Leading Growth Driver in the Used Cars Market in 2025: Emergence Of Online Platforms For Used Car Driver's Influence

What combination of drivers is leading to accelerated growth in the used cars market?
The growth of the used cars market is being significantly propelled by the advent of online platforms for used car sales around the world. These digital outlets offer convenience and the necessary information for purchasing and selling pre-owned vehicles. To amplify the sales of used cars, notable players are broadening their operations in the digital realm. For example, We Buy Any Car Ltd., a well-known online car purchasing platform based in the UK, published statistics for the UK car market in August 2024. According to the data, there were a total of 1,963,395 pre-owned cars sold in the UK for the second quarter of 2024 (April-June). This signified a 7.2% annual growth compared to the same period of 2023. Hence, the rise of online platforms for second-hand car sales across the world is playing a substantial role in driving the growth of the used cars market.

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What is the projected compound annual growth rate (CAGR) of the used cars market from 2025 to 2034, and what factors influence it?
The market size for used cars has significantly expanded in the recent past. It is projected to surge from $1385.48 billion in 2024 to $1464.84 billion in 2025, marking a compound annual growth rate (CAGR) of 5.7%. The growth during the historic period can be credited to a scarcity of new cars, the depreciation value of new vehicles, better vehicle longevity, the broadening of the used car market, and heightened sensitivity to pricing among consumers.

The size of the used cars market is forecasted to experience robust growth in the coming years. The market is set to flourish to a value of $1954.08 billion by the year 2029, demonstrating a compound annual growth rate (CAGR) of 7.5%. This expansion during the projected period is associated with an increased inclination towards used electric cars, digital evolution in the process of purchasing used cars, a deficiency in new car stock, and greater emphasis on environmentally-friendly transportation. Prominent trends expected for the forecast period comprise online marketplaces for used cars, certified pre-owned schemes, subscription services for used cars, improved vehicle history reports, and the inclusion of artificial intelligence in pricing and valuation processes.

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How are the latest trends influencing the growth of the used cars market?
A prominent trend emerging in the used cars market is the escalating investment activity. The leading corporations participating in this market are intensifying their investments to expand their businesses and fortify their market standing. Case in point, in November 2022, Kia India, a notable name in the Indian Automobile industry, launched their Pre-Owned Car Business under the banner 'Kia CPO'. The company, through the distinct Kia CPO outlets, aims to enable their clients to sell, buy or swap pre-owned vehicles, facilitated by ownership transfers and tailor-made financial plans.

What are the major segments of the used cars market and their role in driving growth?
The used cars market covered in this report is segmented -

1) By Vehicle Type: Hatchback, Sedan, SUV
2) By Fuel Type: Petrol, Diesel, Hybrid Or Electric
3) By Sales Channel: Peer-To-Peer, Franchised Dealers, Independent Dealers

Subsegments:
1) By Hatchback: Compact Hatchbacks, Subcompact Hatchbacks, Performance Hatchbacks
2) By Sedan: Compact Sedans, Mid-Size Sedans, Full-Size Sedans
3) By SUV: Compact SUVs, Mid-Size SUVs, Full-Size SUVs, Crossover SUVs

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Which regions are key players in the growth of the used cars market?
Asia-Pacific was the largest region in the used cars market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the used cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the used cars market?
Major companies operating in the used cars market include Hendrick Automotive Group, Group 1 Automotive Inc., Cox Automotive Inc., Asbury Automotive Group Inc., CarMax Business Services LLC, AutoNation Inc., Cars24 Services Private Limited, Carvana Co., Lithia Motors Inc., Mahindra First Choice Wheels Ltd., TrueCar Inc., Vroom Inc., Shift Technologies Inc., CarGurus Inc., Penske Automotive Group Inc., Sonic Automotive Inc., CarHop Auto Sales and Finance, Hertz Global Holdings Inc., Enterprise Holdings Inc., Avis Budget Group Inc., Budget Car Sales, Thrifty Car Sales, Off Lease Only, EchoPark Automotive Inc., CarSense, OffLeaseOnly. com, DriveTime Automotive Group Inc., CarsDirect. com LLC, KBB com LLC, Autolist Inc., Cars com Inc., Autotempest Inc.

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What Is Covered In The Used Cars Global Market Report?

•Market Size Forecast: Examine the used cars market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the used cars market for a structured understanding.
•Key Players Overview: Analyze major players in the used cars market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the used cars market.
•Segment Contributions: Evaluate how different segments drive overall growth in the used cars market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the used cars market.
•Industry Challenges: Identify potential risks and obstacles affecting the used cars market.
•Competitive Landscape: Review strategic developments in the used cars market, including expansions, agreements, and new product launches.

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