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Used Car Market Size, Industry Outlook, Classification, Demand, Regional Analysis and Forecast to 2030

The used car market was exceeded US$ 1,411.5 billion in 2020 and it is projected to reach US$ 2,120.5 billion by 2030, expanding at an annual CAGR of 6 percent, according to a 2021 study by Precedence Research, the Canada-based market Insight Company. The report contains 150+ pages with detailed analysis.

The base year for the study has been considered 2021, the historic year 2019 and 2020, the forecast period considered is from 2021 to 2030. The dairy products market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).

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Market Report Scope

Report Scope Details
Market Size USD 2,120.5 Billion by 2030
Growth Rate CAGR of 6% From 2021 and 2030
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Vehicle Type, Vendor Type, Fuel Type, Size, Sales Channel

Competition Landscape

In the final section of the research report, Precedence Research provided the global used car market structure and a detailed competition landscape to provide a dashboard view of key players operating in the used car market along with their business strategies to report audiences. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the market.

Some of the major players in the used car market include:

CarMax Business Service LLC, Alibaba.com, Asbury Automotive Group, Hendrick Automotive Group, Scout24 AG, TrueCar Inc., Lithia Motor Inc., Group 1 Automotive Inc., AutoNation Inc., and eBay Inc. among others.

The market for used car witnessed prominent growth over the past few years and anticipated to grow at the same rate during the coming year. This is mainly attributed to the rising investment from automotive manufacturers for expanding their dealership network. Until recently, automotive dealers and manufacturers have focused primarily on the new vehicle production and sale business; however, they have also started focusing on used car and observe it as an important byproduct for their business growth. This has prominently boosted the market growth for used cars over the upcoming years.

Moreover, significant advancement in the technology for example development of internet along with the introduction of electric and hybrid vehicles have transformed the buyer’s perspective towards used cars. Further, the quality and reliability of the used cars have also attracted significant number of customers that positively favors the market growth. Presently, increased customer knowledge about the vehicle, quality finance charges, residual value of vehicle, and availability also propels the market growth during the forthcoming years.

Nonetheless, the corona virus outbreak has disrupted the automotive industry to a greater extent and brought its sales significantly down from its prior value. However, as per the analysis, the post pandemic era expected to witness an upsurge in the vehicle sales as people prefer self-owned vehicles rather than shared vehicles. Further, the financial disparities anticipated to hamper the market growth for used car in the coming years.

By vehicle type, electric vehicle witnessed the fastest growth rate over the forthcoming years because of shifting customer preference from conventional vehicles to electric-powered vehicles. In addition, the market growth for electric vehicles is also favored by the increasing number of government policies to promote the adoption of electric cars in order to curb the rate of pollution in the region. In accordance to the same, government of various regions are offering incentives and other tax benefits to promote the adoption of electric vehicles. Hence, the aforementioned factors propel the demand for electric vehicles in the coming years.

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Based on fuel type, other segment expected to register prominent growth over the upcoming years due to large number of customers switching from conventional fuels to environment-friendly fuels such as CNG gas and electric-powered cars. This is mainly because of alarming rate of rise in the global pollution. In developing nations CNG gas powered vehicles have shown significant demand over the past few years and estimated to rise at the same rate in the near future.

On the basis of size, the global used car market has been classified into mid-size, compact, and SUVs. Compact sized vehicles are the most-preferred choice of customers in today’s era owing to scarcity of space. Hence, the compact size segment witnessed significant growth over the forecast period and also capture prominent revenue share in the present time.

Based on region, the Asia Pacific held the largest revenue share in the global used car market of approximately 36% in the year 2020. This is primarily because of large number of developing nations present in the region. In addition, the region accounted to hold the major share of middle-class population that also favors the significant demand of used cars in the region. China is the front-runner in the Asia region with the highest demand for used passenger cars.

The used car market experiences intense competition owing to huge surge in the new market entrants. The market for used car is a niche market and thus requires less investment that favors the entry of new market players in the global market. In addition, as new market players focus significantly in the technology integration and expanding their business using internet, they grow faster compared to older ones.

Market Segmentation

By Vehicle Type

  • Conventional
  • Hybrid
  • Electric

By Vendor Type

  • Unorganized
  • Organized

By Fuel Type

  • Diesel
  • Petrol
  • Others

By Size

  • Mid-Size
  • Compact
  • SUVs

By Sales Channel

  • Offline
  • Online

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Research Methodology

Secondary Research

It involves company databases such as Hoover’s: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

  • Governmental bodies, and organizations creating economic policies
  • National and international social welfare institutions
  • Company websites, financial reports and SEC filings, broker and investor reports
  • Related patent and regulatory databases
  • Statistical databases and market reports
  • Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

  • Means of primary research: Email interactions, telephonic discussions and

Questionnaire based research etc.

  • In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Most Asked Questions –

What was the market size value of the used car in 2020?

What is the expected market size by 2030?

What is the used car market growth?

What are the key factors that positively influence market growth?

Who are the prominent players in the used car market?

Why should you invest in this report?

If you are aiming to enter the global used car market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for used car are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030, so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics

5.1.1. Market Drivers

5.1.2. Market Restraints

5.1.3. Market Opportunities

5.2. Porter’s Five Forces Analysis

5.2.1. Bargaining power of suppliers

5.2.2. Bargaining power of buyers

5.2.3. Threat of substitute

5.2.4. Threat of new entrants

5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis

6.1.2. Key Strategies Adopted by Players

6.1.3. Vendor Landscape

6.1.3.1. List of Suppliers

6.1.3.2. List of Buyers

Chapter 7. Global Used Car Market, By Vehicle Type

7.1. Used Car Market, by Vehicle Type, 2021-2030

7.1.1. Conventional

7.1.1.1. Market Revenue and Forecast (2017-2030)

7.1.2. Hybrid

7.1.2.1. Market Revenue and Forecast (2017-2030)

7.1.3. Electric

7.1.3.1. Market Revenue and Forecast (2017-2030)

Chapter 8. Global Used Car Market, By Vendor Type

8.1. Used Car Market, by Vendor Type, 2021-2030

8.1.1. Unorganized

8.1.1.1. Market Revenue and Forecast (2017-2030)

8.1.2. Organized

8.1.2.1. Market Revenue and Forecast (2017-2030)

Chapter 9. Global Used Car Market, By Fuel Type

9.1. Used Car Market, by Fuel Type, 2021-2030

9.1.1. Diesel

9.1.1.1. Market Revenue and Forecast (2017-2030)

9.1.2. Petrol

9.1.2.1. Market Revenue and Forecast (2017-2030)

9.1.3. Others

9.1.3.1. Market Revenue and Forecast (2017-2030)

Chapter 10. Global Used Car Market, By Size

10.1. Used Car Market, by Size, 2021-2030

10.1.1. Mid-Size

10.1.1.1. Market Revenue and Forecast (2017-2030)

10.1.2. Compact

10.1.2.1. Market Revenue and Forecast (2017-2030)

10.1.3. SUVs

10.1.3.1. Market Revenue and Forecast (2017-2030)

Chapter 11. Global Used Car Market, By Sales Channel

11.1. Used Car Market, by Sales Channel, 2021-2030

11.1.1. Offline

11.1.1.1. Market Revenue and Forecast (2017-2030)

11.1.2. Online

11.1.2.1. Market Revenue and Forecast (2017-2030)

Chapter 12. Global Used Car Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.1.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.1.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.1.4. Market Revenue and Forecast, by Size (2017-2030)

12.1.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.1.6. U.S.

12.1.6.1. Market Revenue and Forecast, by Vehicle Type(2017-2030)

12.1.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.1.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.1.6.4. Market Revenue and Forecast, by Size(2017-2030)

12.1.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.1.7. Rest of North America

12.1.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.1.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.1.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.1.7.4. Market Revenue and Forecast, by Size (2017-2030)

12.1.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.2.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.2.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.2.4. Market Revenue and Forecast, by Size (2017-2030)

12.2.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.2.6. UK

12.2.6.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.2.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.2.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.2.6.4. Market Revenue and Forecast, by Size (2017-2030)

12.2.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.2.7. Germany

12.2.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.2.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.2.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.2.7.4. Market Revenue and Forecast, by Size (2017-2030)

12.2.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.2.8. France

12.2.8.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.2.8.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.2.8.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.2.8.4. Market Revenue and Forecast, by Size (2017-2030)

12.2.8.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.2.9. Rest of Europe

12.2.9.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.2.9.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.2.9.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.2.9.4. Market Revenue and Forecast, by Size (2017-2030)

12.2.9.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.3.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.3.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.3.4. Market Revenue and Forecast, by Size (2017-2030)

12.3.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.3.6. India

12.3.6.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.3.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.3.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.3.6.4. Market Revenue and Forecast, by Size (2017-2030)

12.3.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.3.7. China

12.3.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.3.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.3.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.3.7.4. Market Revenue and Forecast, by Size (2017-2030)

12.3.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.3.8. Japan

12.3.8.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.3.8.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.3.8.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.3.8.4. Market Revenue and Forecast, by Size (2017-2030)

12.3.8.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.3.9. Rest of APAC

12.3.9.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.3.9.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.3.9.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.3.9.4. Market Revenue and Forecast, by Size (2017-2030)

12.3.9.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.4.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.4.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.4.4. Market Revenue and Forecast, by Size (2017-2030)

12.4.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.4.6. GCC

12.4.6.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.4.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.4.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.4.6.4. Market Revenue and Forecast, by Size (2017-2030)

12.4.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.4.7. North Africa

12.4.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.4.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.4.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.4.7.4. Market Revenue and Forecast, by Size (2017-2030)

12.4.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.4.8. South Africa

12.4.8.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.4.8.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.4.8.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.4.8.4. Market Revenue and Forecast, by Size (2017-2030)

12.4.8.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.4.9. Rest of MEA

12.4.9.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.4.9.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.4.9.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.4.9.4. Market Revenue and Forecast, by Size (2017-2030)

12.4.9.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.5.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.5.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.5.4. Market Revenue and Forecast, by Size (2017-2030)

12.5.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.5.6. Brazil

12.5.6.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.5.6.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.5.6.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.5.6.4. Market Revenue and Forecast, by Size (2017-2030)

12.5.6.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

12.5.7. Rest of LATAM

12.5.7.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)

12.5.7.2. Market Revenue and Forecast, by Vendor Type (2017-2030)

12.5.7.3. Market Revenue and Forecast, by Fuel Type (2017-2030)

12.5.7.4. Market Revenue and Forecast, by Size (2017-2030)

12.5.7.5. Market Revenue and Forecast, by Sales Channel (2017-2030)

Chapter 13. Company Profiles

13.1. CarMax Business Service, LLC

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Alibaba.com

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. Asbury Automotive Group

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. Hendrick Automotive Group

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. Scout24 AG

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. TrueCar, Inc.

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. Lithia Motor Inc.

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. Group 1 Automoitve Inc.

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. AutoNation Inc.

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. eBay Inc.

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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