The global used car and refurbished car sales market was valued at USD 188.93 billion in 2023 and is anticipated to reach USD 212.55 billion in 2024 from USD 545.35 billion by 2032, growing at a CAGR of 12.50% during the forecast period 2024 to 2032.
A used car is a vehicle that previously had one or more retail business owners. The used vehicles are often sold through a variety of outlets, including franchises and independent car dealers, car rental companies, buy here and pay here, dealers, rental offices, sales to auctions, and private sales. Some car retailers offer "no-deal" prices, "certified" used cars, and extended service plans or warranties.
There is a paradigm shift in the demand for new cars, as people tend to buy used vehicles gradually. There are many positive reasons for doing so. Since the ownership of cars has gone from five to three years, more used and refurbished cars are now on the road. There is also a wave of digitization that covers the automotive industry. Many used car dealers now have an online presence to serve customers remotely. All history and useful information on any used or refurbished car can currently be authenticated online.
Prices mainly drive the growth of the used and refurbished car sales market as these used cars are more affordable. In addition, the cost of insurance and registration of used cars is reasonably low. The used car market now offers more growth opportunities than ever. The used car market in the United States has maintained an upward trend for the past six years, which is linked to 6%.
In OLX India, each list of restored cars averages over 1,000 visits, and almost 65% of cars find a buyer in the first week, with 15,000 cars for sale per day. The average vehicle lifespan is increasing due to advanced engineering and has averaged 13-17 years in 2019 compared to 11.4 years calculated in 2014. With additional occupancy added to the car, the scope of the renewed application is also increasing. The used car sales market has moved from a disorganized trade route to a well-organized market; with car dealers, franchisees, and financial investors who capitalize on the trend in sales of restored cars.
To familiarize customers with the experience of buying a new car, several new companies in the used car sales market offer their customers value-added services such as warranties, vehicle history, and financial services. This trend is changing the market for renewed car sales towards a well-organized structure.
The automotive industry is saturated with several multinationals and retailers. While multinationals produce and unwind motor vehicles, it is the responsibility of retailers to deal with new or used cars. The used car market has skyrocketed over the years. The analysis has shown since 2016 that the used and refurbished car market is showing significant growth in value. In the United Kingdom, the trend indicates that the used car market contributed 51% of sales in the previous years.
As websites such as OLX and eBay invite renewed car dealers to mark their online presence, the reach of these suppliers has grown. Also, this space in digital media affirms a tone of authenticity toward buyers. In addition to these peculiarities, start-up companies and established players in the market have begun the trend of verifying and offering guarantees on used cars. They also partner with financial institutions to provide cheap car loans to their clients.
The car rental market, whose commercial volume is increasing, is an essential factor driving the worldwide market for used and refurbished car sales. To execute their operations and business services with minimal expense, car rental sellers take advantage of the restored car for their activities. To curb the initial investment, the $ 64.47 billion car rental market often prefers refurbished vehicles.
However, the use of cheap and fewer quality products in some vehicles is creating doubt among consumers to purchase used and refurbished cars. This is supposed to limit the rapid expansion of this industry to some extent
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
12.50% |
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Segments Covered |
By Type of Product, End-User, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
General Motors, Nissan, Toyota, Mahindra First Choice Wheels, Penske Automotive Group, Chevrolet, BMW, Asbury Automotive Group, Tata Motors Assured, Global Star Ltd, Autotrader, and Others. |
With the increasing focus on eco-friendly products, the demand for biofuels is predicted to extend with a remarkable growth rate in the coming years.
Independent car dealers are increasing in developing economies like India, China, etc., which is contributing to the growth of the global used cars and refurbished cars sales market.
The global used cars and refurbished cars sales market is divided into the regions of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, the Asia Pacific used cars and refurbished cars sales market is projected to witness the highest growth rate in the foreseen years due to the increasing sales of used cars in the regional economies of India, China, Japan, etc.
General Motors, Nissan, Toyota, Mahindra First Choice Wheels, Penske Automotive Group, Chevrolet, BMW, Asbury Automotive Group, Tata Motors Assured, Global Star Ltd, Autotrader. These are the market players that are dominate the global used car refurbished car sales market.
By Type Of Product
By End-User
By Region
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