Used Car Market to grow at a CAGR of 8.4 percent during the forecast period to reach USD 1,858.6 Bn by 2029, Technological Advancements and Regional Insights

April 06 13:29 2023
Used Car Market to grow at a CAGR of 8.4 percent during the forecast period to reach USD 1,858.6 Bn by 2029, Technological Advancements and Regional Insights
The growing adoption of used electric and hybrid cars have become one of the major trends used car market in the last few years and is going to be a major segment in forecast period.
Used Car Market size was valued at USD 974.9 Bn. in 2021 and the total revenue is expected to grow at 8.4% of CAGR through 2022 to 2029, reaching nearly USD 1,858.6 Bn.

Pune, 6, April, 2023: The total market opportunity for “Used Car Market” was USD 974.9 Bn in 2021 and is expected to grow at 8.4 percent CAGR through the forecast period to reach USD 1,858.6 Bn by 2029. Maximize Market research, an Automotive and Transportation business research firm has published a report on the Used Car Market.  

Used Car Market Report Scope and Research Methodology

The aim of the report is to provide a detailed analysis of the market structure and dynamics to the stakeholders in the Used Car industry. The report is a clear representation of the past, the present and future status in each region of key companies in the Used Car Market. It covers all the main aspects of the industry with a dedicated study of the Used Car Market players that include market leaders, followers, and new entrants. The primary and secondary research methods were used to collect and analyze data for the Used Car industry. The primary interviews were conducted with the industry experts and suppliers to validate and understand the key findings while the secondary research includes data collection from annual/financial reports, industry journals, government sites and paid and free databases. The Used Car Market size was calculated using a bottom-up approach in terms of value and volume. 

Used Car Market Dynamics

The market growth is majorly driven by the factors such as symmetry and transparency of the information among buyers and consumers, certified used vehicle programs, the online sales channel growth and the strong position of franchise dealers. The role of online sales has become the primary factor in the Used Car Market. Technological advancements such as the introduction of hybrid and electric cars with the development of the internet have changed the buyer position in the Used Car Market. The major challenge for the market is the increasing number of on-demand taxi operators. The on-demand taxi services are a convenient alternative to purchasing a new car. 

Get a Sample Copy of the Report: 

Used Car Market Regional Insights  

The Asia-Pacific region dominated the global Used Car Market in 2021 due to the rapid growth of used vehicles in China. The demand for old cars in China has increased rapidly in recent years. The region is also home to some of the largest automotive markets in the world. The rising popularity of used car retailing in developing markets such as India is also driving the growth of the regional Used Car Market. Online sales contribute a large portion of the used car sales in the Asia Pacific region. 

Used Car Market Segmentation

By Vehicle Type

  • Hatchback
  • Sedan
  • SUV


By Fuel Type

  • Petrol
  • Diesel
  • Others


By Distribution Channel

  • Online
  • Offline


Used Car Market Key Competitors include:

  • AutoNation Inc.(US)
  • CarMax Business Services, LLC(US)
  • Cox Automotive(US)
  • eBay Inc.(US)
  • Vroom Inc(US)
  • Group 1 Automotive Inc.(US)
  • Hendrick Automotive Group(US)
  • LITHIA Motor Inc.(US)
  • TrueCar, Inc.(US)
  • Sonic Automotive(US)
  • Droom Technology (India)
  • Trusty Cars Pte. Ltd (UK)
  • (China)
  • Scout24 AG (Germany)
  • Asbury Automotive Group (US)


Table of Content for Used Car Market:  

  • Global Used Car Market: Research Methodology
  • Global Used Car Market: Executive Summary
  • Market Overview and Definitions
  • Introduction to Global Market
  • Summary
  • Key Findings
  • Recommendations for Investors
  • Recommendations for Market Leaders 
  • Recommendations for New Market Entry


  • Global Used Car Market: Competitive Analysis 
  • MMR Competition Matrix
  • Market Structure by region
  • Competitive Benchmarking of Key Players
  • Consolidation in the Market
  • M&A by region
  • Key Developments by Companies
  • Market Drivers
  • Market Restraints
  • Market Opportunities 
  • Market Challenges
  • Market Dynamics
  • PORTERS Five Forces Analysis
  • Regulatory Landscape by region
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America
  • COVID-19 Impact 


  • Global Used Car Market Segmentation
  • Global Market, by Vehicle Type (2021-2029)
  • Global Market, by Fuel Type (2021-2029)
  • Global Market, by Distribution Channel (2021-2029) 


  • Regional Used Car Market (2021-2029)
  • Regional Market, by Vehicle Type (2021-2029)
  • Regional Market, by Fuel Type (2021-2029)
  • Regional Market, by Distribution Channel (2021-2029)
  • Regional Market, by Country (2021-2029)  


  • Company Profile: Key players 
  • Company Overview
  • Financial Overview
  • Global Presence
  • Capacity Portfolio
  • Business Strategy 
  • Recent Developments


Get the Sample PDF of Report: 

Key questions answered in the Used Car Markets Market are:

  • What was the Used Car Market size in 2021?
  • What is the expected Used Car Market size by 2029?
  • Which segment of the Used Car Market is expected to grow at a high rate during the forecast period?
  • What are the global trends in the Used Car Market?
  • What are the upcoming industry applications and trends for the Used Car Market?
  • What are the factors contributing to the final price of the Used Car Market?
  • What are the recent industry trends that can be implemented to generate additional revenue streams for the Used Car Market? 
  • What growth strategies are the players considering to increase their presence in Used Car Market?
  • What are the major challenges that the Used Car Market could face in the future? 
  • Who held the largest market share in Used Car Market? 


Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2021)
  • Past Pricing and price curve by region (2018 to 2021)
  • Market Size, Share, Size & Forecast by different segment | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
  • Market Segmentation – A detailed analysis by Vehicle Type, Fuel Type, Distribution Channel and Region 
  • Competitive Landscape – Profiles of selected key players by region from a strategic perspective 
    • Competitive landscape – Market Leaders, Market Followers, Regional player
    • Competitive benchmarking of key players by region
  • PESTLE Analysis 
  • PORTER’s analysis 
  • Value chain and supply chain analysis 
  • Legal Aspects of business by region
  • Lucrative business opportunities with SWOT analysis 
  • Recommendations 


Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:

Autonomous / Self-Driving Cars Market – The market size is expected to reach USD 56.46 million units by 2029 at a CAGR of 13.5 percent during the forecast period. The market is expected to be driven by the increasing demand for luxury cars. 

Commercial Vehicles Market – The market size is expected to reach USD 1147.03 billion by 2029 at a CAGR of 5.33 percent during the forecast period. The market is expected to be driven by the availability of freight and the degree of transportation and logistics operation.


About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.


Contact Maximize Market Research:

3rd Floor, Navale IT Park, Phase 2

Pune Banglore Highway, Narhe,

Pune, Maharashtra 411041, India

[email protected] 

+91 96071 95908, +91 9607365656

Media Contact
Contact Person: Geeta Yevle
Email: Send Email
Phone: +91 9607365656
Address:3rd Floor, Navale IT Park, Phase 2, Pune Banglore Highway, Narhe,
City: Pune
State: Maharashtra
Country: India