Used Cars Market Size Surges $4.36 Trillion by 2034

Used Cars Market Growth, Challenges and Emerging Opportunities

Based on market forecasts, the used cars sector will expand from USD 2.80 trillion in 2024 to USD 4.36 trillion by 2034, experiencing a CAGR of 4.53%. North America dominates the used car market due to more second-hand car dealers, while Asia Pacific shows strong growth from rising demand for affordable vehicles. SUVs lead due to off-roading trends, and personal vehicles top sales thanks to dealership availability.

Last Updated: 04 April 2025 Category: Automotive Services Insight Code: 1693 Format: PDF / PPT / Excel

Senior Research Analyst

Dr. Arjun Patel

Reviewed By

Aditi Shivarkar

The used cars market is forecast to grow at a CAGR of 4.53%, from USD 2.93 trillion in 2025 to USD 4.36 trillion by 2034, over the forecast period from 2025 to 2034.

Used Cars Market Size 2023 -2034

Introduction

The used cars market is a prominent branch of the automotive industry. This industry deals in purchasing and selling of used cars in different parts of the world. The used car dealers are engaged in selling various types of vehicles consisting of hatchback, sedan, SUV and some others. These vehicles are powered using several types of propulsion comprising of gasoline, diesel, hybrid, electric and some others. There are numerous types of dealers engaged in this sector including peer-to-peer dealers, franchised dealers, independent dealers and others. The rising sales of used cars in different parts of the world has boosted the market growth. This market is anticipated to rise significantly with the growth of the luxury vehicle industry around the globe.

UK Used Car Sales (2023-24)

  • According to the SMMT, around 7242692 used cars were sold in UK during 2023 that increased to 7643180 in 2024.

Highlights of the Used Cars Market

  • North America held the largest share of the used cars market due to the rise in number of second-hand car dealers in this region.
  • Asia Pacific is expected to grow with a significant CAGR due to growing demand for affordable vehicles in this region.
  • The SUV segment led the industry due to the rising trend of adventure driving and off-roading activities in different parts of the world.
  • The personal segment held the largest portion of the industry due to the availability of passenger vehicles in used car dealerships.

Key Metrics and Overview

Metric Details
Market Size in 2024 USD 2.80 Trillion
Projected Market Size in 2034 USD 4.36 Trillion
CAGR (2025 - 2034) 4.53%
Leading Region North America
Market Segmentation By Vehicle, By Fuel, By Sales Channel, By End Use and By Region
Top Key Players CarMax, CARS24, Carvana, Alibaba, Asbury Automotive Group

Used Cars: Stats & Figures

  • According to the India Brand Equity Foundation, the Indian used car sales in expected to reach 10.8 million units by 2030.
  • According to the Federal Reserve Bank of ST.Louis, around 12369 used cars were sold in U.S. during January 2025.
  • According to the SMMT, around 469,249 used cars were sold in the UK region during December 2024.
  • According to the China Association of Automobile Manufacturers, the China used car market is expected to generate a revenue of 81 billion euros in 2028.

Industry Leader Announcement

In June 2024, Mr. Takashi Takamiya, the Vice President at Toyota Kirloskar Motor made an announcement stating that, “Used car business is a key pillar of Toyota’s overall business and growth strategy here in India which is also closely aligning with our vision of ‘Mobility for All’. Therefore, the expansion of TUCO with the inauguration of our first used car outlet in New Delhi exemplifies our dedication to quality, reliability, and customer satisfaction.

Above all, this new outlet upholds the standards synonymous with Toyota products and our benchmark service experience. With the Indian used car market projected to grow at a CAGR of 8% and currently being 1.3 times the size of the new car market, the sector holds significant growth potential. Our recent expansion of the Toyota Company Owned Outlet in Delhi and plans for more outlets across key cities underscore TKM’s strategy to create a seamless, transparent, and reliable used car market for our customers, emphasizing quality and safety-focused refurbishment.”

Geographical Insights

North America held the highest share of the used cars market. The rising demand for luxury vehicles in the U.S. and Canada has driven the market expansion. Also, various banks are providing low-interest loans for purchasing used cars along with rise in number of used car platforms is crucial for the industrial growth. Moreover, the presence of several market players such as Penske Automotive Group, Lithia Motors, Asbury Automotive Group and some others is predicted to propel the market growth in this region.

Competitive Landscape

Used Cars Market Companies

The used cars market is a rapidly developing industry with the presence of several dominating players. Some of the prominent companies in this industry consists of CarMax, CARS24, Carvana, Alibaba, Asbury Automotive Group, AutoNation, eBay and some others. These companies are constantly engaged in opening up new used car dealerships and adopting numerous strategies to maintain their dominance in this industry.

Asbury Automotive Group Used Vehicle Segm (2023-24)

  • According to the annual report of Asbury Automotive Group, the used vehicle segment generated a revenue of US$ 4414.30 million in 2023 that increased to US$ 5218.20 million in 2024.

Used Cars Market Segmentations

By Vehicle

  • Hatchback
  • Sedan
  • SUV
  • Others

By Fuel

  • Gasoline
  • Diesel
  • Hybrid
  • Electric
  • Others

By Sales Channel

  • Peer-to-peer
  • Franchised dealers
  • Independent dealers

By End Use

  • Personal
  • Commercial

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
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About The Author

Dr. Arjun Patel is a distinguished expert in the automotive industry, holding advanced degrees in Automotive Engineering and Mechanical Engineering. His expertise spans automotive market dynamics, technological advancements, and sustainable practices. Dr. Patel excels in conducting in depth research and analysis on market trends, consumer preferences, and the economic implications within the automotive sector. He is renowned for his insightful publications on topics such as electric vehicles, autonomous driving technologies, and the evolution of sustainable transportation solutions. Dr. Patels research contributions have significantly advanced understanding in the field, earning him recognition as a leading authority in automotive research and analysis.

FAQ's

The used cars market was valued at USD 2.93 trillion in 2025.

North America dominated this industry.

The rise in number of second-hand car dealers in different parts of the world along with growing demand for luxury cars has boosted the market growth.

Some of the prominent players of this industry consists of Alibaba, Asbury Automotive Group, AutoNation, CarMax, CARS24, Carvana, eBay and some others.

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