The global used car market was valued at approximately $1.90 trillion in 2024. Projections indicate it will grow to around $2.70 trillion by 2030, with a Compound Annual Growth Rate (CAGR) of 6.0% between 2025 and 2030. This growth is being fueled by a confluence of economic shifts, evolving consumer preferences, and technological advancements.As the prices of new cars continue to climb, a growing number of consumers are opting for used cars as a more affordable alternative. This trend has been particularly notable since the COVID-19 pandemic, which caused disruptions in new car supply chains and led to inventory shortages. Consequently, the demand for pre-owned vehicles has surged, as consumers seek reliable and budget-friendly options. The increasing prevalence of remote work and other lifestyle changes has also influenced purchasing decisions, with people seeking vehicles that align with their new routines. Furthermore, the rise of online platforms for buying and selling used cars has made the process more convenient and transparent, providing consumers with a wider selection of vehicles.
Key Market Insights:
Regional Dominance: North America held the largest market share, accounting for 32.8% of the global used car market.
Vehicle Type: The conventional vehicle segment, which includes internal combustion engine (ICE) cars, accounted for the dominant share of 41.7%.
Fuel Type: The petrol segment dominated the market.
Vehicle Size: The SUV segment held the largest market share.
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Market Size & Forecast
2024 Market Size: USD 1.90 Trillion
2030 Projected Market Size: USD 2.70 Trillion
CAGR (2025-2030): 6.0%
North America: Largest market in 2024
Key Companies & Market Share Insights
Leading companies in the used car market, such as CarMax, Enterprise Services, LLC, Asbury Automotive Group, and Alibaba.com, are actively pursuing strategies to expand their customer base and gain a competitive advantage. These efforts often involve a combination of mergers and acquisitions, strategic partnerships, and the adoption of new technologies.
Asbury Automotive Group, a major player in the U.S. market, is also prioritizing strategic growth. The company has a history of expanding its network of dealerships through acquisitions. Recent initiatives include the acquisition of The Herb Chambers Automotive Group to rebalance its brand portfolio and further its presence in key regions. Asbury has also made significant investments in digital platforms and services like virtual consultations to enhance its online sales capabilities.
Meanwhile, Alibaba has entered the used car market by leveraging its existing e-commerce platform. The company connects buyers and sellers with a wide range of vehicles and uses its established logistics and payment systems to facilitate transactions. Alibaba.com has also integrated AI-driven solutions to improve the buyer experience, offering features such as virtual tours and pricing comparisons.
Key Players
Alibaba
CarMax Enterprise Services, LLC
Asbury Automotive Group
TrueCar, Inc.
Scout24 SE
Lithia Motor Inc.
Group 1 Automotive, Inc.
eBay.com
Hendrick Automotive Group
AutoNation