Used Car Market Size Projected to Grow at 8.4% CAGR, Dominated by Asia-Pacific | According to Maximize Market Research

Used Car Market to Hit 2059.62 Billion in 2030

The worldwide Used Car Market Size was estimated at around 1148.63 Billion in 2024 and is anticipated to exceed 2059.62 Billion by 2030, growing at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2030.

Factors & Opportunities for Market Growth

The strong growth of the used car market is fueled by several factors:

If you have a limited budget you are not going to be able to buy a brand-new car, especially if it is a high-end model, and used cars can provide a less expensive approach to car ownership. The wide price gap between new and used cars — about $20,000 on average — makes buying pre-owned vehicles more attractive.

Emerging Technologies: The use of digital tech and AI has revolutionized the way people buy used cars. Today, many online platforms offer comprehensive vehicle listings, virtual inspections, and a seamless purchasing experience to meet the rising demand for convenience and transparency in car buying.

Economic Changes: The economic landscape has changed significantly with increasing interest rates and inflation, prompting consumers to view a used car as a more affordable option. More inventory of vehicles coupled with cars that last longer have also played a part in the pricing trend, which has has made used cars more enticing.

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Segmentation Analysis

By vehicle type, the market is categorized for passenger cars and commercial vehicles; by fuel type, it is divided into gasoline and diesel; by sales channel, it is classified into online and offline; and by region, the market is studied across North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa.

By Vehicle Type: Hatchbacks, Sedans, SUVs, and Other Vehicle Type. Their popularity makes sense: SUVs and crossovers are utility vehicles that are viewed as safer by many, and the demand on the used car side continues to be high.

By Fuel Type – It comes in several fuel types; petrol, diesel, hybrid, and electric. As the interest in environmentally conscious vehicles rises, so does the availability and demand for used hybrid and electric vehicles.

By Sales Channels: Used vehicles are sold through several channels, including franchised dealerships (dealers that also sell new vehicles), independent dealers (dealers selling used cars only), and through online platforms. It is no surprise that online automotive retailing is emerging as a game-changer in the ever-evolving automotive industry.

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Regional Insights

The Asia Pacific area is the largest region in the used car market, accounting for over 39% of revenue share in 2023. The Global Automotive Dashboard Market Size was estimated at USD 620 billion in 2023 and is projected to reach USD 1,290 billion by 2034, exhibiting a CAGR of 7% from 2024 to 2034.

North America: Used cars have a low on-road price, encouraging the usage of pre-owned vehicles in this region. It seems like the U.S. used car market is close to peaking, with prices normalizing and car supply improving.

Europe: There has been a significant sale of petrol, electric and hybrid cars in European countries. This is all beginning to trend within the realm of used electric and hybrid cars, not least because of the growing drive for carbon neutrality and the limited subsidies offered by governments.

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Market Trends

Electric Vehicles (EVs): Sales of used EVs surged by 57.4% in 2024 to a total of 188,382 units. Plummeting prices have been a significant factor, along with an increasing number of used EVs on the market, further making the vehicles affordable to a larger portion of the population.

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