Several new car dealers are entering this market and appealing consumers with various trade-in packages, because of the constantly decreasing profitability in the new car sector and the aging of automobiles on the road.

The unorganized category was the largest contributor to the industry in 2023, with approximately 70% share.

This can be ascribed to the existence of many unorganized players in Thailand, India, Mexico, China, and Brazil.

The medium category was the largest contributor to the industry in 2023, with approximately 50% share.

This can be because of the better accessibility of high-quality, less-driven used vehicles and the increasing purchasing power of customers in emerging economies.

The offline category led the industry in 2023, with approximately 75% share. This can be attributed to the customers' strong fondness for purchasing second-hand cars from trustworthy dealers.

In 2023, the ICE category accounted for the largest share of the industry.

The need for used ICE-driven cars is high in the developing nations in LATAM and APAC due to the increased average age of these automobiles.

The used car industry is fragmented owing to the existence of some major players.

Major players are taking strategic steps such as partnerships, mergers & acquisitions, and business expansions.

Product Code: 11810

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by sector
- 1.4.2. Market size breakdown, by vehicle type
- 1.4.3. Market size breakdown, by propulsion
- 1.4.4. Market size breakdown, by sales medium
- 1.4.5. Market size breakdown, by region
- 1.4.6. Market size breakdown, by country
1.5. Market Data Reporting Unit
- 1.5.1. Volume
- 1.5.2. Value
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
5.2. Impact of COVID-19
5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes

Chapter 6. Global Market

6.1. Overview
6.2. Market Volume, by Sector (2017-2030)
6.3. Market Revenue, by Sector (2017-2030)
6.4. Market Volume, by Vehicle Type (2017-2030)
6.5. Market Revenue, by Vehicle Type (2017-2030)
6.6. Market Volume, by Propulsion (2017-2030)
6.7. Market Revenue, by Propulsion (2017-2030)
6.8. Market Volume, by Sales Medium (2017-2030)
6.9. Market Revenue, by Sales Medium (2017-2030)
6.10. Market Volume, by Region (2017-2030)
6.11. Market Revenue, by Region (2017-2030)

Chapter 7. North America Market

7.1. Overview
7.2. Market Volume, by Sector (2017-2030)
7.3. Market Revenue, by Sector (2017-2030)
7.4. Market Volume, by Vehicle Type (2017-2030)
7.5. Market Revenue, by Vehicle Type (2017-2030)
7.6. Market Volume, by Propulsion (2017-2030)
7.7. Market Revenue, by Propulsion (2017-2030)
7.8. Market Volume, by Sales Medium (2017-2030)
7.9. Market Revenue, by Sales Medium (2017-2030)
7.10. Market Volume, by Country (2017-2030)
7.11. Market Revenue, by Country (2017-2030)

Chapter 8. Europe Market

8.1. Overview
8.2. Market Volume, by Sector (2017-2030)
8.3. Market Revenue, by Sector (2017-2030)
8.4. Market Volume, by Vehicle Type (2017-2030)
8.5. Market Revenue, by Vehicle Type (2017-2030)
8.6. Market Volume, by Propulsion (2017-2030)
8.7. Market Revenue, by Propulsion (2017-2030)
8.8. Market Volume, by Sales Medium (2017-2030)
8.9. Market Revenue, by Sales Medium (2017-2030)
8.10. Market Volume, by Country (2017-2030)
8.11. Market Revenue, by Country (2017-2030)

Chapter 9. APAC Market

9.1. Overview
9.2. Market Volume, by Sector (2017-2030)
9.3. Market Revenue, by Sector (2017-2030)
9.4. Market Volume, by Vehicle Type (2017-2030)
9.5. Market Revenue, by Vehicle Type (2017-2030)
9.6. Market Volume, by Propulsion (2017-2030)
9.7. Market Revenue, by Propulsion (2017-2030)
9.8. Market Volume, by Sales Medium (2017-2030)
9.9. Market Revenue, by Sales Medium (2017-2030)
9.10. Market Volume, by Country (2017-2030)
9.11. Market Revenue, by Country (2017-2030)

Chapter 10. LATAM Market

10.1. Overview
10.2. Market Volume, by Sector (2017-2030)
10.3. Market Revenue, by Sector (2017-2030)
10.4. Market Volume, by Vehicle Type (2017-2030)
10.5. Market Revenue, by Vehicle Type (2017-2030)
10.6. Market Volume, by Propulsion (2017-2030)
10.7. Market Revenue, by Propulsion (2017-2030)
10.8. Market Volume, by Sales Medium (2017-2030)
10.9. Market Revenue, by Sales Medium (2017-2030)
10.10. Market Volume, by Country (2017-2030)
10.11. Market Revenue, by Country (2017-2030)

Chapter 11. MEA Market

11.1. Overview
11.2. Market Volume, by Sector (2017-2030)
11.3. Market Revenue, by Sector (2017-2030)
11.4. Market Volume, by Vehicle Type (2017-2030)
11.5. Market Revenue, by Vehicle Type (2017-2030)
11.6. Market Volume, by Propulsion (2017-2030)
11.7. Market Revenue, by Propulsion (2017-2030)
11.8. Market Volume, by Sales Medium (2017-2030)
11.9. Market Revenue, by Sales Medium (2017-2030)
11.10. Market Volume, by Country (2017-2030)
11.11. Market Revenue, by Country (2017-2030)

Chapter 12. U.S. Market

12.1. Overview
12.2. Market Volume, by Sector (2017-2030)
12.3. Market Revenue, by Sector (2017-2030)
12.4. Market Volume, by Vehicle Type (2017-2030)
12.5. Market Revenue, by Vehicle Type (2017-2030)
12.6. Market Volume, by Propulsion (2017-2030)
12.7. Market Revenue, by Propulsion (2017-2030)
12.8. Market Volume, by Sales Medium (2017-2030)
12.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 13. Canada Market

13.1. Overview
13.2. Market Volume, by Sector (2017-2030)
13.3. Market Revenue, by Sector (2017-2030)
13.4. Market Volume, by Vehicle Type (2017-2030)
13.5. Market Revenue, by Vehicle Type (2017-2030)
13.6. Market Volume, by Propulsion (2017-2030)
13.7. Market Revenue, by Propulsion (2017-2030)
13.8. Market Volume, by Sales Medium (2017-2030)
13.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 14. Germany Market

14.1. Overview
14.2. Market Volume, by Sector (2017-2030)
14.3. Market Revenue, by Sector (2017-2030)
14.4. Market Volume, by Vehicle Type (2017-2030)
14.5. Market Revenue, by Vehicle Type (2017-2030)
14.6. Market Volume, by Propulsion (2017-2030)
14.7. Market Revenue, by Propulsion (2017-2030)
14.8. Market Volume, by Sales Medium (2017-2030)
14.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 15. France Market

15.1. Overview
15.2. Market Volume, by Sector (2017-2030)
15.3. Market Revenue, by Sector (2017-2030)
15.4. Market Volume, by Vehicle Type (2017-2030)
15.5. Market Revenue, by Vehicle Type (2017-2030)
15.6. Market Volume, by Propulsion (2017-2030)
15.7. Market Revenue, by Propulsion (2017-2030)
15.8. Market Volume, by Sales Medium (2017-2030)
15.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 16. U.K. Market

16.1. Overview
16.2. Market Volume, by Sector (2017-2030)
16.3. Market Revenue, by Sector (2017-2030)
16.4. Market Volume, by Vehicle Type (2017-2030)
16.5. Market Revenue, by Vehicle Type (2017-2030)
16.6. Market Volume, by Propulsion (2017-2030)
16.7. Market Revenue, by Propulsion (2017-2030)
16.8. Market Volume, by Sales Medium (2017-2030)
16.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 17. Italy Market

17.1. Overview
17.2. Market Volume, by Sector (2017-2030)
17.3. Market Revenue, by Sector (2017-2030)
17.4. Market Volume, by Vehicle Type (2017-2030)
17.5. Market Revenue, by Vehicle Type (2017-2030)
17.6. Market Volume, by Propulsion (2017-2030)
17.7. Market Revenue, by Propulsion (2017-2030)
17.8. Market Volume, by Sales Medium (2017-2030)
17.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 18. Spain Market

18.1. Overview
18.2. Market Volume, by Sector (2017-2030)
18.3. Market Revenue, by Sector (2017-2030)
18.4. Market Volume, by Vehicle Type (2017-2030)
18.5. Market Revenue, by Vehicle Type (2017-2030)
18.6. Market Volume, by Propulsion (2017-2030)
18.7. Market Revenue, by Propulsion (2017-2030)
18.8. Market Volume, by Sales Medium (2017-2030)
18.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 19. Japan Market

19.1. Overview
19.2. Market Volume, by Sector (2017-2030)
19.3. Market Revenue, by Sector (2017-2030)
19.4. Market Volume, by Vehicle Type (2017-2030)
19.5. Market Revenue, by Vehicle Type (2017-2030)
19.6. Market Volume, by Propulsion (2017-2030)
19.7. Market Revenue, by Propulsion (2017-2030)
19.8. Market Volume, by Sales Medium (2017-2030)
19.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 20. China Market

20.1. Overview
20.2. Market Volume, by Sector (2017-2030)
20.3. Market Revenue, by Sector (2017-2030)
20.4. Market Volume, by Vehicle Type (2017-2030)
20.5. Market Revenue, by Vehicle Type (2017-2030)
20.6. Market Volume, by Propulsion (2017-2030)
20.7. Market Revenue, by Propulsion (2017-2030)
20.8. Market Volume, by Sales Medium (2017-2030)
20.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 21. India Market

21.1. Overview
21.2. Market Volume, by Sector (2017-2030)
21.3. Market Revenue, by Sector (2017-2030)
21.4. Market Volume, by Vehicle Type (2017-2030)
21.5. Market Revenue, by Vehicle Type (2017-2030)
21.6. Market Volume, by Propulsion (2017-2030)
21.7. Market Revenue, by Propulsion (2017-2030)
21.8. Market Volume, by Sales Medium (2017-2030)
21.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 22. Australia Market

22.1. Overview
22.2. Market Volume, by Sector (2017-2030)
22.3. Market Revenue, by Sector (2017-2030)
22.4. Market Volume, by Vehicle Type (2017-2030)
22.5. Market Revenue, by Vehicle Type (2017-2030)
22.6. Market Volume, by Propulsion (2017-2030)
22.7. Market Revenue, by Propulsion (2017-2030)
22.8. Market Volume, by Sales Medium (2017-2030)
22.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 23. South Korea Market

23.1. Overview
23.2. Market Volume, by Sector (2017-2030)
23.3. Market Revenue, by Sector (2017-2030)
23.4. Market Volume, by Vehicle Type (2017-2030)
23.5. Market Revenue, by Vehicle Type (2017-2030)
23.6. Market Volume, by Propulsion (2017-2030)
23.7. Market Revenue, by Propulsion (2017-2030)
23.8. Market Volume, by Sales Medium (2017-2030)
23.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 24. Brazil Market

24.1. Overview
24.2. Market Volume, by Sector (2017-2030)
24.3. Market Revenue, by Sector (2017-2030)
24.4. Market Volume, by Vehicle Type (2017-2030)
24.5. Market Revenue, by Vehicle Type (2017-2030)
24.6. Market Volume, by Propulsion (2017-2030)
24.7. Market Revenue, by Propulsion (2017-2030)
24.8. Market Volume, by Sales Medium (2017-2030)
24.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 25. Mexico Market

25.1. Overview
25.2. Market Volume, by Sector (2017-2030)
25.3. Market Revenue, by Sector (2017-2030)
25.4. Market Volume, by Vehicle Type (2017-2030)
25.5. Market Revenue, by Vehicle Type (2017-2030)
25.6. Market Volume, by Propulsion (2017-2030)
25.7. Market Revenue, by Propulsion (2017-2030)
25.8. Market Volume, by Sales Medium (2017-2030)
25.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 26. Saudi Arabia Market

26.1. Overview
26.2. Market Volume, by Sector (2017-2030)
26.3. Market Revenue, by Sector (2017-2030)
26.4. Market Volume, by Vehicle Type (2017-2030)
26.5. Market Revenue, by Vehicle Type (2017-2030)
26.6. Market Volume, by Propulsion (2017-2030)
26.7. Market Revenue, by Propulsion (2017-2030)
26.8. Market Volume, by Sales Medium (2017-2030)
26.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 27. South Africa Market

27.1. Overview
27.2. Market Volume, by Sector (2017-2030)
27.3. Market Revenue, by Sector (2017-2030)
27.4. Market Volume, by Vehicle Type (2017-2030)
27.5. Market Revenue, by Vehicle Type (2017-2030)
27.6. Market Volume, by Propulsion (2017-2030)
27.7. Market Revenue, by Propulsion (2017-2030)
27.8. Market Volume, by Sales Medium (2017-2030)
27.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 28. U.A.E. Market

28.1. Overview
28.2. Market Volume, by Sector (2017-2030)
28.3. Market Revenue, by Sector (2017-2030)
28.4. Market Volume, by Vehicle Type (2017-2030)
28.5. Market Revenue, by Vehicle Type (2017-2030)
28.6. Market Volume, by Propulsion (2017-2030)
28.7. Market Revenue, by Propulsion (2017-2030)
28.8. Market Volume, by Sales Medium (2017-2030)
28.9. Market Revenue, by Sales Medium (2017-2030)

Chapter 29. Competitive Landscape

29.1. List of Market Players and their Offerings
29.2. Competitive Benchmarking of Key Players
29.3. Product Benchmarking of Key Players
29.4. Recent Strategic Developments

Chapter 30. Company Profiles

30.1. CarMax Business Services LLC
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
30.2. Alibaba.com
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
30.3. Asbury Automotive Group
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
30.4. AutoNation Inc.
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
30.5. TrueCar Inc.
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
30.6. Cox Automotive
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
30.7. eBay Inc.
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
30.8. Group 1 Automotive Inc.
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
30.9. Hendrick Automotive Group
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
30.10. Lithia Motor Inc.
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
30.11. Penske Automotive Group Inc.
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary

Chapter 31. Appendix

31.1. Abbreviations
31.2. Sources and References
31.3. Related Reports

Used Car Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)