April 2025
Senior Research Analyst
Reviewed By
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.
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.
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 |
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.”
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.
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.
By Vehicle
By Fuel
By Sales Channel
By End Use
By Region
April 2025
March 2025
March 2025
March 2025
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.
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