Used Cars Industry to Achieve $1879.28 Billion Growth by 2029

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How Will the Used Cars Market Grow by 2025 in Terms of Size and Growth?
In recent times, there has been a consistent expansion in the used cars market. The market which is anticipated to rise from $1385.48 billion in 2024 to $1442.95 billion in 2025, anticipates a compound annual growth rate (CAGR) of 4.1%. Factors such as a shortage of new cars, rapid depreciation of new cars, better durability of vehicles, growth of the used car market, and enhanced consumer price sensitivity have contributed to the growth observed in the historic period.

What Are the Estimated Growth Rates for the Used Cars Industry Through 2029?
The market for used vehicles predicts a sturdy expansion in the coming years, swelling to a market size of $1879.28 billion by 2029, with a CAGR of 6.8%. Factors contributing to this surge in the forecast period include a rising interest in used electric cars, incorporation of digitalization in purchasing used cars, a dearth of new car supply, and heightened attention towards eco-friendly transit. The future trends to look out for include e-commerce for pre-loved cars, certified second-hand programs, subscription services for used cars, more comprehensive vehicle history checks, and the application of artificial intelligence in determining pricing and value.

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What Are the Strategic Drivers Boosting Used Cars Market Performance?
The global used cars market is experiencing considerable growth, which is largely driven by the rise of online platforms for used car sales. These virtual avenues offer easy accessibility and provide all the necessary information for both buying and selling used cars. To amplify used car sales, key players in the market are transitioning their operations onto digital platforms. Take We Buy Any Car Ltd for example. This UK-based online car buying platform reported that a staggering 1,963,395 used cars were sold in the UK in just the second quarter of 2024 (April to June). This represents a 7.2% increase from the same time frame in 2023. Undeniably, the advent of online used car selling platforms across the globe is instrumental to the rapid growth seen in the used cars market.

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What Are the Segments in the Used Cars Market?
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

What Are the Key Adoption Trends in the Used Cars Market?
A significant emerging trend in the used car sector is the heightened focus on increasing market investment. Leading companies in the used car market have been focusing on sinking more funds into the business for expansion and to solidify their market stance. For instance, Kia India, a prominent automobile company in India, launched its Pre-Owned Car Business, 'Kia CPO', in November 2022. The firm intends to leverage its exclusive Kia CPO outlets to facilitate the buying, selling, or trading of pre-owned vehicles, supplemented by ownership transfer facilities and personalized financing options.

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Which Companies Lead the Competitive Landscape of the Used Cars Industry?
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.

Where Are the Key Used Cars Market Opportunities by Region?
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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