In 2023, sales of used passenger cars amounted to approximately *** million in Japan, up from around **** million unit sales in the previous year. According to the source, passenger cars dominated used vehicle sales by far, with mini cars (kei cars) being particularly prevalent. Registrations are only an indicator of sales The source determined the number of used vehicles sold per year by summing up re-registrations, transfer, and alteration registrations. Although the resulting number includes sales to end-users, it also contains many other cases. For example, a vehicle owner might only deregister an unneeded automobile temporarily to re-register it later on again. Or an owner gives the vehicle to a family member as a present (transfer). Or the owner changes the name registered due to marriage (alteration). Unlike for new passenger cars, there is no way of knowing whether the change in registration followed a deal. In short, the actual figure is probably lower. What are consumer preferences in Japan? As Japan has a high ratio of motor vehicles to citizens and one of the largest automotive industries worldwide, consumer surveys about vehicles are frequent. Although the exact market size for used passenger cars is difficult to assess, a good grasp of the typical consumer exists: the consumer tends to be male and in his 20s or 30s; more than ** percent of buyers strike bargains below *** million Japanese yen; people primarily get their used cars for the everyday commute to work or school and driving shopping. The most demanded vehicle type is - as supported by used car registrations - the kei car.

Get key insights from Market Research Intellect's Used Passenger Car Market Report, valued at USD 450 billion in 2024, and forecast to grow to USD 750 billion by 2033, with a CAGR of 6.5% (2026-2033).

The used passenger car market is a significant sector within the automotive industry. It encompasses the buying and selling of pre-owned vehicles, which are typically offered at lower prices than new cars. This market has experienced steady growth over the years, driven by factors such as rising disposable incomes, urbanization, and the increasing cost of new cars. According to a report by Fortune Business Insights, the global used passenger car market was valued at USD 1,378.92 billion in 2020 and is projected to reach USD 2,394.22 billion by 2028, exhibiting a CAGR of 7.2% during the forecast period. The used passenger car market is expected to continue its growth trajectory in the coming years, supported by several key factors. These include the increasing popularity of online marketplaces for used car sales, the growing preference for certified pre-owned vehicles, and the expansion of the used car market in developing countries. Moreover, the COVID-19 pandemic has led to an increased demand for used cars as consumers seek more affordable transportation options. As the global economy recovers from the pandemic, the used passenger car market is expected to benefit from continued consumer demand and favorable market conditions.

A little over ************ used cars were registered in France in 2023. The amount did not change compared to the previous year's sales. On the other hand, 2021 was a year of record sales for the French used car market.

Used Passenger Car Market Outlook

The global used passenger car market size was valued at approximately USD 1.5 trillion in 2023 and is projected to reach USD 2.3 trillion by 2032, growing at a CAGR of 4.8% during the forecast period. This growth is propelled by several factors, including the increasing affordability of pre-owned vehicles, expanding digital platforms facilitating vehicle sales, and growing consumer preference for personal mobility solutions in the wake of urbanization and economic pressures. The market is witnessing an upsurge due to the economic feasibility of used cars compared to new models, coupled with an enhanced perception of their reliability and value for money.

The surge in demand for used passenger cars is largely driven by the cost-effectiveness they offer to budget-conscious consumers. New cars typically depreciate significantly within the first few years of purchase, which makes used cars a more attractive option for many buyers. As a result, a growing number of consumers are opting for used vehicles to avoid the high cost of depreciation associated with new vehicles. Additionally, modern advancements in vehicle manufacturing have led to longer-lasting and more reliable cars, which further enhances the attractiveness of the used car market. This trend is reinforced by the increasing availability of certified pre-owned programs offered by manufacturers, which provide additional assurance to buyers regarding the quality and condition of used vehicles.

Another significant growth factor is the proliferation of online platforms and digital marketplaces that facilitate the sale of used cars. These platforms offer consumers a convenient, transparent, and efficient way to browse, compare, and purchase vehicles. With the rise of e-commerce and digital transactions, consumers are increasingly seeking out online solutions for their buying needs, including used cars. The availability of detailed vehicle histories, reviews, and financing options online has further streamlined the purchasing process, making it easier and more accessible for consumers to find suitable vehicles. This digital transformation in the sales channel has broadened the market reach, attracting a wider range of consumers and increasing overall market penetration.

Moreover, environmental concerns and regulatory pressures are also shaping the demand dynamics in the used passenger car market. With the global push towards reducing carbon emissions and adopting more sustainable transportation solutions, there is a growing interest in used electric and hybrid vehicles. Consumers are increasingly aware of the environmental impact of their choices and are opting for more eco-friendly alternatives. Governments across various regions are also offering incentives for the purchase of electric vehicles, which is encouraging consumers to consider second-hand options as a more affordable way to transition to greener mobility.

The concept of a Passenger Vehicle Carnet is becoming increasingly relevant in the used passenger car market, particularly for those who frequently travel across international borders. A carnet, often referred to as a 'passport for vehicles,' allows for the temporary importation of vehicles without the need for paying customs duties or taxes. This is particularly advantageous for individuals or businesses that need to move vehicles between countries for short-term use. In the context of the used car market, a Passenger Vehicle Carnet can facilitate cross-border sales and purchases, providing buyers with more flexibility and access to a wider range of vehicle options. As global mobility increases, understanding the benefits and processes associated with obtaining a carnet can be crucial for both sellers and buyers in the used car market.

Vehicle Type Analysis

The segmentation of the used passenger car market by vehicle type includes sedans, SUVs, hatchbacks, and others. Sedans have historically been a staple in the used car market due to their balance of comfort, efficiency, and affordability. They are particularly popular among individual buyers who prioritize a smooth driving experience and ample interior space. Sedans are generally more fuel-efficient than larger vehicles, which makes them an economical choice for many consumers. Additionally, the wide availability of sedans in the market ensures a broad range of options for potential buyers, further driving their demand in the used car segment.

SUVs have gained tremendous popu

The turnover of the used passenger car market in Germany grew to ***** billion euros in 2023. The used car market has seen continuous growth since 2017, but 2020, the first year of the COVID-19 pandemic, saw particularly strong year-on-year growth of about ** percent. While the market and prices of used passenger cars have been growing, revenue from new car sales in Germany decreased between 2019 and 2021.

Sales of used light vehicles in the United States came to around **** million units in 2024. In the same period, approximately **** million new light trucks and automobiles were sold here. Declining availability of vehicles In the fourth quarter of 2024, about ***** million vehicles were in operation in the United States, an increase of around *** percent year-over-year. The rising demand for vehicles paired with an overall price inflation lead to a rise in new vehicle prices. In contrast, used vehicle prices slightly decreased. E-commerce: a solution for the bumpy road ahead? Financial reports have revealed how the outbreak of the coronavirus pandemic has triggered a shift in vehicle-buying behavior. With many consumer goods and services now bought online due to COVID-19, the automobile industry has also started to digitally integrate its services online to reach consumers with a preference for contactless test driving amid the global crisis. Several dealers and automobile companies had already begun to tap into online car sales before the pandemic, some of them being Carvana and Tesla.

The India Used Car Market Report is Segmented by Vehicle Type (Micro/Hatchback, SUV, and More), Vendor Type (OEM-Certified Franchise, and More), Fuel Type (Petrol, Battery-Electric, and More), Vehicle Age (Less Than 3 Years, and More), Ownership Count (First-Owner, and More), Transmission (Manual and Automatic), Price Band, and Region. The Market Forecasts are Provided in Terms of Value (USD) and Volume (Units).

The India Used Car Market Size Was Worth USD 561.13 Million in 2023 and Is Expected To Reach USD 738.57 Million by 2032, CAGR of 3.10%.

Used Car and Refurbished Car Market Outlook

The global market size for used and refurbished cars was valued at approximately USD 1.3 trillion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2032, reaching a projected value of around USD 2.3 trillion by 2032. This robust growth is driven by a combination of factors including increasing demand for affordable cars, technological advancements in car refurbishment, and the rising popularity of online sales channels.

One of the primary growth factors in the used and refurbished car market is the financial accessibility these vehicles offer. With new car prices soaring and consumer lending becoming more stringent, many buyers are shifting their focus to used cars as a cost-effective alternative. This trend is particularly pronounced in emerging markets where disposable incomes are rising, but consumers still remain price-sensitive. Additionally, the depreciation curve of new vehicles—where a new car can lose a significant portion of its value within the first few years—makes used cars an attractive option for value-conscious buyers.

Technological advancements in the refurbishment process are also significantly contributing to market growth. Modern refurbishment techniques allow for the restoration of vehicles to near-new conditions. This not only extends the lifespan of the vehicles but also enhances their reliability and performance. Advanced diagnostics, high-quality replacement parts, and specialized refurbishment processes ensure that used cars meet stringent quality standards, making them more appealing to potential buyers. Moreover, these advancements help in reducing the environmental impact of manufacturing new vehicles, thus appealing to eco-conscious consumers.

Another key driver is the growing influence of digital platforms in the automotive market. Online marketplaces and e-commerce platforms have simplified the process of buying and selling used cars. These platforms offer a wide range of options, transparent pricing, and detailed vehicle histories, thereby building consumer trust. Additionally, technological features such as virtual tours, 360-degree views, and AI-driven recommendations enhance the online buying experience, making it convenient and efficient for consumers. The integration of these platforms with financing and insurance services further streamlines the purchasing process, thereby boosting market growth.

Used Car Loans have become an integral part of the financial landscape within the used car market. As the demand for used vehicles rises, so does the need for accessible financing options. Used car loans provide consumers with the flexibility to purchase vehicles without the immediate financial burden of paying the full price upfront. These loans are particularly beneficial for first-time buyers and individuals with limited savings, allowing them to spread the cost over a manageable period. Financial institutions and online lenders have recognized this growing need and are offering competitive interest rates and flexible terms to attract potential buyers. The availability of used car loans is further driving the market, making vehicle ownership more attainable for a broader audience.

Regionally, the Asia Pacific market is expected to exhibit the highest growth rate, driven by expanding middle-class populations and rapid urbanization. North America and Europe also continue to be significant markets, with steady demand supported by well-established automotive industries and high vehicle ownership rates. Latin America and the Middle East & Africa, though smaller in market size, are witnessing increasing demand due to economic development and improving infrastructure. These regional dynamics collectively contribute to the overall growth of the used and refurbished car market.

Vehicle Type Analysis

In the used and refurbished car market, vehicle type is a crucial segment that significantly influences consumer choices and market dynamics. The segment is broadly divided into passenger cars and commercial vehicles. Passenger cars account for the majority share in the market. This dominance is attributed to the high demand for personal vehicles among individual consumers. Used passenger cars offer a cost-effective solution for families and individuals looking to own a vehicle without the financial burden of purchasing a brand-new car. Moreover, the availability of a wide variety of models and brands in the used car market prov

The Used Passenger Car market has emerged as a dynamic segment within the automotive industry, catering to a diverse range of consumer needs and preferences. As more individuals opt for cost-effective and environmentally friendly transportation solutions, the popularity of pre-owned vehicles continues to rise. Curre

Autos include all passenger cars, including station wagons. The U.S. Bureau of Economic Analysis releases auto and truck sales data, which are used in the preparation of estimates of personal consumption expenditures.

The US Used Car Market presents a diverse range of vehicles catering to diverse consumer needs and budgets: Passenger Cars: Sedans, SUVs, and hatchbacks remain the backbone of the market, offering reliable transportation at competitive price points. Light Commercial Vehicles (LCVs): Trucks, vans, and SUVs continue to be popular choices for small businesses and individuals needing versatile vehicles for work and personal use. Heavy Commercial Vehicles (HCVs): The demand for HCVs is driven by the logistics and transportation sectors, with a focus on fuel efficiency and reliability. Electric Vehicles (EVs): The used EV market is experiencing rapid growth, offering consumers a more affordable entry point into electric mobility. Specialty Vehicles: This category encompasses a variety of niche vehicles, from classic cars to recreational vehicles (RVs), catering to specific consumer interests and preferences. Recent developments include: December 2019: A deal to buy the business from AutoScout24 has been made by HELLMAN & FRIEDMAN LLC. The company continues to digitise its business models in the automotive sector, and with this purchase, it hopes to offer value-added marketing solutions.. Key drivers for this market are: Rising Demand for Affordable Transportation

Growing Popularity of Hybrid and Electric Vehicles. Potential restraints include: Fluctuating Vehicle Prices

Limited Inventory of High-Quality Used Cars. Notable trends are: Digitalization of the Used Car Buying Process

Integration of Artificial Intelligence (AI) and Machine Learning (ML).

Global Used Passenger Car market size 2025 was XX Million. Used Passenger Car Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

The Japan Used Car Market was valued at USD 6.67 Billion in 2024 is projected to reach USD 123.16 Billion by 2032, growing at a CAGR of 6.38% from 2026 to 2032.

Japan Used Car Market: Definition/Overview

Used cars, also known as pre-owned or second-hand vehicles, are automobiles that have been previously owned and operated by one or more retail owners. These vehicles are sold through various channels including authorized dealerships, private sellers, online platforms and auction houses. The Japanese used car market is characterized by its exceptional quality standards, comprehensive vehicle history documentation and reliable certification processes.

Passenger Car Market Outlook 2032

The global passenger car market size was USD 1632.09 Billion in 2023 and is likely to reach USD 3235.47 Billion by 2032, expanding at a CAGR of 7.9 % during 2024–2032. The market growth is attributed to the growing urbanization and the increasing consumer demand for fuel-efficient vehicles.



Increasing consumer demand for fuel-efficient vehicles is expected to boost the global passenger car market. Fuel-efficient vehicles save consumers a significant amount of money in the long run due to lower fuel costs. This makes owning a passenger car affordable, thereby increasing demand.

Passenger cars are widely adopted by consumers due to their versatility and accessibility. Passenger cars are used for a variety of purposes, including commuting to work, running errands, taking road trips, and transporting large items. This versatility makes these cars popular among consumers. Moreover, cars have the ability to reach places that public transport cannot, especially in rural or remote areas. This encourages people to purchase passenger cars.

Impact of Artificial Intelligence (AI) in Passenger Car Market

Artificial Intelligence (AI) is revolutionizing the automotive industry, particularly in the realm of passenger cars by providing advanced

Middle East And Africa Used Car Market size was valued at USD 30.00 Billion in 2024 and is projected to reach USD 50.00 Billion by 2032, growing at a CAGR of 6.56% from 2026 to 2032.

Key Market Drivers:

Economic Growth and Rising Disposable Income: The Middle East and Africa region is experiencing strong economic growth, which has resulted in higher disposable income for consumers. This economic expansion allows more people to afford used cars, fueling market growth. For example, the Middle East And Africa used car market was valued at USD 18.20 Billion in 2021 and is predicted to grow to USD 32.20 Billion by 2027, representing a CAGR of more than 10.82% during the forecast period (2022-2027).

High Cost of New Vehicles: The high cost of new vehicles in the region makes secondhand cars an appealing option for budget-conscious shoppers. Because secondhand automobiles are less expensive, a greater segment of the population can now afford personal transportation, growing the market.

China is the world's largest automotive market: Chinese motorists purchased around **** million passenger cars in 2024. India was the second-largest market for passenger cars in Asia. Hit by the pandemic The global automotive industry was severely affected by the coronavirus pandemic in 2020. Seemingly led by pent-up demand for cars when lockdowns were lifted, vehicle sales in the U.S. and other large markets worldwide have been showing signs of improvement since the third quarter of 2020. However, this was not enough to offset a decline in global car sales by the end of 2020. According to the source, passenger cars are motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in addition to the driver's seat. Global car sales declined overall in 2020. The global automotive semiconductor shortage further impacted vehicle inventory in 2021 and 2022, as supply chain disruptions led to **** million vehicles being removed from production worldwide. Short-range outlook Worldwide light vehicle sales are projected to increase by *** percent in 2025. Several factors could lead to a downturn in sales - among them, the potential tariffs on automotive products put in place by the Trump Administration in the United States, North America's largest car market. Additionally, the steady rise in autonomous and electric vehicle sales and related changes in the supply chain are likely to affect the industry in the next years.

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India Used Car Market Size 2025-2029

The India used car market size is forecast to increase by USD 33.43 billion at a CAGR of 12.9% between 2024 and 2029.

The used car market presents a significant growth opportunity for businesses and investors alike, driven by several key factors. Firstly, the excellent value for money proposition of used cars continues to attract consumers, particularly in the current economic climate. This trend is further bolstered by the increasing preference for flexible mobility solutions, such as car subscription services, which offer the benefits of car ownership without long-term commitment. Furthermore, the emergence of car subscription services has added a new dimension to the market, offering flexibility and convenience to consumers. Another trend is the growing use of 3D printing in passenger car manufacturing, which offers benefits such as reduced production time and lower costs. However, this market is not without its challenges. The rise of e-commerce platforms and digital marketplaces has intensified competition, necessitating improved touchpoint management and customer experience to differentiate offerings.
Additionally, regulatory changes and evolving consumer expectations around vehicle safety and emissions standards pose ongoing challenges for market participants. To capitalize on opportunities and navigate these challenges effectively, companies must stay abreast of market trends, invest in digital transformation, and prioritize customer satisfaction.

What will be the size of the India Used Car Market during the forecast period?

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The used car market continues to evolve, driven by shifting consumer preferences and advancements in automotive technology. Buying a used car is a popular choice for many, with the process increasingly influenced by digital tools and data-driven insights. Safety features and connectivity are key considerations, as consumers seek assurance and convenience. Car advertising and marketing strategies reflect these trends, highlighting the benefits of pre-owned vehicles in the connected car ecosystem. Autonomous vehicle development and the rise of mobility solutions, such as car sharing services, further impact the market.
Hybrid car adoption continues to grow, contributing to changing depreciation rates and valuation dynamics. Repair and auction services remain essential components of the used car market, providing critical touchpoints in the customer journey. Overall, the used car market is a dynamic and evolving landscape, shaped by consumer needs, technological advancements, and industry trends. Diesel engines are losing favor due to environmental concerns and stricter regulations. EV charging stations and battery technology are advancing, with the Internet of Things (IoT) playing a significant role in optimizing charging and battery management.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Channel

  Offline
  Online


Vehicle Type

  Compact car
  Mid size
  SUV


Type

  Petrol
  Diesel
  Others


Geography

  India

By Channel Insights

The offline segment is estimated to witness significant growth during the forecast period. The used car market in the global context is characterized by the significant presence of offline channels, which accounted for the largest market share in 2024. These channels consist of dealership chains and OEM-affiliated dealerships. Offline channels offer various advantages, including safeguards and guarantees for the original seller, smooth vehicle ownership transfer through local government tie-ups, and transparency about timelines and fees. Organized used car companies often provide technical expertise and capital support to customers. Furthermore, they have partnerships with financiers to offer better financing options, including NBFCs. Consumer reports play a crucial role in the used car market, influencing consumer decisions through data analytics, car safety ratings, and personalized recommendations based on automotive technology, fuel efficiency, environmental concerns, hybrid vehicles, electric vehicles, and maintenance records.

Car auctions, used car warranties, and car loan options are essential aspects of the used car market. Car financing, vehicle maintenance, and car value are crucial factors for consumers in the used car market. The market is expected to grow due to the increasing demand for used cars, advancements in automotive technology, and the growing popularity of electric and hybrid vehicles.

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The Offline segment was valued at USD 23903.00 million in 2019 and showed a gradual increase during the

The Used Car Market size was valued at USD 1.76 trillion in 2023 and is projected to reach USD 2.66 trillion by 2032, exhibiting a CAGR of 6.1 % during the forecasts period. The Used Car Market entails the business of buying and selling second-hand cars which offer affordable options compared to brand-new cars. Some of the applications of the used car market include; offering cheap means of transport for individuals and firms during hard economic times or where specific models of cars are not being produced as new. Applications cover the zones of individual and business usage, adjusting to private cars, business fleets, and rental cars. Today’s trends in the market are the growing availability of online sources for purchasing used cars, the constantly growing popularity of certified pre-owned automobiles with warranties and inspection programs, and the increased demand for electric and hybrid used cars due to the advancing environmental consciousness and fairly affordable prices. However, with the change in customer preference towards value and sustainability, the upgraded category of the used car market experiences consistent growth with the factors of accessibility and availability of various models and brands across the world. Recent developments include: In June 2023, Jardine Cycle & Carriage Limited, the investment arm of Hong Kong-based Jardine Matheson collaborated with Southeast Asian car marketplace Carro. According to a joint statement by the companies, this collaboration will provide Carro with access to a broader selection of high-quality used cars while enabling Carro to improve Republic Auto's digital services and offerings. The alliance aims to strengthen both companies' positions in the market and enhance their customer experiences. , In August 2022, Lexus, a subsidiary of TOYOTA MOTOR CORPORATION, launched the Lexus Certified Programme in the Indian market. This strategic move by Lexus is geared towards providing current Lexus vehicle owners the avenue to secure an elevated resale valuation for their automobiles. Moreover, the initiative aims to augment the accessibility and affordability of Lexus models for prospective customers. By implementing this certified program, Lexus aims to amplify customer contentment while bolstering the brand's prominence within the Indian automotive sector. .