Used Car Market

Used Car Market Size By Vehicle Type (Electric, Conventional, and Hybrid), By Vendor Type (Unorganized and Organized), By Fuel Type (Petrol, Diesel, and Others), and By Size (SUV, Mid-Sized, and Compact Car), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13959
  • Published Date: Jan, 2024
  • Pages: 238
  • Category: Automotive & Transportation
  • Format: PDF
Buy @ $4700.00 Request Sample PDF

The global used car market was valued at USD 1.9 trillion in 2022, growing at a CAGR of 5.9% from 2023 to 2032. The market is expected to reach USD 3.3 trillion by 2032. The used car market has grown significantly over the past few years because of the pricing competition among new market competitors and the inability of a sizeable portion of customers to purchase a new car. Furthermore, the companies operating in the used car market are fortifying their network of dealerships by investing in various locations to seize a larger portion of the local clientele and create a foothold in the industry.

Market Introduction:

Cars classified as used were driven and owned by one or more individuals before being offered for sale. These vehicles could be older, more seasoned, or more contemporary, low-mileage models. Used cars are usually sold through dealerships, individual vendors, and online marketplaces. For consumers looking to cut costs, they might be a more cost-effective option than purchasing a brand-new car. Buyers should proceed cautiously when buying a used car, as the car's history, condition, and maintenance requirements may differ significantly from those of a new car. Among various used automobiles are sedans, SUVs, trucks, crossovers, sports cars, vans, and convertibles. Sedans are the most common type of used automobile, and families prefer pickups and SUVs for hauling and transportation. Because of their many applications, used cars are a popular choice for many people. They can be used for personal mobility, as a family's second car, or as transportation to work or school. Used cars can also be utilised for business travel, particularly by startups or small businesses that must deliver goods or provide services. Car rental companies and taxi services occasionally purchase older vehicles to expand their fleets since they can be less costly and easier to maintain than new cars. Used cars could be a wonderful option for those who enjoy off-road travel or collecting vintage automobiles. A broad range of individuals favour used cars because of their affordability and dependability.

Used Car Market Size

Get an overview of this study by requesting a free sample

Recent Development

In August 2022, Toyota owns Lexus and has recently introduced the Lexus Certified Programme in the Indian market. By starting this programme, Lexus India intends to increase the value of their vehicles for current owners and increase the accessibility and affordability of Lexus models for prospective buyers. 

In August 2021, with the help of CamCom, a provider of AI-powered visual inspection solutions, and Mahindra First Choice Wheels (MFCW), it will be possible to inspect cars with AI. Mahindra can inspect and evaluate vehicle damage owing to this agreement.

In August 2021, Mercedes-Benz India announced the launch of 'Marketplace,' a 'direct customer to customer' selling platform offering a range of advantages to buyers and sellers of high-end, previously owned vehicles.

Market Dynamics:


High cost of new cars- The car market has seen increased demand for cutting-edge technologies like climate control, power steering, and anti-lock brakes. As a result, new cars are now more expensive. Furthermore, the price increase in 2019—driven primarily by mainstream passenger car segments—indicates the challenges with affordability in the new market. Used car sales have increased in the automotive industry compared to new cars, as used cars are affordable and cheaper than new ones. This is expected to drive the market's growth.


Absence of stringent laws- The need for more stringent regulations and laws controlling the purchase of used cars will hinder the used car market's expansion. In most cases, stolen cars are sold in black markets at cheaper rates. Due to these reasons, people are hesitant to purchase used cars, hindering market’s growth.


An increasing number of automakers and used car sellers- Since funding for used car purchases is easily accessible, the European used car market's revenue surpassed USD 500 billion in 2021 and is expected to increase gradually. Europe is the world's largest vehicle producer, and the manufacturing sector is the region's greatest private investment in R&D. The European Commission promotes worldwide technology standardisation and R&D spending to maintain its technological superiority globally and boost regional automobile sector competitiveness. Local used car businesses provide a variety of tech-enabled alternatives, such as virtual internet portals and smartphone applications, for monitoring automobile performance. Thus, the increased number of automakers is expected to provide growth opportunities for the market during the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest global used car market, with a 41.3% market revenue share in 2022.

The primary reason for this is the rise in demand for used cars in developing nations like South Korea, China, India, and many more. A growing population, easy affordability, an increase in discretionary income, a low rate of vehicle ownership among millennials due to the expensive cost of vehicles, and a low population-to-car ratio are further reasons for the expansion of the used car market in the region.

Asia Pacific Region Used Car Market Share in 2022 - 41.3%

Check the geographical analysis of this market by requesting a free sample

Vehicle Type Segment Analysis

The vehicle type segment is divided into electric, conventional, and hybrid. The conventional segment dominated the market, with a market share of around 38% in 2022. Compact, mid-size, and SUV cars all fell into this category, which held the largest percentage of the segment. There is also a growing need for an alternative to traditional gasoline-powered vehicles because of rising pollution levels and worries about climate change. As a result, the used electric car industry has experienced tremendous development.

Vendor Type Segment Analysis

The vendor type segment is divided into unorganized and organized. The organized segment dominated the market, with a market share of around 60% in 2022. The organized vendor segment has been growing owing to the increased number of franchised dealers, new retail models, and new competitors.

Fuel Type Segment Analysis

The fuel type segment is divided into petrol, diesel, and others. The petrol segment dominated the market, with a market share of around 41% in 2022. This can be explained by the fact that fewer people are using diesel cars since the government forbids buying used diesel cars.

Size Segment Analysis

The size segment is divided into SUV, mid-sized, and compact car. The SUV segment dominated the market, with a market share of around 45% in 2022. Other car market categories have suffered due to the SUV segment's influence on the shifting market conditions. SUVs, which provide size and capacity without sacrificing compactness compared to off-road vehicles, are currently regarded by many consumers as the best cars to drive in different areas.

Some of the Key Market Players:
  • Maruti True Value
  • Hyundai H Promise
  • Ford Assured
  • Big Boy Toyz
  • Audi Approved Plus
  • Car Trade
  • CARS24
  • Mahindra First Choice Wheels
  • Honda Auto Terrace
  • Toyota U Trust
  • BMW Premium Selection
  • Mercedes-Benz Certified
  • OLX

Report Description:

Attribute Description
Market Size Revenue (USD Trillion)
Market size value in 2022 USD 1.9 Trillion
Market size value in 2032 USD 3.3 Trillion
CAGR (2023 to 2032) 5.9%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Vehicle Type, Vendor Type, Fuel Type, Size

Frequesntly Asked Questions

As per The Brainy Insights, the size of the used car market was valued at USD 1.9 trillion in 2022 to USD 3.3 trillion by 2032.

The global used car market is growing at a CAGR of 5.9% during the forecast period 2023-2032.

Asia Pacific emerged as the largest used car market.

Request Table of Content


This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global used car market based on the below-mentioned segments:

Global Used Car Market By Vehicle Type:

  • Electric
  • Conventional
  • Hybrid

Global Used Car Market By Vendor Type:

  • Unorganized
  • Organized

Global Used Car Market By Fuel Type:

  • Petrol
  • Diesel
  • Others

Global Used Car Market By Size:

  • SUV
  • Mid-Sized
  • Compact Car  

Global Used Car Market By Region:                                              

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa


Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:


Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

Some Facts About The Brainy Insights


Free Customization


Fortune 500 Clients


Free Yearly Update On Purchase Of Multi/Corporate License


Companies Served Till Date