Used Cars Market Size Worth USD 97.12 Billion in 2032 | Emergen Research

High cost of new cars and affordability issues, subscription services provided by franchises, widespread use of the Internet, and easy access to websites and applications for e-commerce are some of the key factors driving Used Cars market revenue growth.

Vancouver, Jan. 08, 2024 (GLOBE NEWSWIRE) — The global used cars market size was USD 23.89 billion in 2022 and is expected to register a revenue CAGR of 15.1% during the forecast period. High cost of new cars and affordability issues, subscription services provided by franchises, leasing offices, and auto dealers, modern technology, widespread use of the Internet, and easy access to websites and applications for e-commerce are some of the key factors driving market revenue growth.

High cost of new cars and affordability issues is the key driver for market growth. The rising number of features that buyers demand on new cars is one of the main causes of increased car sticker prices. Not only do features such as power door locks and windows take the place of cranks and plungers, but companies in the automotive industry have also witnessed a shift towards incorporating significant changes.

Subscription services provided by franchises, leasing offices, and auto dealers are also a major factor driving market revenue growth. Cost of subscription services is equivalent to or lower than that of a leased car, and there are no additional expenses for maintenance, insurance, road tax or breakdown assistance.

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Rise in the number of on-demand taxi companies can pose significant challenges. Despite the fact that several companies have evolved to provide transportation, not a single vehicle can match the iconic cabs that have been in use for years. Opting for an inexpensive taxi journey is far more helpful than driving one’s own car and dealing with the headache of locating a parking space.

Segment Insights

Vehicle Type Insights:

On the basis of vehicle type, the global used cars market is segmented into hatchbacks, sedans, and Sports Utility Vehicles (SUV). The sports utility vehicles segment accounted for the largest market share in the global used cars market in 2022. Safety and versatility of sports utility vehicles drive market growth. Sport utility vehicles are swiftly rising to the top of the vehicle popularity charts. In fact, a lot of automakers are choosing to focus on producing more well-liked crossovers rather than the once popular sedan. SUVs frequently do better in crash testing due to their size and weight, and driving a large car makes people feel safer.

Fuel Type Insights:

On the basis of fuel type, the global used cars market is segmented into gasoline, diesel, petrol, and others. The petrol segment accounted for the largest market share in the global used cars market in 2022. Lower after-sales maintenance costs and affordable spare parts drive the preference for petrol-powered used cars. Petrol cars are slowly gaining a lot of popularity in the used cars market. Compared to diesel-powered ones, petrol-powered cars are considered to be a safer and more convenient option when buying a car.

Regional Insights:

Asia Pacific accounted for the largest market share in the global used cars market in 2022. The primary factor driving revenue growth of the market in this region is the strategic expansion of well-known luxury automakers. For instance, on 8 June 2022, sports automaker Porsche officially announced that it will begin selling used cars under its new Porsche Approved sub-division. The Porsche Centre Kochi in Kerala will serve as the company’s launchpad for this new venture. Other German luxury automakers, such as Mercedes-Benz, BMW, and Audi, have already established their pre-owned automobile companies in the nation.

North America is expected to register fastest market CAGR during the forecast period. The primary factor driving revenue growth of the market in this region is the introduction of cutting-edge digital platforms and short-term micro lease models by major automobile dealers. For instance, on 14 November 2023, AutoNation Inc, America’s most admired automotive retailer and a provider of personalized transportation services, announced the launch of AutoNation Mobility, a fully digital shopping experience and a new vehicle micro lease model that gave customers access to a variety of competitively priced vehicles across brands for a brief period without requiring them to make a purchase.

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Scope of Research

Report Details Outcome
Market size in 2022 USD 23.89 Billion
CAGR (2023–2032) 15.1%
Revenue forecast to 2032 USD 97.12 Billion
Base year for estimation 2022
Historical data 2020-2021
Forecast period 2023–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Vehicle Type, Channel, Fuel Type, Propulsion, and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled CARS24, Maruti True Value, Mahindra First Choice, TrueCar Inc., Lithia Motors Inc., Hendrick Automotive Group, TKM, Big Boy Toyz, Scout24 AG, AUDI AG, Group 1 Automotive Inc., CarTrade.com, OLX, Alibaba Group Holding Limited, Asbury Automotive Group, AutoNation.com, Autotrader Inc., CarGurus Inc., CarMax Enterprise Services LLC, and eBay Inc.
Customization scope 10 hours of free customization and expert consultation
   

Major Companies and Competitive Landscape

The global used cars market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective used car solutions.
Some major players included in the global used cars market report are:

  • CARS24
  • Maruti True Value
  • Mahindra First Choice
  • TrueCar, Inc.
  • Lithia Motors Inc
  • Hendrick Automotive Group
  • TKM
  • Big Boy Toyz
  • Scout24 AG
  • AUDI AG
  • Group 1 Automotive, Inc.
  • CarTrade.com
  • OLX
  • Alibaba Group Holding Limited
  • Asbury Automotive Group
  • AutoNation.com
  • Autotrader, Inc
  • CarGurus, Inc.
  • CarMax Enterprise Services, LLC
  • eBay Inc

Strategic Development

  • On 12 August 2021, Mercedes Benz India announced the opening of the new Mercedes Benz Marketplace. The new MB Marketplace was intended to serve as a platform for direct-to-consumer auto sales. The German company believed that the model would offer advantages to both buyers and sellers of pre-owned luxury cars that were currently absent from the pre-owned luxury automobile market in India.
  • On 12 October 2022, Mexican used cars marketplace Kavak, backed by SoftBank, announced that it would be expanding to the GCC. After merging with regional player Carzaty, Mexico’s pre-owned automobile platform Kavak intended to invest USD 130 million in the Gulf Cartel over the next two years to create the largest used car business in the region. A 240-point inspection was performed on every vehicle that Kavak handled before it was bought.

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For the purpose of this report, Emergen Research has segmented global used cars market on the basis of vehicle type, channel, fuel type, propulsion, and region:

  • Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
    • Hatchbacks
    • Sedans
    • Sports Utility Vehicles (SUV)
  • Channel Outlook (Revenue, USD Billion; 2019-2032)
    • Organized
    • Unorganized
    • Semi-Organized
    • Customer to Customer
  • Fuel Type Outlook (Revenue, USD Billion; 2019-2032)
    • Gasoline
    • Diesel
    • Petrol
    • Others
  • Propulsion Outlook (Revenue, USD Billion; 2019-2032)
    • ICE
    • Electric and Hybrid
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • France
        • U.K.
        • Italy
        • Spain
        • Benelux
        • Rest of Europe
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Rest of APAC
    • Latin America
        • Brazil
        • Rest of LATAM
    • Middle East & Africa
        • Saudi Arabia
        • UAE
        • South Africa
        • Turkey
        • Rest of MEA

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