Used Car Market

A used car is a second-hand vehicle that is available for resale. Various distribution channels such as franchise & independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell used cars.

Furthermore, there is a lower rate of car ownership among millennials owing to the high cost of vehicles and maintenance cost of personal cars. In addition, millennials are inclined toward cutting costs on cars, and thus majorly opt for used cars to travel. In addition, a lot of people are not able to buy new cars due to high cost, which boosts the sales of the used cars in the market. This makes way for different investments by industry participants to establish their dealership network in the market.

Factors such as the high cost of new vehicles, concerns regarding affordability, and rise in demand for off-lease cars & subscription service by the franchise, leasing offices, & car dealers are the factors observed to boost the growth of the used cars market. However, unorganized sales of used cars and lack of regularization hamper the growth of the global market. Moreover, advent of e-commerce & online technologies, steady increase in organized/semi-organized sales in emerging countries, rise in electric vehicle business across the globe, and demand for car sharing services are expected to offer lucrative opportunities for the growth of the used cars market.

Currently in most countries, the unorganized car business has a significant number of shares, which do not have inventory and dominance over C2C sales in unorganized manner. The market for used cars in countries such as Mexico, India, China, and Brazil are dominated by unorganized players. Unlike these unorganized players in emerging countries, organized players provide free servicing and free towing at the dealership, along with the used cars business expansions in countries. These services help in attracting customers to their dealerships and building trust between buyers & sellers. Moreover, there is an increase in demand for electric vehicles owing to the rise in need for pollution control systems and implementation of stringent emission standards. Such a rise in the need for vehicles eventually leads old vehicle owners to sell their vehicles, which further boosts the growth of the used cars market.

The used car market is segmented into vehicle type, fuel type, distribution channel, and region. On the basis of vehicle type, it is divided into hatchback, sedan, and SUV. On the basis of fuel type, it is classified into petrol, diesel, and others. On the basis of distribution channel, it is fragmented into franchised dealer, independent dealer, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the used car market include Asbury Automotive Group, Inc., AutoNation, Inc., Big Boy Toyz Ltd, CarMax Business Services, LLC, Cars24 Services Private Limited, Group1 Automotive Inc., Hendrick Automotive Group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd., and TrueCar, Inc.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the used cars market analysis from 2023 to 2033 to identify the prevailing used cars market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the used cars market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global used cars market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Vehicle Type

Hatchback
Sedan
SUV
Others

By Fuel Type

Petrol
Diesel
Others

By Distribution Channel

Franchised Dealer
Independent Dealer
Peer-to-peer

By Region

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
CarMax Enterprise Services, LLC
Group1 Automotive Inc.
Hendrick Automotive Group
Cars24
Lithia Motors, Inc.
Mahindra First Choice
AutoNation, Inc.
Carvana
TrueCar, Inc.
Asbury Automotive GroupThe research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights. Show more