Global Used Car Market Overview 2023-2028:

The global used car market is expected to exhibit a growth rate (CAGR) of 9.1% during 2023-2028.

A used car is a pre-owned or secondhand vehicle, which is repaired and refurbished to regain working conditions before the sale. It is affordable, does not require registration fees and other charges, and offers a better value and reliability for the amount paid. It is available through various outlets, such as independent car stores, rental car companies, and private party sales. At present, used cars are gaining immense traction across the globe, especially among the middle-class population.

Used Car Market Trends:

The increasing global population and rapid urbanization are among the key factors positively influencing the market. In addition, people in metropolitan cities prefer owning a personal vehicle for convenience and enhanced travel experience, which is catalyzing the demand for used cars across the globe. Apart from this, the rising awareness among individuals about the benefits of using secondhand vehicles on environmental health is supporting market growth. Furthermore, various retailers are digitalizing their processes and operations and participating in online sales to offer complete transparency to their customers. They are also focusing on increasing investments in advanced technologies, such as artificial intelligence (AI), big data analytics, and blockchain, which is propelling the market growth. These technologies help store the maintenance history record of the carbon footprint, provide digitized recommendations regarding vehicle health, and generate performance reports of used cars accordingly, which is offering a favorable market outlook. Moreover, rapid expansion and significant improvements in the online refurbished car retail channels and the escalating demand for pre-owned luxury cars are stimulating market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global used car market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on vehicle type, vendor type, fuel type, and sales channel.

Breakup by Vehicle Type:

• Hatchbacks
• Sedan
• Sports Utility Vehicle
• Others

Sports utility vehicles (SUVs) are the most preferred vehicle types on account of their robustness, fuel efficiency, safety, and enhanced towing capabilities.

Breakup by Vendor Type:

• Organized
• Unorganized

Unorganized vendors currently dominate the market due to the presence and emergence of numerous unorganized dealers across the globe.

Breakup by Fuel Type:

• Gasoline
• Diesel
• Others

Based on the fuel type, the market has been segmented into gasoline, diesel, and others.

Breakup by Sales Channel:

• Online
• Offline

The offline distribution channel holds the majority of the market share as consumers prefer buying a used car from a known dealer for a seamless buying experience.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

The Asia Pacific exhibits a clear dominance in the market due to the expanding supply base and the escalating demand for affordable used cars in the region.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Alibaba Group Holding Limited, Arnold Clark Automobiles Limited, Asbury Automotive Group Inc., AutoNation Inc., CarMax Business Services LLC, Cox Automotive Inc. (Cox Enterprises Inc), eBay Inc., Group1 Automotive Inc., Lithia Motors Inc., Pendragon PLC and TrueCar Inc.

Report Coverage: