Used Cars Market Expansion Continues, with Forecast Valuation of $1954.08 Billion by 2029

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Used Cars Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of used cars has seen robust growth in the past few years. It is projected to increase from $1385.48 billion in 2024 to $1464.84 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%. The historic period's growth can be linked to a shortage of new cars, the depreciation of new cars, enhanced vehicle longevity, the expansion of the used car market, and heightened consumer price sensitivity.

Used Cars Market Size Forecast: What's the Projected Valuation by 2029?
The market size for second-hand vehicles anticipates robust expansion in the upcoming years. The prediction is a rise to $1954.08 billion by 2029 with a 7.5% compound annual growth rate (CAGR). The projected growth during this forecast period can be traced back to a rising preference for pre-owned electric cars, integration of digitalization in the used car purchasing process, scarcity of new car supplies, and an elevated emphasis on eco-friendly transportation. Noteworthy trends during the forecast period encompass digital marketplaces for used cars, accreditation schemes for previously owned vehicles, subscription models for used automobile services, advanced vehicle history assessments, and the incorporation of artificial intelligence in car pricing and valuation.

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What Are the Drivers Transforming the Used Cars Market?
The growth of the used car market is being significantly propelled by the rise of online platforms for used car sales worldwide. These online frameworks offer simplicity and the necessary details for purchasing and selling used cars. Major players are digitally expanding their operations to boost used car sales. For example, We Buy Any Car Ltd., a UK-based online car buying platform, released statistics in August 2024 that revealed in the UK, a total of 1,963,395 used cars were sold in the second quarter of that year (from April to June), indicating a 7.2% yearly increase in comparison to the same timeframe in 2023. Hence, the booming online platforms for selling used cars across the globe are fueling substantial growth of the used car market.

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What Long-Term Trends Will Define the Future of the Used Cars Market?
The rising trend of heightened investment in the used cars market is gathering momentum. Predominant companies within this market are centering their initiatives around escalating their financial commitments towards business growth and solidifying their commercial standing. To exemplify, Kia India, a notable automobile corporation in India, launched a Pre-Owned Car Business called 'Kia CPO' in November 2022. This endeavor comprises exclusive Kia CPO stores, where the company envisages its clientele to sell, purchase, or swap pre-owned vehicles, supported by property transfer services and tailored financing solutions.

Which Segments in the Used Cars Market Offer the Most Profit Potential?
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 Firms Dominate the Used Cars Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential in 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

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