Used Car Market Size Worth $3.3 Trillion by 2032 – Growing Population, Easy Affordability, New Market Competitors & Industry Projections

Newark, Jan. 23, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 1.9 trillion used car market will reach USD 3.3 trillion by 2032. A used car is a pre-owned car that can be sold again. Used cars are sold through various venues, including private party sales, franchised and independent auto dealers, rental car agencies, auction houses, and leasing offices. Because personal cars are more expensive to buy and maintain, millennials have a lower rate of car ownership. Furthermore, millennials prefer to drive older automobiles since they want to save money on their transportation. Furthermore, the high cost of new cars prevents many individuals from purchasing them, which increases the market’s sales of used cars. Additionally, this opens the market to various expenditures made by industry players to set up their dealership network. E-commerce companies have leveraged digital transformation to expand their market share. Used car market participants worldwide are turning their attention to online sales channels due to e-commerce’s ability to remove geographical barriers for businesses and enable sales in locations that can be difficult to access with traditional models. Because of all these factors, the increase in online sales is anticipated to drive demand for used cars during the projected period.

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Key Insights on Used Car Market

Asia Pacific will account for the largest market size during the forecast period.

Asia Pacific was the largest market due to rising used car purchases in China, India, and other Asian nations. China has increased its market share in the Asian market due to the growing number of organised businesses offering used car trading services in the Asia Pacific region. Certain Indian auto dealers offer a wide range of cutting-edge technology-enabled solutions. These include cloud services for lead management systems, tracking sales performance, mobile applications, and assistance with digital marketing. Furthermore, the consumer base will benefit greatly from this development in the Indian used car market. South Korea, Indonesia, Malaysia, and other developing nations in the area have demonstrated substantial market potential.

The conventional segment dominated the market with the most significant revenue of USD 0.72 trillion.

The conventional segment dominated the market with the most significant revenue of USD 0.72 trillion. Many alternatives are available at a fair price due to large stocks of conventional petrol cars. In addition, the growing concerns about pollution and climate change have created a significant demand for alternatives to traditional gasoline-powered cars, propelling the segment’s growth.

The organized segment dominated the market with the most significant revenue of USD 1.14 trillion.

The organized segment dominated the market with the most significant revenue of USD 1.14 trillion. As a result of new retail models, competition, and the growth of franchised dealers, the organised vendor segment has been expanding.

The petrol segment dominated the market with the most significant revenue of USD 0.77 trillion.

The petrol segment dominated the market with the most significant revenue of USD 0.77 trillion. The petrol segment is expanding as governments worldwide have passed tough regulations prohibiting the use of diesel in automobiles.

The SUV segment dominated the market with the most significant revenue of USD 0.85 trillion.

The SUV segment dominated the market with the most significant revenue of USD 0.85 trillion. Consumers see SUVs as perfect cars in many areas since they provide size and capacity while being small compared to off-road vehicles.

Report Scope and Segmentation –

Report Coverage Details
Forecast Period 2023-2032
Forecast CAGR 5.9%
2032 Value Projection USD 3.3 Trillion
Market Size in 2022 USD 1.9 Trillion
Historical Data 2019-2021
No. of Pages 239
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered Vehicle Type, Vendor Type, Fuel Type, Size
Regions Covered The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Used Car Market Growth Drivers High cost of new cars

Market Dynamics:

Drivers: Growing consumer desire for versatile hatchback cars

The market for used hatchback cars in Europe is projected to increase by more than 3.5% until 2028, mostly due to the rising demand for hatchbacks that offer versatility in tight areas. Top automakers like Audi AG, BMW AG, Mercedes-Benz, and Volkswagen are heavily present in the used car market and contribute to its growth because they offer a wide range of hatchback car models. Market participants provide hatchback cars with a short roofline and a sporty appearance.

Restraint: Growing disposable income

The working class’s rising disposable income, which allows people to purchase new cars on a tight budget, is expected to hinder the market’s growth. According to Statistics Canada, low-class households’ disposable incomes increased by 3.3% and 3% in the first half of 2021. On the other hand, during the same period, the earnings of upper-class households decreased by 6.4% and then increased by 3.9%. Thus, the growing disposable income allows people to purchase new cars, restraining the market’s growth.

Opportunity: Growth of online technologies and e-commerce

People can now access information more effectively due to several factors, including rising urbanisation and improved internet connectivity by technological advancements in the telecom sector. Used car owners can swiftly market and share vehicle information with these services. This online platform has allowed more people to buy and sell cars, providing growth opportunities for the market during the forecast period.

Challenge: Issues associated with used cars

Most used cars often face issues and frequently require maintenance. Some of the frequent problems faced by consumers include battery problems, warranty problems, rusted and dented body, tyre issues, etc, to name a few. Due to these issues, several consumers hesitate to purchase used cars, challenging the market’s growth.

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Some of the major players operating in the used car market are:

● Maruti True Value
● Hyundai H Promise
● Ford Assured
● Big Boy Toyz
● Audi Approved Plus
● Car Trade
● CARS24
● Mahindra First Choice Wheels
● Honda Auto Terrace
● Toyota U Trust
● BMW Premium Selection
● Mercedes-Benz Certified
● OLX

Key Segments cover in the market:

By Vehicle Type:

● Electric
● Conventional
● Hybrid

By Vendor Type:

● Unorganized
● Organized

By Fuel Type:

● Petrol
● Diesel
● Others

By Size:

● SUV
● Mid-Sized
● Compact Car

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About the report:

The global used car market is analyzed based on value (USD trillion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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