Global Used Vehicle Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Vendor Type;

Organized and Unorganized.

By Propulsion Type;

ICE and Electric.

By Sales Channel;

Franchised, Rental Car Companies, Independent Car Dealers, and Others.

By Vehicle Type;

Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle.

By Geography;

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn773212280 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Used Vehicle Market (USD Million), 2021 - 2031

In the year 2024, the Global Used Vehicle Market was valued at USD 1,233.00 million. The size of this market is expected to increase to USD 2,133.78 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 8.2%.

The market has witnessed significant growth in the last few years as the price competitiveness among the new players has been one glowing spot in the used car industry. The inability of customers to buy new cars became one of the reasons for the growing used cars sales volume, which is complemented by the investments made by the industry participants to establish their dealership network in the market. These dealership networks helped market participants brand and make used car options viable.

Further, online sales have become a critical growth factor in the market. Online sites in auto marketplaces have played an essential role in bringing access to consumers with a single touch. A combination of such developments created a significant upsurge in the demand for used cars. In addition, factors such as affordability, the availability of used cars, the hike in the need for personal mobility, and the emergence of various online players to organize the market have resulted in the market's growth. For instance, in 2019, Ebay Inc. launched a new eBay Motors application to enhance the online used car sale and purchase process.

Until recently, automobile manufacturers and dealers have mainly focused on their new vehicle business with the exclusion of used cars, often viewed as a byproduct. However, the competition in the market and the threat of new entries have created a great extent of an upsurge in the used car dealership. Moreover, the added quality and reliability of used cars changed the consumer attitude and increased the sales of used passenger cars. Investing in used car management has become one of the market's requirements characterized by a slimming margin, relentless competition, and demanding consumers.

In developed and developing countries, the used-to-new vehicle ratio has increased in the last few years, accounting for the abovementioned reasons. In addition, with support from OEM involvement in certification and marketing programs, online inventory pooling, and access to high-quality contracts, franchised dealers are in a strong position to benefit from the growth in the market.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Vendor Type
    2. Market Snapshot, By Propulsion Type

    3. Market Snapshot, By Sales Channel
    4. Market Snapshot, By Vehicle Type
    5. Market Snapshot, By Region
  4. Global Used Vehicle Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Increasing vehicle affordability
        2. Growing middle class
        3. Expanding urbanization trends
        4. Rising online platforms
        5. Diverse vehicle inventory
      2. Restraints
        1. Limited warranty availability
        2. High maintenance costs
        3. Uncertain vehicle history
        4. Financing challenges persist
        5. Depreciation perception issues
      3. Opportunities
        1. Expanding emerging markets
        2. Digital sales platforms
        3. Eco-friendly vehicle options
        4. Subscription-based services
        5. Value-added services
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Used Vehicle Market, By Vendor Type 2021 - 2031 (USD Million)
      1. Organized
      2. Unorganized
    2. Global Used Vehicle Market, By Propulsion Type 2021 - 2031 (USD Million)
      1. ICE
      2. Electric
    3. Global Used Vehicle Market, By Sales Channel 2021 - 2031 (USD Million)
      1. Franchised
      2. Rental Car Companies
      3. Independent Car Dealers
      4. Others
    4. Global Used Vehicle Market, By Vehicle Type, 2021 - 2031 (USD Million)
      1. Passenger Car
      2. Light Commercial Vehicle
      3. Heavy Commercial Vehicle
    5. Global Used Vehicle Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Alibaba.com.
      2. Asbury Automotive Group
      3. TrueCar, Inc.
      4. Scout24 SE
      5. Lithia Motor Inc.
      6. Group 1 Automotive, Inc.
      7. eBay.com
      8. Hendrick Automotive Group
      9. AutoNation.com
  7. Analyst Views
  8. Future Outlook of the Market