The global used car market was valued at USD 1.90 trillion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2025 to 2030. This growth is being fueled by several key factors, including shifting economic conditions, evolving consumer behavior, and technological advancements. As new car prices continue to rise, more consumers are turning to used vehicles as a cost-effective alternative. This trend became especially pronounced following the COVID-19 pandemic, which disrupted supply chains and caused inventory shortages at new car dealerships. As a result, demand for used cars has risen sharply, with buyers seeking dependable and budget-friendly options. Additionally, the widespread adoption of remote work and lifestyle adjustments has influenced vehicle preferences, prompting consumers to look for cars that better suit their new routines. The growing presence of online platforms has also simplified the buying and selling process, giving customers easier access to a broader range of vehicles.
Technology is playing a transformative role in reshaping the used car market. Digital platforms and online marketplaces have become essential for both buyers and sellers, streamlining the entire purchase journey. Consumers can now easily explore extensive inventories, read reviews, and compare prices—all from the comfort of their homes. Tools such as vehicle history reports, virtual inspections, and augmented reality features are enhancing transparency and building trust in the transaction process. These advancements have led to higher consumer confidence, encouraging more people to consider used cars as a practical option. Additionally, data analytics is helping dealers refine inventory and pricing strategies, leading to greater market efficiency. As technology continues to evolve, the used car market is expected to benefit from innovations that enhance the overall customer experience.
The market's expansion also mirrors a shift in attitudes toward vehicle ownership and sustainability. Increasingly, consumers are factoring in environmental impact when making purchasing decisions, with many viewing used vehicles as a more eco-friendly choice. Buying a used car typically produces a lower carbon footprint than purchasing a new one, as it extends the life of existing vehicles and reduces waste. At the same time, automakers are focusing on manufacturing durable, long-lasting cars, aligning with consumer interest in sustainability. A growing awareness of resource conservation and waste reduction is also contributing to this trend. As more individuals prioritize environmental responsibility, the used car market is expected to see continued growth driven by eco-conscious decisions.
Get a preview of the latest developments in the Global Used Car Market! Download your FREE sample PDF today and explore key data and trends
Regional Insights
In 2024, North America accounted for the largest share of the used car market at 32.8%. The region’s growth is driven by a shift in consumer preference toward more affordable vehicle options. Economic pressures such as inflation and the increasing cost of new vehicles are encouraging more buyers to consider used cars. The expansion of certified pre-owned programs has also strengthened trust in the quality of used vehicles. Additionally, digital platforms have made it easier for consumers to browse and purchase from a wide selection of used cars, contributing to greater market accessibility. These factors together are fueling steady growth across the North American used car sector.
Key Players in the Used Car Market
The following companies lead the global used car market, shaping industry trends and holding significant market shares:
- Alibaba.com
- CarMax Enterprise Services, LLC
- Asbury Automotive Group
- TrueCar, Inc.
- Scout24 SE
- Lithia Motors Inc.
- Group 1 Automotive, Inc.
- eBay.com
- Hendrick Automotive Group
- AutoNation.com
Gather more insights about the market drivers, restrains and growth of the Used Car Market
