0
New
New
2023
Used Cars Market

Used Cars Market

by Vehicle Type (Hatchback, Sedan, SUV), by Propulsion (ICE, Electric and Hybrid), by Distribution Channel (Franchised Dealer, Independent Dealer, Peer-to-peer): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A06429
Mar 2023 | Pages: 302
Tables: 125
Charts: 55
  • Formats*:

  • pdf

    Single User License, Five User
    License & Enterprise User License

  • xls

    Data Pack Excel License

  • ppt

    It comes with the additional cost
    of $2500.00 contact sales.

 

Second Hand Car Market - 2031:

The global used cars market size was valued at $1.4 trillion in 2021, and is projected to reach $2.6 trillion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.

A used car is a second-hand vehicle that is available for resale. Various outlets such as franchise and independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell used cars. There is a lower rate of car ownership among millennials owing to high cost of vehicles and maintenance cost of personal cars. In addition, millennials are inclined toward cutting costs on cars, and thus majorly opt for used cars to travel. In addition, a lot of people are not able to buy new cars due to high cost, which boosts the sales of the used cars in the market. This also makes way for different investments by industry participants to establish their dealership network in the market.

Used Cars Market

E-commerce players have made use of digital transformation to increase their footprint in their respective markets. E-commerce breaks down geographic barriers for companies and allows sales in places that can be challenging to reach with traditional models, owing to which used cars market players across the globe are shifting their focus to online sales channels. Owing to all these factors, the growth of internet-based sales is expected to propel the demand for used cars during the forecast period.

The used car market trends that are becoming increasingly popular in the automotive industry is includes increasing investment by operating players. Leading players in the used cars market are concentrating on boosting investments for company growth and fortifying their competitive position. For instance, in December 2020, Volkswagen, a well-known automaker with headquarters in Germany, announced the launch of two new locations in Bengaluru and Ahmedabad, expanding its network of digitally connected used cars dealerships in India. The manufacturer also maintained its plan to open 21 of these showrooms, which will sharpen its focus on investments in the second-hand cars market.

The unorganized cars industry currently dominates C2C sales and has a sizeable portion of the market in most nations. It also lacks inventories. Unorganized companies have long dominated the secondhand cars market in nations such as Mexico, India, China, and Brazil. Contrary to these unorganized companies in developing nations, organized players offer free servicing and free towing at the dealership along with the growth of the used automobile industry in such nations. These services aid in bringing clients to their dealerships, thus fostering a relationship of trust between buyers and sellers.

Used Cars Market

South Korea is the seventh-largest exporter of automobiles and one of the top makers of automobiles. In addition, it imports and exports secondhand cars in significant quantities. Meanwhile, the coronavirus outbreak has boosted people's need for personal transportation, which is boosting the market for old automobiles. For instance, the used car market value in South Korea has increased by twofold over the past ten years, with roughly 3.7 million vehicles registered for transfer in 2019.

High new vehicle prices and affordability concerns, rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers, and increasing investment by giant automakers in the market are the major factors that propel the used cars market growth. However, unorganized used cars sales and lack of regularization are the major factors that hamper the growth of the market. Furthermore, the advent of E-commerce and online technologies, a steady increase in organized/semi-organized sales in emerging countries, a surge in electric vehicle business across the globe, and demand for car-sharing services are the factors that are expected to offer growth opportunities for the market during the forecast period.

The market segmentation is based on the vehicle type, propulsion, distribution channel, and region. By vehicle type, it is divided into hatchback, sedan, and SUV. As per propulsion, it is classified into ICE and electric & hybrid. Depending on distribution channel, it is categorized into franchised dealer, independent dealer, and peer-to-peer.  Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific, which comprises China, India, Japan, South Korea, and the Rest of Asia-Pacific,  has one of the most advanced automotive sectors across the globe. Rest of Asia-Pacific includes Australia, South Korea, New Zealand, and others. Countries such as China, Japan, India, and others in the region are highly developed in terms of infrastructure and automotive manufacturing facilities.

Used Cars Market

Some leading companies profiled in the used cars market report comprises Asbury Automotive Group, Inc., AutoNation, Inc., CarMax Business Services, LLC, Cars24 Services Private Limited, Carvana, Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd., and TrueCar, Inc.

The leading companies are adopting strategies such as product launch, acquisition, and expansion to strengthen their market position. In January 2021, CarMax Business Services, LLC launched a love your car guarantee. This new offering gives customers the ability to take 24-hour test drives before committing to purchase. In addition, the company has extended its 7-day money-back guarantee to a 30-day money-back guarantee. The new offering is expected to pull more customers to its stores. In addition, in March 2021, Group1 Automotive Inc. expanded its business presence in the Massachusetts market with the acquisition of two Toyota dealerships. Further, these stores are expected to generate approximately $120 million in annualized revenue.

High new vehicle prices and affordability concerns

The high cost associated with new cars is the major factor that is expected to fuel the growth of the global used cars market. Prices for cars increase periodically. This is due to the characteristics of the industry. Many companies position their cars in markets where they can turn a sufficient profit and keep their stock moving. Notably, too inexpensive cars would not cover the expenditures of manpower and supplies. Over the past few years, the automotive industry has been witnessing increased demand for advanced features in vehicles such as power steering systems, climate control systems, anti-lock braking systems, and others. This, in turn, has led to rising in the price of the new vehicles. Moreover, the price increase in 2019 led by mainstream passenger car segments, poses a sign of affordability challenges in the new cars market.

Moreover, new cars are typically outfitted with high-performance electronic systems, brakes, and engines that can withstand the demands at the expense of comfort, fuel economy, and storage compared with other cars for traveling. As a result, new cars can range in price from a few hundred dollars to several thousand. Hence, the upsurge in adopting new cars in other than developed countries, such as China and the U.S., is limited by high costs.

Furthermore, an increase in vehicle prices is making its way back to the used cars market. Therefore, the automotive market has witnessed an increase in the number of sales for used vehicles as compared to new vehicle sales. This is anticipated to fuel the demand for used vehicles during the forecast period.

Rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers

The rise in competition in the market and the threat of new entries are the factors that boost the growth of the used car dealership business. The reliable & add-on service/quality has changed the perspective of consumers toward the used vehicle business. In addition, franchised dealers with support from OEM involvement in certification and marketing programs, online inventory pooling, and access to high-quality contracts are in a strong position to benefit from the growth in the used cars market. Moreover, there has been a rise in the demand for vehicle subscription services in the last few years which allows consumers to use a vehicle on monthly basis by paying monthly fees, which include maintenance, insurance, and roadside assistance. Furthermore, rapid change in technology or the introduction of new models of vehicles at short intervals allows customers to sell or exchange their old vehicle for a new vehicle. Such value money benefit has led to the rise in growth of the used cars industry in the coming years.

Used Cars Market

Unorganized used car sales

The unorganized players in the used cars market limit the market growth. In countries such as India, China, Thailand, Brazil, and Mexico, the unorganized players hold the larger share in the  market. In addition, the unorganized players do not offer any warranty on pre-owned cars. Moreover, few sellers also perform malpractices such as re-painting and dent removal for accidental vehicles to hide their damage and get a false inflated value, which creates fear among the buyers for buying used cars. Therefore, higher rate of malpractices and hold of the larger share of the market by unorganized dealers creates a threat for the growth of the market. For instance, in a recent interview CEO of Mahindra First Choice, a leading used car sales company in India, said that unorganized players in the market pose threat to consumer protection. In India, the organized sector holds only a 12-15% market share whereas the margin of 8 to 10% is not equally rewarding compared to the U.S. market. Thus, unorganized players are creating a threat to the market.

Advent of E-commerce and online technologies

The advancements in technology such as the development of the internet, the use of e-commerce sites/applications to boost the demand for business, and the introduction of hybrid and electric vehicles has changed the buyer position in the market. With the help of online technologies, consumers are becoming knowledgeable about the vehicle, its residual value, third-party profit margin, and others.

Moreover, rapid urbanization, the surge in internet connectivity, and developments in the telecom sector have allowed for a much-better information flow for people. These factors are being rapidly used by used car owners to advertise their vehicles and spread the details about them. This online platform has smoothly increased the sales process and enabled more stakeholders to sell and buy cars. The supply side of this market has more weightage than the demand side and transparency through knowledge has changed the dynamics and managed to turn customer intelligence to their advantage, thereby increasing the demand for used cars in the future.

Used Cars Market

There is a decrease in the demand from consumers due to the Covid-19 lockdown. Therefore, the sudden decrease in demand for vehicles has impacted automaker revenue and profitability that resulted in job losses in the automotive industry. For instance, the global economic trade impact of the COVID-19 pandemic on the automotive industry is estimated to be around $5.7 billion. Moreover, apart from the supply chain issue, the automotive industry has seen a huge decrease in the demand for new cars during the lockdown period.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the used cars market analysis from 2021 to 2031 to identify the prevailing used cars market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the used cars market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global used cars market trends, key players, market segments, application areas, and market growth strategies.

Used Cars Market Report Highlights

Aspects Details
Market Size By 2031 USD 2.6 trillion
Growth Rate CAGR of 6.5%
Forecast period 2021 - 2031
Report Pages 302
By Vehicle Type
  • Hatchback
  • Sedan
  • SUV
By Propulsion
  • ICE
  • Electric and Hybrid
By Distribution Channel
  • Franchised Dealer
  • Independent Dealer
  • Peer-to-peer
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Asbury Automotive Group, Inc., Lithia Motors, Inc., TrueCar, Inc., Group1 Automotive Inc., AutoNation, Inc., Mahindra First Choice, Hendrick Automotive Group, Carvana, CarMax Inc., cars24

Analyst Review

The used cars market is expected to witness remarkable growth in the future, owing to the high cost associated with new cars. The key factors that drive the growth of the used cars market are the rise in demand for off-lease cars & subscription services by the franchise, leasing offices, and car dealers. However, the rise in maintenance issues related to used cars is anticipated to hinder the used cars market growth. Furthermore, the rising adoption of electric vehicles is expected to provide remarkable growth opportunities for players operating in the used cars market.

Nowadays, car sharing has expanded significantly. There are additional car-sharing options besides the conventional round-trip model. Companies are now offering solutions that are more flexible, like peer-to-peer car sharing, free-floating, and one-way station-based options. Due to a rise in demand, car-sharing service providers are constantly expanding their network. To better serve their consumers, many businesses also purchase pre-owned vehicles. In addition, the rise of COVID-19 cases has resulted in a rise in the need for personal transportation. Also, many without the means to purchase a vehicle choose car-sharing services. This increase in demand is thus expected to stimulate market expansion.

However, the seller is essential to the used car dealer because, without the owner's permission, the dealer cannot acquire vehicles to serve their consumers. If new car sales decline, the market will eventually run out of inventory. Also, the pandemic has severely disrupted the automotive industry. Consumers are predicted to favor private transportation in the wake of the outbreak. As the used car market is entirely dependent on replacement buyers, car owners selling their cars, and used car imports, there is a great deal of uncertainty about how much inventory will be available to meet demand. Thus, these issues are anticipated to limit market growth during the forecast period.

 
  • CHAPTER 1: INTRODUCTION

    • 1.1. Report description

    • 1.2. Key market segments

    • 1.3. Key benefits to the stakeholders

    • 1.4. Research Methodology

      • 1.4.1. Primary research

      • 1.4.2. Secondary research

      • 1.4.3. Analyst tools and models

  • CHAPTER 2: EXECUTIVE SUMMARY

    • 2.1. CXO Perspective

  • CHAPTER 3: MARKET OVERVIEW

    • 3.1. Market definition and scope

    • 3.2. Key findings

      • 3.2.1. Top impacting factors

      • 3.2.2. Top investment pockets

    • 3.3. Porter’s five forces analysis

      • 3.3.1. Bargaining power of suppliers

      • 3.3.2. Bargaining power of buyers

      • 3.3.3. Threat of substitutes

      • 3.3.4. Threat of new entrants

      • 3.3.5. Intensity of rivalry

    • 3.4. Market dynamics

      • 3.4.1. Drivers

        • 3.4.1.1. High new vehicle prices and affordability concerns
        • 3.4.1.2. Rise in demand for off-lease cars & subscription service by the franchise, leasing offices, and car dealers
        • 3.4.1.3. Increasing investment by giant automakers in the market

      • 3.4.2. Restraints

        • 3.4.2.1. Unorganized used car sales
        • 3.4.2.2. Lack of regularization

      • 3.4.3. Opportunities

        • 3.4.3.1. Steady increase in organized/semi-organized sales in emerging countries and surge in electric vehicle business across the globe.
        • 3.4.3.2. Advent of E-commerce and online technologies
        • 3.4.3.3. Demand for car-sharing services

    • 3.5. COVID-19 Impact Analysis on the market

  • CHAPTER 4: USED CARS MARKET, BY VEHICLE TYPE

    • 4.1. Overview

      • 4.1.1. Market size and forecast

    • 4.2. Hatchback

      • 4.2.1. Key market trends, growth factors and opportunities

      • 4.2.2. Market size and forecast, by region

      • 4.2.3. Market share analysis by country

    • 4.3. Sedan

      • 4.3.1. Key market trends, growth factors and opportunities

      • 4.3.2. Market size and forecast, by region

      • 4.3.3. Market share analysis by country

    • 4.4. SUV

      • 4.4.1. Key market trends, growth factors and opportunities

      • 4.4.2. Market size and forecast, by region

      • 4.4.3. Market share analysis by country

  • CHAPTER 5: USED CARS MARKET, BY PROPULSION

    • 5.1. Overview

      • 5.1.1. Market size and forecast

    • 5.2. ICE

      • 5.2.1. Key market trends, growth factors and opportunities

      • 5.2.2. Market size and forecast, by region

      • 5.2.3. Market share analysis by country

    • 5.3. Electric and Hybrid

      • 5.3.1. Key market trends, growth factors and opportunities

      • 5.3.2. Market size and forecast, by region

      • 5.3.3. Market share analysis by country

  • CHAPTER 6: USED CARS MARKET, BY DISTRIBUTION CHANNEL

    • 6.1. Overview

      • 6.1.1. Market size and forecast

    • 6.2. Franchised Dealer

      • 6.2.1. Key market trends, growth factors and opportunities

      • 6.2.2. Market size and forecast, by region

      • 6.2.3. Market share analysis by country

    • 6.3. Independent Dealer

      • 6.3.1. Key market trends, growth factors and opportunities

      • 6.3.2. Market size and forecast, by region

      • 6.3.3. Market share analysis by country

    • 6.4. Peer-to-peer

      • 6.4.1. Key market trends, growth factors and opportunities

      • 6.4.2. Market size and forecast, by region

      • 6.4.3. Market share analysis by country

  • CHAPTER 7: USED CARS MARKET, BY REGION

    • 7.1. Overview

      • 7.1.1. Market size and forecast By Region

    • 7.2. North America

      • 7.2.1. Key trends and opportunities

      • 7.2.2. Market size and forecast, by Vehicle Type

      • 7.2.3. Market size and forecast, by Propulsion

      • 7.2.4. Market size and forecast, by Distribution Channel

      • 7.2.5. Market size and forecast, by country

        • 7.2.5.1. U.S.
          • 7.2.5.1.1. Key market trends, growth factors and opportunities
          • 7.2.5.1.2. Market size and forecast, by Vehicle Type
          • 7.2.5.1.3. Market size and forecast, by Propulsion
          • 7.2.5.1.4. Market size and forecast, by Distribution Channel
        • 7.2.5.2. Canada
          • 7.2.5.2.1. Key market trends, growth factors and opportunities
          • 7.2.5.2.2. Market size and forecast, by Vehicle Type
          • 7.2.5.2.3. Market size and forecast, by Propulsion
          • 7.2.5.2.4. Market size and forecast, by Distribution Channel
        • 7.2.5.3. Mexico
          • 7.2.5.3.1. Key market trends, growth factors and opportunities
          • 7.2.5.3.2. Market size and forecast, by Vehicle Type
          • 7.2.5.3.3. Market size and forecast, by Propulsion
          • 7.2.5.3.4. Market size and forecast, by Distribution Channel
    • 7.3. Europe

      • 7.3.1. Key trends and opportunities

      • 7.3.2. Market size and forecast, by Vehicle Type

      • 7.3.3. Market size and forecast, by Propulsion

      • 7.3.4. Market size and forecast, by Distribution Channel

      • 7.3.5. Market size and forecast, by country

        • 7.3.5.1. UK
          • 7.3.5.1.1. Key market trends, growth factors and opportunities
          • 7.3.5.1.2. Market size and forecast, by Vehicle Type
          • 7.3.5.1.3. Market size and forecast, by Propulsion
          • 7.3.5.1.4. Market size and forecast, by Distribution Channel
        • 7.3.5.2. Germany
          • 7.3.5.2.1. Key market trends, growth factors and opportunities
          • 7.3.5.2.2. Market size and forecast, by Vehicle Type
          • 7.3.5.2.3. Market size and forecast, by Propulsion
          • 7.3.5.2.4. Market size and forecast, by Distribution Channel
        • 7.3.5.3. France
          • 7.3.5.3.1. Key market trends, growth factors and opportunities
          • 7.3.5.3.2. Market size and forecast, by Vehicle Type
          • 7.3.5.3.3. Market size and forecast, by Propulsion
          • 7.3.5.3.4. Market size and forecast, by Distribution Channel
        • 7.3.5.4. Italy
          • 7.3.5.4.1. Key market trends, growth factors and opportunities
          • 7.3.5.4.2. Market size and forecast, by Vehicle Type
          • 7.3.5.4.3. Market size and forecast, by Propulsion
          • 7.3.5.4.4. Market size and forecast, by Distribution Channel
        • 7.3.5.5. Rest of Europe
          • 7.3.5.5.1. Key market trends, growth factors and opportunities
          • 7.3.5.5.2. Market size and forecast, by Vehicle Type
          • 7.3.5.5.3. Market size and forecast, by Propulsion
          • 7.3.5.5.4. Market size and forecast, by Distribution Channel
    • 7.4. Asia-Pacific

      • 7.4.1. Key trends and opportunities

      • 7.4.2. Market size and forecast, by Vehicle Type

      • 7.4.3. Market size and forecast, by Propulsion

      • 7.4.4. Market size and forecast, by Distribution Channel

      • 7.4.5. Market size and forecast, by country

        • 7.4.5.1. China
          • 7.4.5.1.1. Key market trends, growth factors and opportunities
          • 7.4.5.1.2. Market size and forecast, by Vehicle Type
          • 7.4.5.1.3. Market size and forecast, by Propulsion
          • 7.4.5.1.4. Market size and forecast, by Distribution Channel
        • 7.4.5.2. Japan
          • 7.4.5.2.1. Key market trends, growth factors and opportunities
          • 7.4.5.2.2. Market size and forecast, by Vehicle Type
          • 7.4.5.2.3. Market size and forecast, by Propulsion
          • 7.4.5.2.4. Market size and forecast, by Distribution Channel
        • 7.4.5.3. India
          • 7.4.5.3.1. Key market trends, growth factors and opportunities
          • 7.4.5.3.2. Market size and forecast, by Vehicle Type
          • 7.4.5.3.3. Market size and forecast, by Propulsion
          • 7.4.5.3.4. Market size and forecast, by Distribution Channel
        • 7.4.5.4. South Korea
          • 7.4.5.4.1. Key market trends, growth factors and opportunities
          • 7.4.5.4.2. Market size and forecast, by Vehicle Type
          • 7.4.5.4.3. Market size and forecast, by Propulsion
          • 7.4.5.4.4. Market size and forecast, by Distribution Channel
        • 7.4.5.5. Rest of Asia-Pacific
          • 7.4.5.5.1. Key market trends, growth factors and opportunities
          • 7.4.5.5.2. Market size and forecast, by Vehicle Type
          • 7.4.5.5.3. Market size and forecast, by Propulsion
          • 7.4.5.5.4. Market size and forecast, by Distribution Channel
    • 7.5. LAMEA

      • 7.5.1. Key trends and opportunities

      • 7.5.2. Market size and forecast, by Vehicle Type

      • 7.5.3. Market size and forecast, by Propulsion

      • 7.5.4. Market size and forecast, by Distribution Channel

      • 7.5.5. Market size and forecast, by country

        • 7.5.5.1. Latin America
          • 7.5.5.1.1. Key market trends, growth factors and opportunities
          • 7.5.5.1.2. Market size and forecast, by Vehicle Type
          • 7.5.5.1.3. Market size and forecast, by Propulsion
          • 7.5.5.1.4. Market size and forecast, by Distribution Channel
        • 7.5.5.2. Middle East
          • 7.5.5.2.1. Key market trends, growth factors and opportunities
          • 7.5.5.2.2. Market size and forecast, by Vehicle Type
          • 7.5.5.2.3. Market size and forecast, by Propulsion
          • 7.5.5.2.4. Market size and forecast, by Distribution Channel
        • 7.5.5.3. Africa
          • 7.5.5.3.1. Key market trends, growth factors and opportunities
          • 7.5.5.3.2. Market size and forecast, by Vehicle Type
          • 7.5.5.3.3. Market size and forecast, by Propulsion
          • 7.5.5.3.4. Market size and forecast, by Distribution Channel
  • CHAPTER 8: COMPETITIVE LANDSCAPE

    • 8.1. Introduction

    • 8.2. Top winning strategies

    • 8.3. Product Mapping of Top 10 Player

    • 8.4. Competitive Dashboard

    • 8.5. Competitive Heatmap

    • 8.6. Top player positioning, 2021

  • CHAPTER 9: COMPANY PROFILES

    • 9.1. Asbury Automotive Group, Inc.

      • 9.1.1. Company overview

      • 9.1.2. Key Executives

      • 9.1.3. Company snapshot

      • 9.1.4. Operating business segments

      • 9.1.5. Product portfolio

      • 9.1.6. Business performance

      • 9.1.7. Key strategic moves and developments

    • 9.2. AutoNation, Inc.

      • 9.2.1. Company overview

      • 9.2.2. Key Executives

      • 9.2.3. Company snapshot

      • 9.2.4. Operating business segments

      • 9.2.5. Product portfolio

      • 9.2.6. Business performance

      • 9.2.7. Key strategic moves and developments

    • 9.3. CarMax Inc.

      • 9.3.1. Company overview

      • 9.3.2. Key Executives

      • 9.3.3. Company snapshot

      • 9.3.4. Operating business segments

      • 9.3.5. Product portfolio

      • 9.3.6. Business performance

      • 9.3.7. Key strategic moves and developments

    • 9.4. cars24

      • 9.4.1. Company overview

      • 9.4.2. Key Executives

      • 9.4.3. Company snapshot

      • 9.4.4. Operating business segments

      • 9.4.5. Product portfolio

      • 9.4.6. Key strategic moves and developments

    • 9.5. Carvana

      • 9.5.1. Company overview

      • 9.5.2. Key Executives

      • 9.5.3. Company snapshot

      • 9.5.4. Operating business segments

      • 9.5.5. Product portfolio

      • 9.5.6. Business performance

    • 9.6. Group1 Automotive Inc.

      • 9.6.1. Company overview

      • 9.6.2. Key Executives

      • 9.6.3. Company snapshot

      • 9.6.4. Operating business segments

      • 9.6.5. Product portfolio

      • 9.6.6. Business performance

      • 9.6.7. Key strategic moves and developments

    • 9.7. Hendrick Automotive Group

      • 9.7.1. Company overview

      • 9.7.2. Key Executives

      • 9.7.3. Company snapshot

      • 9.7.4. Operating business segments

      • 9.7.5. Product portfolio

      • 9.7.6. Key strategic moves and developments

    • 9.8. Lithia Motors, Inc.

      • 9.8.1. Company overview

      • 9.8.2. Key Executives

      • 9.8.3. Company snapshot

      • 9.8.4. Operating business segments

      • 9.8.5. Product portfolio

      • 9.8.6. Business performance

      • 9.8.7. Key strategic moves and developments

    • 9.9. Mahindra First Choice

      • 9.9.1. Company overview

      • 9.9.2. Key Executives

      • 9.9.3. Company snapshot

      • 9.9.4. Operating business segments

      • 9.9.5. Product portfolio

      • 9.9.6. Key strategic moves and developments

    • 9.10. TrueCar, Inc.

      • 9.10.1. Company overview

      • 9.10.2. Key Executives

      • 9.10.3. Company snapshot

      • 9.10.4. Operating business segments

      • 9.10.5. Product portfolio

      • 9.10.6. Business performance

      • 9.10.7. Key strategic moves and developments

  • LIST OF TABLES

  • TABLE 01. GLOBAL USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 02. USED CARS MARKET FOR HATCHBACK, BY REGION, 2021-2031 ($BILLION)
    TABLE 03. USED CARS MARKET FOR SEDAN, BY REGION, 2021-2031 ($BILLION)
    TABLE 04. USED CARS MARKET FOR SUV, BY REGION, 2021-2031 ($BILLION)
    TABLE 05. GLOBAL USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 06. USED CARS MARKET FOR ICE, BY REGION, 2021-2031 ($BILLION)
    TABLE 07. USED CARS MARKET FOR ELECTRIC AND HYBRID, BY REGION, 2021-2031 ($BILLION)
    TABLE 08. GLOBAL USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 09. USED CARS MARKET FOR FRANCHISED DEALER, BY REGION, 2021-2031 ($BILLION)
    TABLE 10. USED CARS MARKET FOR INDEPENDENT DEALER, BY REGION, 2021-2031 ($BILLION)
    TABLE 11. USED CARS MARKET FOR PEER-TO-PEER, BY REGION, 2021-2031 ($BILLION)
    TABLE 12. USED CARS MARKET, BY REGION, 2021-2031 ($BILLION)
    TABLE 13. NORTH AMERICA USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 14. NORTH AMERICA USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 15. NORTH AMERICA USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 16. NORTH AMERICA USED CARS MARKET, BY COUNTRY, 2021-2031 ($BILLION)
    TABLE 17. U.S. USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 18. U.S. USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 19. U.S. USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 20. CANADA USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 21. CANADA USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 22. CANADA USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 23. MEXICO USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 24. MEXICO USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 25. MEXICO USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 26. EUROPE USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 27. EUROPE USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 28. EUROPE USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 29. EUROPE USED CARS MARKET, BY COUNTRY, 2021-2031 ($BILLION)
    TABLE 30. UK USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 31. UK USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 32. UK USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 33. GERMANY USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 34. GERMANY USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 35. GERMANY USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 36. FRANCE USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 37. FRANCE USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 38. FRANCE USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 39. ITALY USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 40. ITALY USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 41. ITALY USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 42. REST OF EUROPE USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 43. REST OF EUROPE USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 44. REST OF EUROPE USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 45. ASIA-PACIFIC USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 46. ASIA-PACIFIC USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 47. ASIA-PACIFIC USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 48. ASIA-PACIFIC USED CARS MARKET, BY COUNTRY, 2021-2031 ($BILLION)
    TABLE 49. CHINA USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 50. CHINA USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 51. CHINA USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 52. JAPAN USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 53. JAPAN USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 54. JAPAN USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 55. INDIA USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 56. INDIA USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 57. INDIA USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 58. SOUTH KOREA USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 59. SOUTH KOREA USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 60. SOUTH KOREA USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 61. REST OF ASIA-PACIFIC USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 62. REST OF ASIA-PACIFIC USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 63. REST OF ASIA-PACIFIC USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 64. LAMEA USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 65. LAMEA USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 66. LAMEA USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 67. LAMEA USED CARS MARKET, BY COUNTRY, 2021-2031 ($BILLION)
    TABLE 68. LATIN AMERICA USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 69. LATIN AMERICA USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 70. LATIN AMERICA USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 71. MIDDLE EAST USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 72. MIDDLE EAST USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 73. MIDDLE EAST USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 74. AFRICA USED CARS MARKET, BY VEHICLE TYPE, 2021-2031 ($BILLION)
    TABLE 75. AFRICA USED CARS MARKET, BY PROPULSION, 2021-2031 ($BILLION)
    TABLE 76. AFRICA USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021-2031 ($BILLION)
    TABLE 77. ASBURY AUTOMOTIVE GROUP, INC.: KEY EXECUTIVES
    TABLE 78. ASBURY AUTOMOTIVE GROUP, INC.: COMPANY SNAPSHOT
    TABLE 79. ASBURY AUTOMOTIVE GROUP, INC.: PRODUCT SEGMENTS
    TABLE 80. ASBURY AUTOMOTIVE GROUP, INC.: PRODUCT PORTFOLIO
    TABLE 81. ASBURY AUTOMOTIVE GROUP, INC.: KEY STRATERGIES
    TABLE 82. AUTONATION, INC.: KEY EXECUTIVES
    TABLE 83. AUTONATION, INC.: COMPANY SNAPSHOT
    TABLE 84. AUTONATION, INC.: PRODUCT SEGMENTS
    TABLE 85. AUTONATION, INC.: PRODUCT PORTFOLIO
    TABLE 86. AUTONATION, INC.: KEY STRATERGIES
    TABLE 87. CARMAX INC.: KEY EXECUTIVES
    TABLE 88. CARMAX INC.: COMPANY SNAPSHOT
    TABLE 89. CARMAX INC.: PRODUCT SEGMENTS
    TABLE 90. CARMAX INC.: PRODUCT PORTFOLIO
    TABLE 91. CARMAX INC.: KEY STRATERGIES
    TABLE 92. CARS24: KEY EXECUTIVES
    TABLE 93. CARS24: COMPANY SNAPSHOT
    TABLE 94. CARS24: PRODUCT SEGMENTS
    TABLE 95. CARS24: PRODUCT PORTFOLIO
    TABLE 96. CARS24: KEY STRATERGIES
    TABLE 97. CARVANA: KEY EXECUTIVES
    TABLE 98. CARVANA: COMPANY SNAPSHOT
    TABLE 99. CARVANA: PRODUCT SEGMENTS
    TABLE 100. CARVANA: PRODUCT PORTFOLIO
    TABLE 101. GROUP1 AUTOMOTIVE INC.: KEY EXECUTIVES
    TABLE 102. GROUP1 AUTOMOTIVE INC.: COMPANY SNAPSHOT
    TABLE 103. GROUP1 AUTOMOTIVE INC.: PRODUCT SEGMENTS
    TABLE 104. GROUP1 AUTOMOTIVE INC.: PRODUCT PORTFOLIO
    TABLE 105. GROUP1 AUTOMOTIVE INC.: KEY STRATERGIES
    TABLE 106. HENDRICK AUTOMOTIVE GROUP: KEY EXECUTIVES
    TABLE 107. HENDRICK AUTOMOTIVE GROUP: COMPANY SNAPSHOT
    TABLE 108. HENDRICK AUTOMOTIVE GROUP: PRODUCT SEGMENTS
    TABLE 109. HENDRICK AUTOMOTIVE GROUP: PRODUCT PORTFOLIO
    TABLE 110. HENDRICK AUTOMOTIVE GROUP: KEY STRATERGIES
    TABLE 111. LITHIA MOTORS, INC.: KEY EXECUTIVES
    TABLE 112. LITHIA MOTORS, INC.: COMPANY SNAPSHOT
    TABLE 113. LITHIA MOTORS, INC.: PRODUCT SEGMENTS
    TABLE 114. LITHIA MOTORS, INC.: PRODUCT PORTFOLIO
    TABLE 115. LITHIA MOTORS, INC.: KEY STRATERGIES
    TABLE 116. MAHINDRA FIRST CHOICE: KEY EXECUTIVES
    TABLE 117. MAHINDRA FIRST CHOICE: COMPANY SNAPSHOT
    TABLE 118. MAHINDRA FIRST CHOICE: PRODUCT SEGMENTS
    TABLE 119. MAHINDRA FIRST CHOICE: PRODUCT PORTFOLIO
    TABLE 120. MAHINDRA FIRST CHOICE: KEY STRATERGIES
    TABLE 121. TRUECAR, INC.: KEY EXECUTIVES
    TABLE 122. TRUECAR, INC.: COMPANY SNAPSHOT
    TABLE 123. TRUECAR, INC.: PRODUCT SEGMENTS
    TABLE 124. TRUECAR, INC.: PRODUCT PORTFOLIO
    TABLE 125. TRUECAR, INC.: KEY STRATERGIES
  • LIST OF FIGURES

  • FIGURE 01. USED CARS MARKET, 2021-2031
    FIGURE 02. SEGMENTATION OF USED CARS MARKET, 2021-2031
    FIGURE 03. TOP INVESTMENT POCKETS IN USED CARS MARKET (2022-2031)
    FIGURE 04. MODERATE TO HIGH BARGAINING POWER OF SUPPLIERS
    FIGURE 05. LOW TO MODERATE BARGAINING POWER OF BUYERS
    FIGURE 06. LOW TO MODERATE THREAT OF SUBSTITUTES
    FIGURE 07. MODERATE THREAT OF NEW ENTRANTS
    FIGURE 08. LOW TO MODERATE INTENSITY OF RIVALRY
    FIGURE 09. DRIVERS, RESTRAINTS AND OPPORTUNITIES: GLOBALUSED CARS MARKET
    FIGURE 10. USED CARS MARKET, BY VEHICLE TYPE, 2021(%)
    FIGURE 11. COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET FOR HATCHBACK, BY COUNTRY 2021-2031(%)
    FIGURE 12. COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET FOR SEDAN, BY COUNTRY 2021-2031(%)
    FIGURE 13. COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET FOR SUV, BY COUNTRY 2021-2031(%)
    FIGURE 14. USED CARS MARKET, BY PROPULSION, 2021(%)
    FIGURE 15. COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET FOR ICE, BY COUNTRY 2021-2031(%)
    FIGURE 16. COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET FOR ELECTRIC AND HYBRID, BY COUNTRY 2021-2031(%)
    FIGURE 17. USED CARS MARKET, BY DISTRIBUTION CHANNEL, 2021(%)
    FIGURE 18. COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET FOR FRANCHISED DEALER, BY COUNTRY 2021-2031(%)
    FIGURE 19. COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET FOR INDEPENDENT DEALER, BY COUNTRY 2021-2031(%)
    FIGURE 20. COMPARATIVE SHARE ANALYSIS OF USED CARS MARKET FOR PEER-TO-PEER, BY COUNTRY 2021-2031(%)
    FIGURE 21. USED CARS MARKET BY REGION, 2021
    FIGURE 22. U.S. USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 23. CANADA USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 24. MEXICO USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 25. UK USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 26. GERMANY USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 27. FRANCE USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 28. ITALY USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 29. REST OF EUROPE USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 30. CHINA USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 31. JAPAN USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 32. INDIA USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 33. SOUTH KOREA USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 34. REST OF ASIA-PACIFIC USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 35. LATIN AMERICA USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 36. MIDDLE EAST USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 37. AFRICA USED CARS MARKET, 2021-2031 ($BILLION)
    FIGURE 38. TOP WINNING STRATEGIES, BY YEAR
    FIGURE 39. TOP WINNING STRATEGIES, BY DEVELOPMENT
    FIGURE 40. TOP WINNING STRATEGIES, BY COMPANY
    FIGURE 41. PRODUCT MAPPING OF TOP 10 PLAYERS
    FIGURE 42. COMPETITIVE DASHBOARD
    FIGURE 43. COMPETITIVE HEATMAP: USED CARS MARKET
    FIGURE 44. TOP PLAYER POSITIONING, 2021
    FIGURE 45. AUTONATION, INC.: NET SALES, 2020-2022 ($MILLION)
    FIGURE 46. AUTONATION, INC.: REVENUE SHARE BY SEGMENT, 2022 (%)
    FIGURE 47. CARMAX INC.: NET SALES, 2020-2022 ($MILLION)
    FIGURE 48. CARMAX INC.: REVENUE SHARE BY SEGMENT, 2022 (%)
    FIGURE 49. CARVANA: NET SALES, 2019-2021 ($MILLION)
    FIGURE 50. CARVANA: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 51. GROUP1 AUTOMOTIVE INC.: REVENUE SHARE BY SEGMENT, 2022 (%)
    FIGURE 52. LITHIA MOTORS, INC.: NET SALES, 2020-2022 ($MILLION)
    FIGURE 53. LITHIA MOTORS, INC.: REVENUE SHARE BY SEGMENT, 2022 (%)
    FIGURE 54. TRUECAR, INC.: NET SALES, 2020-2022 ($MILLION)
    FIGURE 55. TRUECAR, INC.: REVENUE SHARE BY SEGMENT, 2022 (%)

 
 

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : +44-845-528-1300
Email : help@alliedmarketresearch.com
 
FREQUENTLY ASKED QUESTIONS?

A. The top companies operating in the market include Asbury Automotive Group, Inc., AutoNation, Inc., CarMax Business Services, LLC, Cars24 Services Private Limited, Carvana, Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd., and TrueCar, Inc.

A. The global used cars market was valued at $1.4 trillion in 2021 and is projected to reach $2.7 trillion in 2031, registering a CAGR of 6.5%.

A. Europe is the largest regional market for used cars.

A. The upcoming trends of the used cars market include rise in demand for off-lease cars & subscription services by the franchise, leasing offices, and car dealers, and increasing investment by giant automakers.

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Sample
RELATED TAGS

Purchase Full Report of
Used Cars Market

Start reading instantly.
This Report and over 66,905+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,570
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (Mar 2024 - Mar 2025)
  • Data Pack
  • $3,840
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Mar 2024 - Mar 2025)
  • Single User
  • $5,730
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Mar 2024 - Mar 2025)
  • Five Users
  • $6,450
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Mar 2024 - Mar 2025)
  • Enterprise
    License/PDF

  • $9,600
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Mar 2024 - Mar 2025)
  • Library
    Membership

  • $999 $ 1,175
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

RELATED REPORTS
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers