What is the Size of the Used Car Market?

The used car market is poised for significant growth, projected to reach a valuation of US$2.7 trillion by 2031, with a CAGR of 6.4% from 2024 to 2031. Key drivers of this growth include shifting consumer preferences towards used cars and the rising prices of new vehicles, prompting more buyers to explore cost-effective options. North America leads the global market, accounting for approximately 38% of total sales, with hatchbacks being the most popular choice, representing nearly 48% of market share. The increasing impact of digitalization is also transforming how the used car industry operates, making it easier for consumers to navigate purchasing through online platforms. In 2023, used car shipments reached 120.3 million units, underscoring the market's potential as consumers seek more affordable alternatives amid rising vehicle costs.