Used Vehicle Market is predicted to reach USD 1,355.9 billion at a CAGR of 8.30% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Used Vehicle Market” that contains information from 2022 to 2030. The Used Vehicle Market is estimated to register a CAGR of 8.30% during the forecast period of 2022 to 2030.

MRFR recognizes the following companies as the key players in the Used Vehicle Market— TrueCar Inc., AutoNation Inc., Mahindra First Choice Wheels Ltd., Big boy Toyz ltd, Group1 Automotive Inc., Lithia Motors Inc., CarMax Business Services LLC, Hendrick automotive group, and vehicle24 services private limited.

Used Vehicle Highlights

The Used Vehicle Market is accounted to register a CAGR of 8.30% during the forecast period and is estimated to reach USD 1,355.9 Billion by 2032.

The used vehicle market, also known as the secondhand or pre-owned vehicle market, refers to the buying and selling of automobiles that have been previously owned by one or more individuals. In this market, vehicles that are no longer considered new are resold to new buyers. The used vehicle market is an integral part of the automotive industry and has its own dynamics and characteristics that distinguish it from the market for new vehicles.

The used vehicle market is influenced by factors such as economic conditions, fuel prices, consumer preferences, and advancements in automotive technology.

Segment Analysis

The Used Vehicle Market has been segmented based on type, fuel type and sales channel.

On the basis of type, the market is segmented into Hatchback, Sedan and SUV. The SUV’s segment dominated the market. High ground clearance, sturdy vehicle and powerful engine are the factors that is dominating the SUV segment.

Based on fuel type, the market has been segmented into Petrol and Diesel. The petrol segment dominated the market. This is attributed to the declining usage of diesel vehicles as the government discourages the purchase of used diesel vehicles. 

Based on sales channel, the market has been segmented into Franchised dealer and Independent dealer. The franchised dealer segment dominated the market. 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. 

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Used Vehicle Market Analysis Report

Regional Analysis

The Used Vehicle Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Used Vehicle Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Used Vehicle Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Used Vehicle Market comprises of Middle East, Africa, and Latin America.

North America region like United States and Canada, the used vehicle market is well-established and robust. This is partly due to the high initial cost of new vehicles, which prompts many consumers to opt for used vehicles to save money.

The European used vehicle market varies by country due to differences in economic development and consumer behavior. In Western European countries, where new car prices can be high due to taxes and import duties, the used vehicle market is strong.

Asia-Pacific countries like China and India, the used vehicle market is growing as more people enter the middle class and seek affordable transportation options. The Demand for used vehicles in the Asia-Pacific region is influenced by urbanization, traffic congestion, and government regulations related to vehicle ownership.

Furthermore, the rest of the world's Used Vehicle Market is divided into the Middle East, Africa, and Latin America. Economic conditions play a significant role in the used vehicle market in Latin America. In countries with economic challenges, consumers often turn to the used market due to lower prices. There might be a higher demand for durable vehicles capable of handling rough road conditions.

Key Findings of the Study

• The Used Vehicle Market is expected to reach USD 1,355.9 Billion by 2032, at a CAGR of 8.30% during the forecast period.


• Asia-Pacific countries like China and India, the used vehicle market is growing as more people enter the middle class and seek affordable transportation options. The Demand for used vehicles in the Asia-Pacific region is influenced by urbanization, traffic congestion, and government regulations related to vehicle ownership.


• Based on sales channel, the market has been segmented into Franchised dealer and Independent dealer. holding the largest market in 2022.


• TrueCar Inc., AutoNation Inc., Mahindra First Choice Wheels Ltd., Big boy Toyz ltd, Group1 Automotive Inc., Lithia Motors Inc., CarMax Business Services LLC, Hendrick automotive group, and vehicle24 services private limited.