From GlobeNewswire: 2024-09-17 11:33:00

The global Used Cars Market size is projected to reach USD 1.8 trillion in 2024, with a forecasted value of USD 3.4 trillion by 2033, growing at a CAGR of 7.3%. Various channels, like franchise stores, certified dealers, and private parties, contribute to the market’s unorganized nature in some regions.

In the US, the Used Cars Market is expected to reach USD 0.6 trillion in 2024, with a growth rate of 7.3% driven by online sales platforms and demand for certified pre-owned vehicles. Challenges include financing costs affected by interest rates and maintenance expenses for older cars.

The SUV segment is set to dominate the Used Cars Market in 2024, with the franchised dealer segment expected to lead in revenue. North America is projected to have a 39.2% revenue share in 2024. Rising prices post-pandemic, a shift to online sales, and a focus on SUVs and sustainability are key trends in the market.

Competition in the used car market intensifies among traditional dealerships, online platforms, and private sellers. Factors like convenience, transparency, quality, trust, and financing drive market dynamics. Major players include eBay Inc, TrueCar Inc, Alibaba Group Holding Ltd, and more.

North America is set to lead the global used car market in 2024, with Asia Pacific expected to see rapid growth due to technological advancements and organized trading services. By region, North America, Europe, Asia-Pacific, Latin America, and MEA are expected to drive market growth with varied vehicle selection and strong consumer demand.

Franchised dealers are anticipated to dominate the used car market in 2024, offering a range of vehicles, certified pre-owned options, immediate delivery, and strong brand trust. Independent dealers, providing flexibility, personalized service, and competitive pricing, play a significant role in the market for budget-conscious buyers.

Major drivers of the global Used Cars Market include rising demand for affordable transportation, increased vehicle durability, expanded digital platforms, and financing options. Depreciation concerns, limited warranty, and regulatory challenges serve as key restraints, while opportunities lie in emerging markets, AI integration, certified pre-owned programs, and the EV resale market.



Read more at GlobeNewswire: Used Cars Market is expected to reach a revenue of USD 3.4