Used Car Market Size and Forecast till 2031 (2023)

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Apr 10, 2023 (The Expresswire) --The latest market research report on the Global "Used Car Market" is segmented by Regions, Country, Company and other Segments. The global Used Car market is dominated by key Players, such as [Holman Automotive Group, eBay, Vroom, Autotrader, Carguru, TrueCar,, Sonic Automotive, Carvana, Huberts Ford Sales Company, Shields Motor Co Inc, Clouse Motor Co, Parker Motor Company, Old Gin Motor Company, Alibaba Group, PenskeCars, Winfield Motor Company, Bull Motor Company] these players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Stake holders and other participants in the global Used Car market will be able to gain the upper hand by using the report as a powerful resource for their business needs.

What is the Used Car market growth?

Used Car Market Size is projected to Reach Multimillion USD by 2031, In comparison to 2023, at unexpected CAGR during the forecast Period 2023-2031.

Browse Detailed TOC, Tables and Figures with Charts which is spread across 112 Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.

Client Focus

1. Does this report consider the impact of COVID-19 and the Russia-Ukraine war on the Used Car market?

Yes. As the COVID-19 and the Russia-Ukraine war are profoundly affecting the global supply chain relationship and raw material price system, we have definitely taken them into consideration throughout the research, and in Chapters, we elaborate at full length on the impact of the pandemic and the war on the Used Car Industry

Final Report will add the analysis of the impact of Russia-Ukraine War and COVID-19 on this Used Car Industry.


This research report is the result of an extensive primary and secondary research effort into the Used Car market. It provides a thorough overview of the market's current and future objectives, along with a competitive analysis of the industry, broken down by application, type and regional trends. It also provides a dashboard overview of the past and present performance of leading companies. A variety of methodologies and analyses are used in the research to ensure accurate and comprehensive information about the Used Car Market.

Which are the driving factors of the Used Car market?

Growing demand for [Dealerships/Broker, Websites, C2C] around the world has had a direct impact on the growth of the Used Car

The Used Car segments and sub-section of the market are illuminated below:

Based on Product Types the Market is categorized into [Commercial Vehicles, Passenger Cars] that held the largest Used Car market share In 2022.

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Used Car Market - Competitive and Segmentation Analysis:

2.How do you determine the list of the key players included in the report?

(Video) The Car Market Bubble Just Popped

With the aim of clearly revealing the competitive situation of the industry, we concretely analyze not only the leading enterprises that have a voice on a global scale, but also the regional small and medium-sized companies that play key roles and have plenty of potential growth.

Short Description About Used Car Market:

The Global Used Car market is anticipated to rise at a considerable rate during the forecast period, between 2022 and 2031. In 2021, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

The global Used Car market size was valued at USD 774207.24 million in 2021 and is expected to expand at a CAGR of 5.09Percent during the forecast period, reaching USD 1042674.73 million by 2027.

A used car, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners.

The report combines extensive quantitative analysis and exhaustive qualitative analysis, ranges from a macro overview of the total market size, industry chain, and market dynamics to micro details of segment markets by type, application and region, and, as a result, provides a holistic view of, as well as a deep insight into the Used Car market covering all its essential aspects.

For the competitive landscape, the report also introduces players in the industry from the perspective of the market share, concentration ratio, etc., and describes the leading companies in detail, with which the readers can get a better idea of their competitors and acquire an in-depth understanding of the competitive situation. Further, mergers and acquisitions, emerging market trends, the impact of COVID-19, and regional conflicts will all be considered.

In a nutshell, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the market in any manner.

Get a Sample Copy of the Used Car Report 2023

3.What are your main data sources?Both Primary and Secondary data sources are being used while compiling the report.

Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users. Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast (2017-2027) of the following regions are covered in Chapters:

● North America (United States, Canada and Mexico)

● Europe (Germany, UK, France, Italy, Russia and Turkey etc.)

● Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)

● South America (Brazil, Argentina, Columbia etc.)

(Video) Here's When Car Prices Will Drop Like a Rock!

● Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

This Used Car Market Research/Analysis Report Contains Answers to your following Questions

● What are the global trends in the Used Car market? Would the market witness an increase or decline in the demand in the coming years?

● What is the estimated demand for different types of products in Used Car? What are the upcoming industry applications and trends for Used Car market?

● What Are Projections of Global Used Car Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?

● Where will the strategic developments take the industry in the mid to long-term?

● What are the factors contributing to the final price of Used Car? What are the raw materials used for Used Car manufacturing?

● How big is the opportunity for the Used Car market? How will the increasing adoption of Used Car for mining impact the growth rate of the overall market?

● How much is the global Used Car market worth? What was the value of the market In 2020?

● Who are the major players operating in the Used Car market? Which companies are the front runners?

● Which are the recent industry trends that can be implemented to generate additional revenue streams?

● What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Used Car Industry?

Customization of the Report

Can I modify the scope of the report and customize it to suit my requirements?

Yes. Customized requirements of multi-dimensional, deep-level and high-quality can help our customers precisely grasp market opportunities, effortlessly confront market challenges, properly formulate market strategies and act promptly, thus to win them sufficient time and space for market competition.

Inquire more and share questions if any before the purchase on this report at -

Detailed TOC of Global Used Car Market Insights and Forecast to 2031

(Video) China Has 10 Years Left, Says Geopolitical Analyst Peter Zaihan

Major Points from Table of Contents

Global Used Car Market Research Report 2023-2031, by Manufacturers, Regions, Types and Applications

1 Introduction
1.1 Objective of the Study
1.2 Definition of the Market
1.3 Market Scope
1.3.1 Market Segment by Type, Application and Marketing Channel
1.3.2 Major Regions Covered (North America, Europe, Asia Pacific, Mid East and Africa)
1.4 Years Considered for the Study (2015-2031)
1.5 Currency Considered (U.S. Dollar)
1.6 Stakeholders

2 Key Findings of the Study

3 Market Dynamics
3.1 Driving Factors for this Market
3.2 Factors Challenging the Market
3.3 Opportunities of the Global Used Car Market (Regions, Growing/Emerging Downstream Market Analysis)
3.4 Technological and Market Developments in the Used Car Market
3.5 Industry News by Region
3.6 Regulatory Scenario by Region/Country
3.7 Market Investment Scenario Strategic Recommendations Analysis

4 Value Chain of the Used Car Market

4.1 Value Chain Status
4.2 Upstream Raw Material Analysis
4.3 Midstream Major Company Analysis (by Manufacturing Base, by Product Type)
4.4 Distributors/Traders
4.5 Downstream Major Customer Analysis (by Region)

5 Global Used Car Market-Segmentation by Type
6 Global Used Car Market-Segmentation by Application

7 Global Used Car Market-Segmentation by Marketing Channel
7.1 Traditional Marketing Channel (Offline)
7.2 Online Channel

8 Competitive Intelligence Company Profiles

9 Global Used Car Market-Segmentation by Geography

9.1 North America
9.2 Europe
9.3 Asia-Pacific
9.4 Latin America

9.5 Middle East and Africa

10 Future Forecast of the Global Used Car Market from 2023-2031

(Video) Here's When Car Prices Will Drop Like a Stone

10.1 Future Forecast of the Global Used Car Market from 2023-2031 Segment by Region
10.2 Global Used Car Production and Growth Rate Forecast by Type (2023-2031)
10.3 Global Used Car Consumption and Growth Rate Forecast by Application (2023-2031)

11 Appendix
11.1 Methodology
12.2 Research Data Source


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Used Car Market Size and Forecast till 2031 (1)

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What will the used car market be in 2030? ›

The global used car market is expected to grow at a compound annual growth rate of 6.1% from 2022 to 2030 to reach USD 2.67 trillion by 2030.

What is the forecast for the used cars industry? ›

US Used Car Market Analysis

United States Used Car Market was valued at USD 195.84 billion in 2021, and it is projected to reach USD 302.47 billion by 2027, registering a CAGR of 7.51% over the forecast period. The outbreak of the COVID-19 pandemic has caused significant disruption in the automotive industry.

Are used car prices going to increase or decrease? ›

Manheim, which auctions used cars to dealers, reported a 4.3% increase in vehicle prices in February, the largest increase for that month since 2009. Another tracker of wholesale used-car prices, Black Book, said prices rose 0.46% for the week ended March 11, the largest single-week increase since November 2021.

What is the prediction for used car prices in 2023? ›

Prices could drop up 5% for new vehicles and 10% to 20% for used vehicles in 2023, according to a report in November from J.P. Morgan. The basis for the prediction is that demand has stabilized and vehicle inventory is improving.

How much will the automotive industry grow by 2030? ›

Farmington, March 22, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Market Is Expected To Grow From USD 23 Billion In 2022 To USD 28.7 Billion By 2030, at a CAGR Of 4.5%.

How much longer will used cars be highly prices? ›

Used-Car Prices Will Drop: Here's How to Prepare. As new-car inventory begins to stabilize, J.D. Power forecasts that used-vehicle values will begin their descent to more normal levels by late 2022 and into 2023. “We do expect used prices to cool once new-vehicle production and inventories begin to recover,” Paris said ...

What is the market size of vehicles? ›

The market size, measured by revenue, of the Car & Automobile Manufacturing industry is $104.1bn in 2023.

Is the market for cars improving? ›

The car market is seeing a slow downward trickle in prices, but they largely remain higher than pre-pandemic levels.

Should I buy a car now or wait until 2023? ›

Americans planning to shop for a new car in 2023 might find slightly better prices than during the past two years, though auto industry analysts say it is likely better to wait until the fall. Since mid-2021, car buyers have been frustrated by rising prices, skimpy selection and long waits for deliveries.

Will used car prices actually go down? ›

Federal statistics continue to show a slight decline in used car prices, but experts warn that prices will likely stay high.

Will auto prices go down in 2023? ›

Those average transactions were down slightly from a month earlier. “The transaction data from February indicates that prices continue a downward trend at the beginning of 2023,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive.

Is March 2023 a good time to buy a used car? ›

Conclusion: Is 2023 a Good Time To Buy a Car? Considering vehicle prices are still inflated and loan rates may be on the rise, it's not the best time to buy a car. However, auto prices may continue to level off during the rest of the year, which would be a good sign for car buyers.

What is the best time of the year to buy a car? ›

In terms of the best time of the year, October, November and December are safe bets. Car dealerships have sales quotas, which typically break down into yearly, quarterly and monthly sales goals. All three goals begin to come together late in the year.

Will auto rates go up in 2023? ›

Cost to finance to remain high in the coming year

The concurrent increase of rates and decrease in vehicle prices will likely remain consistent through 2023. Rates are expected to continue to increase, explains McBride, “An active Fed will mean further increases in auto loan rates.”

What is the outlook for the automotive industry in 2025? ›

By 2025, 25% of cars sold will have electric engines, up from 5% today. But most of those will be hybrids, and 95% of cars will still rely on fossil fuels for at least part of their power. That means automakers will need to make internal combustion engines more efficient to comply with new standards.

What is the future of automotive prices? ›

Why Are Car Prices Rising? Car prices rose dramatically in 2022 as a result of global supply chain issues, with a persistent chip shortage holding up production in the auto industry. While semiconductor supply is expected to improve in 2023, new car prices will likely remain elevated due to inflationary input costs.

What car company is going all electric by 2030? ›

Toyota Motor Sales

Toyota announced its latest electrification goalposts in December 2021, promising to build 3.5 million battery-only electric vehicles per year, worldwide, by 2030, backed by $70 billion in investments.

Why used car prices are too high? ›

Yesterday's new cars are today's used cars ...

Fewer new cars sent new prices up. That, in turn, pushed many shoppers into the used-car market. And more shoppers in the used market pushed prices up there, too.

Why do used car prices keep going up? ›

A global pandemic, ensuing parts shortages, and even the war in Ukraine sent automotive supply chains into chaos, leading to severely decreased inventories of new cars for purchase. This has concurrently led to lack of supply and higher prices for new cars, which have remained elevated and are still climbing.

Is the used car bubble popping? ›

The used car bubble seems to have burst since the second quarter of 2022,” it said. “New cars have been slowly becoming more widely available, as supply chain bottlenecks finally start to ease.”

Will the used car market go down in 2023? ›

Used car prices expected to start dropping in 2023, but not how consumers may expect.

What will happen to the auto industry in 2023? ›

Used Car Prices Will Fall in 2023, but Older Cars Will See the Biggest Declines. After reaching absurd highs in early 2022, used vehicle prices have already fallen. They'll continue to ease in 2023, just not by as much as consumers would hope.

What is the projected electric vehicle market share of global sales 2030 2050? ›

Sales of new internal combustion engine (ICE) automobiles are halted in 2035 in the Net Zero Emissions by 2050 Scenario (NZE Scenario). In parallel, the share of EVs in total sales needs to reach around 60% by 2030 to stay the course and reach net zero CO2 in 2050.

How big is the car market? ›

The revenue of United States motor vehicle and parts dealers was $1.53 trillion as of 2021. The auto industry accounts for 3% of America's GDP.

Will 2023 be a good year to buy a car? ›

According to industry analysts from Cox Automotive and J.D. Power, some automotive market conditions are likely to improve in 2023, but perhaps not enough to trigger radical change. "We certainly do expect the market to get better than it's been," says Tyson Jominy, vice president of data and analytics at J.D. Power.

Is it better to buy a car now or in 2023? ›

Our analysts tell us that new car shoppers are better off waiting for more price drops and discounts to kick in during the second half of 2023. Used car shoppers, however, might want to move quickly while prices remain lower.

Will car interest rates go down? ›

The Interest Rate Likely Won't Go Down any Time Soon

However, the Federal Reserve has indicated that there are still five more interest rate increases to come in 2022. That means consumers should expect more increases in their own interest rates, auto loans included.

Will car prices go back to normal in 2023? ›

There is good news on the horizon in 2023, however. J.P. Morgan estimates that prices for both new and used vehicles are set to decrease as supply chain issues abate and inflation is poised to keep easing.

What will happen to car mechanics in the future? ›

By 2040, the state projects that nearly 32,000 auto mechanics jobs will be lost in California, since electric vehicles need far less maintenance and repair than conventional combustion engines.

What is the future of auto sales in the US? ›

Toyota and GM said they expect U.S. auto sales to increase to about 15 million vehicles this year. That would be a roughly 9% increase over 2022. S&P Global Mobility and Edmunds expect 2023 new U.S. vehicle sales to be 14.8 million, while Cox Automotive's preliminary forecast is 14.1 million.

What country is going all electric cars by 2030? ›

The Netherlands, a country that has also signed the declaration, has previously announced a ban on gas and diesel cars by 2030. These goals are more ambitious and actually reflect a more realistic timeline of the shift in consumer demand for electric vehicles.

Will all cars be electric by 2030? ›

The rule establishes a year-by-year roadmap so that by 2035 100% of new cars and light trucks sold in California will be zero-emission vehicles, including plug-in hybrid electric vehicles. The regulation realizes and codifies the light-duty vehicle goals set out in Governor Newsom's Executive Order N-79-20.

How fast is the car market growing? ›

Data Bridge Market Research analyses that the global used car market was valued at USD 996,906.42 million in 2022 and is expected to reach the value of USD 1700,106.13 million by 2030, at a CAGR of 6.90% during the forecast period.

Is the car market increasing? ›

Car prices surged during the pandemic, and despite coming down from their peak, they still remain higher than a few years ago. It has been nearly three years since auto plants around the world started to shut down because of the pandemic.

Who is leading the car market? ›

World Car Group Ranking in 2023 is dominated by Toyota which maintains a substantial distance from the runner up Volkswagen. Hyundai-Kia overtakes the Renault Nissan Alliance in YTD sales.


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