The global used car market was valued at USD 813.79 billion in the year 2021 and it is expected to grow at a CAGR of 9.40% through 2027 due to the shortage of semiconductors and microchips, which are hurting the production of new cars. At the global level, the demand for used cars is increasing as they are more cost-effective compared to new cars, all these reasons are expected to drive the global used car market in the upcoming five years.   

The spread of the COVID-19 pandemic has affected the automotive industry in many ways. Due to COVID-19 many automotive companies have faced losses as the production capacity was halted due to the decrease in demand for new vehicles. To stop the spread of the pandemic, almost all the automotive factories, showrooms, and workshops were closed, resulting in a significant decline in production and sales of new cars across the globe. Many countries across the globe imposed lockdowns which adversely impacted the economic condition of most of the countries across the Asia-Pacific, Middle-East, and Africa regions. and the lower-income buyer’s preference for used cars increased further over new cars.

Low Price of Used Cars

Over the time, people’s standard of living across the globe has improved. Many people are willing to buy a private car to fulfil their daily mobility requirements. Nowadays more and more young people are showing interest toward purchasing a second-hand car, as the used car is more cost-effective as compared to a new car, while buying the used car buyers save a purchase tax compared to a new car. The price of a used car is almost 50% lower than a new car, which means that the price-performance ratio of a used car is sufficient over the new car. The subsequent value preservation rate for the used car is acceptable, at the time of buying the used car which has been driven for a year, its hedging rate does not fluctuate so much, which is completely acceptable. For all these reasons, used cars are exponentially more affordable than buying a new car.

Less Depreciation

Used cars have less depreciation rate than the new car. The moment when the new cars are driven by the owners, the value of the new car begins to depreciate. The value of a new car can depreciate by as much as 30% depending on the car. During the second and third years of a new car, the value depreciates gets at a much slower rate, from 5% to 8%. In the fourth year of a new car, the depreciation value jumps up to 15% as the warranties expire and mileage has accumulated. The used car depreciation rate is much less than the new car. Owing to the less depreciation rate in used cars, demand for used cars increased over the year in many countries of Asia-Pacific and in the Middle East and the African region, which is driving the global used car market.

Changing Consumer Perception

The good condition used cars are changing the mindset of buyers regarding new cars as the attractive value price offered by the used car is making the people buy the used car over the new car. When the COVID-19 pandemic started, many country’s governments had to restrict public gatherings and also reduce the availability of public transport. Due to less public transport availability, the demand for the personal mobility is increased, and used cars come as a prominent option for buyers as they are much cost-effective as compared to a new car. The increase in nuclearization and urbanization are also the key factors for the growth of the global used car market.

Suitable for new drivers to practice

When the newcomers buy a new car and drive it for the first time it can be risky for them as they may meet an accident. As they need a car to hone their driving skills, then a used car comes as a good option for them as the buying cost is low compared to new car. Used cars have many benefits over the new car by which the younger one gets attracted toward the good condition used car. By increasing demand for the used car among the buyer, the sales of used cars will increase in the coming up year this will drive the global used car market.


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Market Segmentation

The global used car market is segmented based on vehicle type propulsion type, by sales channel, by end use, and by region Based on vehicle type, the market is further segmented into hatchback, sedan, and SUV/MPV. Based on the propulsion type, the market is bifurcated into internal combustion engine and electric. Under vehicle type, sedan segment for dominated the market with a total share of 35.12% in the year 2021 among the other vehicles. The Asia-Pacific region has the largest market share, accounting for 28.95% as of the year 2021.

Company Profiles

CarMax, Inc, AutoNation, Inc, Hendrick Automotive Group (North Carolina, U.S.), Penske Automotive Group, Inc, Arnold Clark Automobiles Limited, Others (Includes Maruti True value, Guazi, Uxin Group, etc). The company is among the major market players in used cars that lead the market growth of the global used car market.

Attribute

Details

Market size value in 2021

USD813.79 Billion

Revenue Forecast in 2027

USD1375.65 Billion

Growth Rate

9.40%

Base Year

2021

Historical Years

2017 – 2021

Estimated Year

2022

Forecast Period

2022 – 2027F

Quantitative Units

Revenue in USD Million, Volume in Units, and CAGR for 2017-2021 and 2022-2027

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

  •          By Vehicle Type
  •            By Propulsion Type
  •            By Sales Channel
  •           By End Use
  •            By Region

Region Scope

Asia-Pacific, Europe, North America, South America, and Middle East & Africa.  

Key Companies Profiled

CarMax, Inc, AutoNation, Inc, Hendrick Automotive Group (North Carolina, U.S.), Penske Automotive Group, Inc, Arnold Clark Automobiles Limited, Others (Includes Maruti True value, Guazi, Uxin Group, etc.)

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, global used car market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Global Used Car Market, By Vehicle Type:
    • Sedan
    • SUV/MPV
    • Hatchback
  • Global Used Car Market, By Propulsion Type:
    • Internal Combustion Engine
    • Electric
  • Global Used Car Market, By Sales Channel:
    • Offline
    • Online
  • Global Used Car Market, By End Use:

o   Individual

o   Institutional

  • Global Used Car Market, By Region
    • Asia-Pacific
    • Europe
    • South America
    • North America
    • Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global used car market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.    Product Overview

2.    Research Methodology 

3.    Executive Summary

4.    Impact of COVID-19 on Global Used Car Market

5.    Voice of Customer

5.1.1.     Factors Influencing Purchase Decision

5.1.2.     Sources of Information

5.1.3.     Challenge/Unmet Needs

6.    Global Used Car Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Volume and Value

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type (Hatchback, Sedan, SUV/MPV)

6.2.2.     By Propulsion Type (Internal combustion Engine, Electric)

6.2.3.     By Sales Channel (Offline, Online)

6.2.4.     By End Use (Individual, Institutional)

6.2.5.     By Region

6.2.6.     By Company (2021)

6.3.  Market Map (By Vehicle Type, By Propulsion Type, By Sales Channel, By End Use, By Region)

7.    Asia-Pacific Used Car Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Volume and Value

7.2.  Market Share & Forecast

7.2.1.     By Vehicle Type

7.2.2.     By Propulsion Type

7.2.3.     By Sales Channel

7.2.4.     By End Use

7.2.5.     By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.     China Used Car Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Volume and Value

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.             By Vehicle Type

7.3.1.2.2.             By Propulsion Type

7.3.1.2.3.             By Sales Channel

7.3.1.2.4.             By End Use

7.3.2.     Japan Used Car Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Volume and Value

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.             By Vehicle Type

7.3.2.2.2.             By Propulsion Type

7.3.2.2.3.             By Sales Channel

7.3.2.2.4.             By End Use

7.3.3.     India Used Car Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Volume and Value

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.             By Vehicle Type

7.3.3.2.2.             By Propulsion Type

7.3.3.2.3.             By Sales Channel

7.3.3.2.4.             By End Use

7.3.4.     South Korea Used Car Market Outlook

7.3.4.1.         Market Size & Forecast

7.3.4.1.1.             By Volume and Value

7.3.4.2.         Market Share & Forecast

7.3.4.2.1.             By Vehicle Type

7.3.4.2.2.             By Propulsion Type

7.3.4.2.3.             By Sales Channel

7.3.4.2.4.             By End Use

7.3.5.     Thailand Used Car Market Outlook

7.3.5.1.         Market Size & Forecast

7.3.5.1.1.             By Volume and Value

7.3.5.2.         Market Share & Forecast

7.3.5.2.1.             By Vehicle Type

7.3.5.2.2.             By Propulsion Type

7.3.5.2.3.             By Sales Channel

7.3.5.2.4.             By End Use

8.    Europe Used Car Market

8.1.  Market Size & Forecast

8.1.1.     By Volume and Value

8.2.  Market Share & Forecast

8.2.1.     By Vehicle Type

8.2.2.     By Propulsion Type

8.2.3.     By Sales Channel

8.2.4.     By End Use

8.2.5.     By Country

8.3.  Europe: Country Analysis

8.3.1.     France Used Car Market

8.3.1.1.         Market Size & Forecast

8.3.1.1.1.             By Volume and Value

8.3.1.2.         Market Share & Forecast

8.3.1.2.1.             By Vehicle Type

8.3.1.2.2.             By Propulsion Type

8.3.1.2.3.             By Sales Channel

8.3.1.2.4.             By End Use

8.3.2.     Germany Used Car Market

8.3.2.1.         Market Size & Forecast

8.3.2.1.1.             By Volume and Value

8.3.2.2.         Market Share & Forecast

8.3.2.2.1.             By Vehicle Type

8.3.2.2.2.             By Propulsion Type

8.3.2.2.3.             By Sales Channel

8.3.2.2.4.             By End Use

8.3.3.     United Kingdom Used Car Market

8.3.3.1.         Market Size & Forecast

8.3.3.1.1.             By Volume and Value

8.3.3.2.         Market Share & Forecast

8.3.3.2.1.             By Vehicle Type

8.3.3.2.2.             By Propulsion Type

8.3.3.2.3.             By Sales Channel

8.3.3.2.4.             By End Use

8.3.4.     Italy Used Car Market

8.3.4.1.         Market Size & Forecast

8.3.4.1.1.             By Volume and Value

8.3.4.2.         Market Share & Forecast

8.3.4.2.1.             By Vehicle Type

8.3.4.2.2.             By Propulsion Type

8.3.4.2.3.             By Sales Channel

8.3.4.2.4.             By End Use

8.3.5.     Spain Used Car Market

8.3.5.1.         Market Size & Forecast

8.3.5.1.1.             By Volume and Value

8.3.5.2.         Market Share & Forecast

8.3.5.2.1.             By Vehicle Type

8.3.5.2.2.             By Propulsion Type

8.3.5.2.3.             By Sales Channel

8.3.5.2.4.             By End Use

9.    North America Used Car Market

9.1.  Market Size & Forecast

9.1.1.     By Volume and Value

9.2.  Market Share & Forecast

9.2.1.     By Vehicle Type

9.2.2.     By Propulsion Type

9.2.3.     By Sales Channel

9.2.4.     By End Use

9.2.5.     By Country

9.3.  North America: Country Analysis

9.3.1.     United State Used Car Market

9.3.1.1.         Market Size & Forecast

9.3.1.1.1.             By Volume and Value

9.3.1.2.         Market Share & Forecast

9.3.1.2.1.             By Vehicle Type

9.3.1.2.2.             By Propulsion Type

9.3.1.2.3.             By Sales Channel

9.3.1.2.4.             By End Use

9.3.2.     Canada Used Car Market

9.3.2.1.         Market Size & Forecast

9.3.2.1.1.             By Volume and Value

9.3.2.2.         Market Share & Forecast

9.3.2.2.1.             By Vehicle Type

9.3.2.2.2.             By Propulsion Type

9.3.2.2.3.             By Sales Channel

9.3.2.2.4.             By End Use

9.3.3.     Mexico Used Car Market

9.3.3.1.         Market Size & Forecast

9.3.3.1.1.             By Volume and Value

9.3.3.2.         Market Share & Forecast

9.3.3.2.1.             By Vehicle Type

9.3.3.2.2.             By Propulsion Type

9.3.3.2.3.             By Sales Channel

9.3.3.2.4.             By End Use

10.  South America Used Car Market

10.1.              Market Size & Forecast

10.1.1.  By Volume and Value

10.2.              Market Share & Forecast

10.2.1.  By Vehicle Type

10.2.2.  By Propulsion Type

10.2.3.  By Sales Channel

10.2.4.  By End Use

10.2.5.  By Country

10.3.              South America: Country Analysis

10.3.1.  Brazil Used Car Market

10.3.1.1.      Market Size & Forecast

10.3.1.1.1.           By Volume and Value

10.3.1.2.      Market Share & Forecast

10.3.1.2.1.           By Vehicle Type

10.3.1.2.2.           By Propulsion Type

10.3.1.2.3.           By Sales Channel

10.3.1.2.4.           By End Use

10.3.2.  Argentina Used Car Market

10.3.2.1.      Market Size & Forecast

10.3.2.1.1.           By Volume and Value

10.3.2.2.      Market Share & Forecast

10.3.2.2.1.           By Vehicle Type

10.3.2.2.2.           By Propulsion Type

10.3.2.2.3.           By Sales Channel

10.3.2.2.4.           By End Use

10.3.3.  Colombia Used Car Market

10.3.3.1.      Market Size & Forecast

10.3.3.1.1.           By Volume and Value

10.3.3.2.      Market Share & Forecast

10.3.3.2.1.           By Vehicle Type

10.3.3.2.2.           By Propulsion Type

10.3.3.2.3.           By Sales Channel

10.3.3.2.4.           By End Use

11.  MEA Used Car Market

11.1.              Market Size & Forecast

11.1.1.  By Volume and Value

11.2.              Market Share & Forecast

11.2.1.  By Vehicle Type

11.2.2.  By Propulsion Type

11.2.3.  By Sales Channel

11.2.4.  By End Use

11.2.5.  By Country

11.3.              MEA: Country Analysis

11.3.1.  South Africa Used Car Market

11.3.1.1.      Market Size & Forecast

11.3.1.1.1.           By Volume and Value

11.3.1.2.      Market Share & Forecast

11.3.1.2.1.           By Vehicle Type

11.3.1.2.2.           By Propulsion Type

11.3.1.2.3.           By Sales Channel

11.3.1.2.4.           By End Use

11.3.2.  Turkey Used Car Market

11.3.2.1.      Market Size & Forecast

11.3.2.1.1.           By Volume and Value

11.3.2.2.      Market Share & Forecast

11.3.2.2.1.           By Vehicle Type

11.3.2.2.2.           By Propulsion Type

11.3.2.2.3.           By Sales Channel

11.3.2.2.4.           By End Use

11.3.3.  Iran Used Car Market

11.3.3.1.      Market Size & Forecast

11.3.3.1.1.