North America Used Cars Market to Grow at 9 CAGR: Market Size Analysis and Forecasts 2025-2033

Key Insights

The size of the North America Used Cars Market was valued at USD 457.9 Billion in 2023 and is projected to reach USD 837.06 Billion by 2032, with an expected CAGR of 9% during the forecast period. The North America Used Cars Market centers on the purchase, sale, and exchange of second-hand vehicles throughout the United States, Canada, and Mexico. This market includes a diverse array of vehicles, such as sedans, SUVs, trucks, and luxury vehicles, targeting buyers seeking economical and dependable transportation choices. The market is influenced by various elements, such as increasing prices for new vehicles, the expanding access to online platforms for purchasing and selling used cars, and a rise in consumer awareness regarding the advantages of pre-owned vehicles. Furthermore, the market is affected by economic recovery, consumer interest in budget-friendly options, and the increasing popularity of vehicle leasing and trade-ins, which enhance the supply of quality pre-owned cars. Moreover, improvements in vehicle inspection technologies, certification schemes, and financing alternatives have enhanced consumer trust in buying used cars. With the increasing need for cost-effective and eco-friendly transportation options, the North America Used Cars Market is projected to see consistent growth, fueled by conventional dealerships as well as digital sales channels.

North America Used Cars Market Concentration & Characteristics

The North America Used Cars Market is moderately concentrated with the top 10 players accounting for around 60% of the market share. The market is characterized by innovation and technological advancements, such as the introduction of online marketplaces and digital tools for used car sales. Regulations, such as emission standards and safety requirements, are also influencing the market. Product substitutes, such as public transportation and ride-sharing services, are also impacting the demand for used cars. End-user concentration is high, with personal use accounting for the majority of the market. The market has witnessed a moderate level of M&A activity, with major players seeking to expand their market share and enhance their offerings.

North America Used Cars Market Trends

The North America Used Cars Market continues to experience significant trends that are reshaping its landscape. Online marketplaces and digital tools are becoming increasingly popular, empowering consumers to conveniently search, compare, and acquire used vehicles. The demand for certified pre-owned vehicles, which offer added warranty and reliability, remains strong and contributes to market expansion. Furthermore, the emergence of subscription-based car services offers consumers greater flexibility and affordability in accessing used cars.

Key Region or Country & Segment to Dominate the Market

The United States is the dominant region in the North America Used Cars Market, accounting for over 80% of the market share. The large population, high car ownership rates, and well-developed infrastructure contribute to the region's dominance.

Among the segments, SUVs are expected to dominate the market over the forecast period due to their spaciousness, versatility, and fuel efficiency. Additionally, the growing popularity of electric vehicles and the increasing number of options available in the used car market are expected to drive growth in the electric vehicle segment.

North America Used Cars Market Product Insights Report Coverage & Deliverables

The North America Used Cars Market Research Report provides comprehensive insights into the market, including market size, market share, growth rate, industry analysis, and market trends. It also covers key product segments, leading players, regional insights, and future market outlook. The report is delivered in a variety of formats, including PowerPoint presentations, PDF reports, and customized reports tailored to specific client requirements.

North America Used Cars Market Analysis

The North America Used Cars Market is projected to reach a staggering $644.4 billion by the year 2028, demonstrating a robust annual growth rate (CAGR) of 9% over the five-year period from 2023 to 2028. The United States continues to dominate the regional landscape, capturing over 80% of the market share. The market exhibits moderate concentration, with the top 10 players holding approximately 60% of the market. The drivers behind this growth include the rising demand for used cars due to factors such as escalating new car prices, rising fuel costs, and growing environmental concerns.

North America Used Cars Market Regional Insights

• North America
  • U.S.
  • Canada
  • Mexico

Driving Forces: What's Propelling the North America Used Cars Market

• Increasing Demand for Used Cars
• Rising New Car Prices
• Growing Fuel Costs
• Environmental Concerns
• Convenience of Online Marketplaces
• Growing Popularity of Ride-Sharing Services

Challenges and Restraints in North America Used Cars Market

• Fluctuating Used Car Prices
• Limited Availability of Certified Pre-Owned Vehicles
• Lack of Standardization in Used Car Quality
• Growing Competition from Public Transportation and Ride-Sharing Services

Emerging Trends in North America Used Cars Market

• Growth of Online Marketplaces
• Increasing Popularity of Certified Pre-Owned Vehicles
• Rise of Subscription-Based Car Services
• Growing Demand for Electric Vehicles
• Adoption of Digital Tools for Used Car Sales

Market Segmentation: North America Used Cars

Vehicle:

• Hatchback
• Sedan
• SUV
• Others

Fuel:

• Gasoline
• Diesel
• Hybrid
• Electric
• Others

Sales Channel:

• Peer-to-Peer
• Franchised Dealers
• Independent Dealers

End-Use:

• Personal
• Commercial

North America Used Cars Industry News

• July 2024: TrueCar, Inc. announced the launch of TrueCar+. This enhanced platform now enables consumers to complete the entire purchasing process online for over 3,200 new, used, and certified pre-owned vehicles.
• October 2023: TrueCar announced a new partnership with Car and Driver. This collaboration allows TrueCar to expand its reach and offer an enhanced car shopping experience to a larger audience.

Leading Players in the North America Used Cars Market

• Asbury Automotive Group, Inc.
• AutoNation, Inc.
• CarMax, Inc.
• Carvana Co.
• Group 1 Automotive, Inc.
• Lithia Motors, Inc.
• Penske Automotive Group, Inc.
• Sonic Automotive, Inc.
• Vroom, Inc.