Used Car and Refurbished Car Market Report 2025 (Global Edition)

Global Used Car and Refurbished Car Market Report 2025 Market Size Split by Type (Used Car, Refurbished Car), by Application (Franchised, Independent, Others), by Sales Channel (Online, Offline)

Used Car and Refurbished Car Market Report Description

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Used Car and Refurbished Car Market Insights Video

Competitive Landscape of the Used Car and Refurbished Car Market

many companies are working in both the global and regional sectors in the fiercely competitive used car and refurbished car market. Prominent entities such as Carvana, Vroom, Shift Technologies, and AutoNation own a robust market presence and yield a substantial portion of the revenue. Furthermore, a number of local and regional competitors are actively entering the market by providing a large selection of used cars and refurbished car services. Additionally, a number of important competitive techniques are used by the companies, such as a broad selection of car models, thorough refurbishing services, open pricing, and financing options, and investments in online platforms and customer interaction programs.

June 2023: The investing division of Hong Kong-based Jardine Matheson, Jardine Cycle & Carriage Limited, partnered with Southeast Asian automobile marketplace Carro. In addition to giving Carro access to a wider range of excellent used cars, this partnership will allow Carro to enhance Republic Auto's digital services and capabilities, the firms said in a joint statement. The partnership seeks to improve consumer experiences and solidify each company's place in the market. (Source: https://www.jardines.com/en/news-and-views/jardine-cycle-carriage-and-carro-enter-strategic-partnership-shape-future-automotive ) August 2022: Toyota owns Lexus, and has recently introduced the Lexus Certified Program in the Indian market. By starting this program, Lexus India intends to increase the value of their vehicles for current owners and increase the accessibility and affordability of Lexus models for prospective buyers. (Source: https://timesofindia.indiatimes.com/auto/cars/lexus-introduces-certified-program-for-pre-owned-vehicles-offers-warranty-and-free-service/articleshow/93798970.cms ) June 2022: Under its new sub-division, Porsche Approved, Porsche has officially announced that it would begin selling used cars in India on June 8, 2022. This new venture will be unveiled at Kerala's Porsche Center Kochi. (Source: https://timesofindia.indiatimes.com/auto/news/porsche-launches-indias-first-supercar-pre-approved-program-delivers-gt3-4-0-in-kochi/articleshow/92080647.cms )

Top Companies Market Share in Used Car and Refurbished Car Industry: (In no particular order of Rank)

• Autonation
• CarMax
• CarWoo
• Autotrader
• Penske Automotive Group
• Asbury Automotive Group
• Carvana
• Vroom
• Shift Technologies
• AutoNation
• Toyota
• Nissan
• Tata Motors Assured
• GeneralMotors
• Global StarLtd
• Maruti TrueValue
• Mahinda FirstChoice
• Chevrolet
• BMW
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Used Car and Refurbished Car Market

Which Region Dominates the Used Car and Refurbished Car Market in 2024?

According to Cognitive Market Research, North America currently dominates the Used Car and Refurbished Car market, and the region is expected to have significant growth during the projected period. Particularly when new automobile prices rise, one of the major contributing factors is the growing affordability of used cars in comparison to new ones. Due to inflation, rising interest rates, and economic uncertainty, consumers are becoming more frugal with their spending, which is increasing the market for used cars and refurbished cars.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Growing disposable incomes and the middle class's rise in countries like India, China, and Southeast Asia are driving up demand for used and reconditioned automobiles. Furthermore, consumers may now purchase used automobiles more easily because more financing options and digital platforms for auto sales have become available.

The current report Scope analyzes Used Car and Refurbished Car Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Used Car and Refurbished Car Market Analysis

According to Cognitive Market Research, the global Used Car and Refurbished Car market size was estimated at USD 32514.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 13005.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Used Car and Refurbished Car market with a market size of USD 10261.48 million in 2024 and is projected to grow at a CAGR of 14.2% during the forecast period because of the rising demand for pre-owned vehicles and the expanding acceptance of auto repair services.
• The Canada Used Car and Refurbished Car market had a market share of USD 1560.68 million in 2024 and is projected to grow at a CAGR of 15.2% during the forecast period driven by consumers' growing disposable money and the growing use of auto repair services.
• The Mexico Used Car and Refurbished Car market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 1183.52 million in 2024.

Europe Used Car and Refurbished Car Market Analysis

According to Cognitive Market Research, the global Used Car and Refurbished Car market size was estimated at USD 32514.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 9754.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.7% from 2024 to 2031.

• The United Kingdom Used Car and Refurbished Car market had a market share of USD 1638.27 million in 2024 and is projected to grow at a CAGR of 15.5% during the forecast period because of the expanding middle class and the rising need for reasonably priced secondhand autos.
• The France Used Car and Refurbished Car market is projected to witness growth at a CAGR of 13.9% during the forecast period, with a market size of USD 897.39 million in 2024.
• According to Cognitive Market Research, the German Used Car and Refurbished Car market size was valued at USD 1931.34 million in 2024 and is projected to grow at a CAGR of 14.9% during the forecast period because there are more used automobile sellers in this nation.
• The Italy Used Car and Refurbished Car market is projected to witness growth at a CAGR of 14.1% during the forecast period, with a market size of USD 838.87 million in 2024.
• The Russia Used Car and Refurbished Car market is projected to witness growth at a CAGR of 13.7% during the forecast period, with a market size of USD 1511.91 million in 2024.
• The Spain Used Car and Refurbished Car market is projected to witness growth at a CAGR of 13.8% during the forecast period with a market size of USD 799.85 million in 2024
• The Luxembourg Used Car and Refurbished Car market is projected to witness growth at a CAGR of 14.8% during the forecast period, with a market size of USD 302.38 million in 2024.
• The Portugal Used Car and Refurbished Car market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 204.84 million in 2024.
• The Greece Used Car and Refurbished Car market is projected to witness growth at a CAGR of 15.0% during the forecast period, with a market size of USD 117.05 million in 2024.
• The Rest of Europe's Used Car and Refurbished Car market is projected to witness growth at a CAGR of 13.4% during the forecast period, with a market size of USD 1511.91 million in 2024.

Asia Pacific Used Car and Refurbished Car Market Analysis

According to Cognitive Market Research, the global Used Car and Refurbished Car market size was estimated at USD 32514.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 7478.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Used Car and Refurbished Car market size was valued at USD 3365.22 million in 2024 and is projected to grow at a CAGR of 17.7% during the forecast period because the market for pre-owned vehicles is expanding and auto repair services are becoming more widely accepted.
• The Japan Used Car and Refurbished Car market is projected to witness growth at a CAGR of 16.7% during the forecast period, with a market size of USD 1032.00 million in 2024.
• The India Used Car and Refurbished Car market had a market share of USD 897.39 million in 2024 and is projected to grow at a CAGR of 20.0% during the forecast period driven by customers' expanding disposable money and the growing need for auto repair services.
• The South Korean Used Car and Refurbished Car market is projected to witness growth at a CAGR of 17.3% during the forecast period, with a market size of USD 747.83 million in 2024.
• The Australian Used Car and Refurbished Car market is projected to witness growth at a CAGR of 17.9% during the forecast period, with a market size of USD 388.87 million in 2024.
• The South East Asia Used Car and Refurbished Car market is projected to witness growth at a CAGR of 19.2% during the forecast period, with a market size of USD 516.00 million in 2024.
• The Rest of Asia Pacific Used Car and Refurbished Car market is projected to witness growth at a CAGR of 18.0% during the forecast period, with a market size of USD 530.96 million in 2024.

South America Used Car and Refurbished Car Market Analysis

According to Cognitive Market Research, the global Used Car and Refurbished Car market size was estimated at USD 32514.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 1625.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Used Car and Refurbished Car market size was valued at USD 695.80 million in 2024 and is projected to grow at a CAGR of 16.2% during the forecast period because the middle class is expanding and there is a greater need for reasonably priced used cars.
• Argentina's Used Car and Refurbished Car market had a market share of USD 273.12 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period since there are more used automobile retailers in this nation.
• Colombia Used Car and Refurbished Car market is projected to witness growth at a CAGR of 15.4% during the forecast period, with a market size of USD 144.69 million in 2024.
• Peru Used Car and Refurbished Car market is projected to witness growth at a CAGR of 15.8% during the forecast period, with a market size of USD 133.31 million in 2024.
• Chile Used Car and Refurbished Car market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 117.05 million in 2024.
• The Rest of Latin America's Used Car and Refurbished Car market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 261.74 million in 2024.

Middle East Used Car and Refurbished Car Market Analysis

According to Cognitive Market Research, the global Used Car and Refurbished Car market size was estimated at USD 32514.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 650.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.9% from 2024 to 2031..

• The GCC Countries Used Car and Refurbished Car market is projected to witness growth at a CAGR of 16.7% during the forecast period, with a market size of USD 278.32 million in 2024 fueled by the rising demand for auto maintenance services and consumers' increasing disposable income.
• The Egypt Used Car and Refurbished Car market is projected to witness growth at a CAGR of 16.2% during the forecast period, with a market size of USD 68.28 million in 2024.
• The South Africa Used Car and Refurbished Car market is projected to witness growth at a CAGR of 16.9% during the forecast period, with a market size of USD 102.74 million in 2024 due to the growing middle class and the increased demand for reasonably priced old cars.
• The Turkey Used Car and Refurbished Car market is projected to witness growth at a CAGR of 15.4% during the forecast period, with a market size of USD 55.92 million in 2024.
• The Nigeria Used Car and Refurbished Car market is projected to witness growth at a CAGR of 15.0% during the forecast period, with a market size of USD 68.28 million in 2024.
• The Rest of the MEA Used Car and Refurbished Car market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 76.73 million in 2024.

Used Car and Refurbished Car Market Analysis

How are Segments Performing in the Global Used Car and Refurbished Car Market?

Used Car and Refurbished Car Market Type Segment Analysis

According to Cognitive Market Research, used cars category is likely to dominate the Used Car and Refurbished Car Market over the forecast period, driven by the expanding availability of financing choices and the growing demand from consumers for reasonably priced mobility solutions. This tendency has been fueled by economic concerns, including inflation and the price of new cars, which have made consumers look for more affordable options. Furthermore, the availability of Internet platforms has expedited the purchasing process, improving accessibility and transparency in the market.

The refurbished car is the fastest-growing segment in the Used Car and Refurbished Car Market. Buyers search for sustainable alternatives to buying new cars and becoming more ecologically conscientious. Because they go through extensive examinations and repairs, refurbished cars provide consumers with a dependable choice that blends sustainability and excellence. Increased consumer knowledge of the advantages of used cars, such as reduced depreciation rates and better value for money, is supporting the market for used cars and refurbished cars.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Used Car and Refurbished Car Industry. Request a Free Sample PDF!

Used Car and Refurbished Car Market Application Segment Analysis

According to Cognitive Market Research, the independent segment holds the largest share of the market. The independent category is becoming more popular among buyers on a tight budget who want a wide selection of vehicles at affordable prices. Independent dealerships frequently serve specialized markets and particular customer wants by providing a greater selection of manufacturers and models. Additionally, they have more flexible pricing policies and can offer customized services that appeal to local customers. As the value of used cars and refurbished cars becomes more widely recognized, independent dealers are concentrating more on vehicle refurbishment procedures to maintain quality control while lowering expenses.

In the Used Car and Refurbished Car Market, the franchised has been expanding at a rapid pace. Franchised dealers, who are frequently connected to well-known dealerships, have the advantages of a well-known brand, dependable warranties, and more financing choices. Customers looking for quality and assurance—two things that are vital in the pre-owned car industry—are drawn to this market sector. Consequently, in response to consumer desires for certified pre-owned programs that boost buyer confidence, franchised dealers have been growing their assortment and services.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Used Car and Refurbished Car Sales Channel Segment Analysis

Used Car and Refurbished Car Market Sales Channel Segment Analysis

According to Cognitive Market Research, the offline segment holds the largest market share. Especially with customers who appreciate the customary car-buying process, the offline segment is still growing. Many customers prefer to examine cars in person, go for test drives, and negotiate directly with dealers. Since warranties, financing, and individualized customer care are regarded as essential to establishing confidence, well-established dealerships are the reason why the offline industry is still thriving. Furthermore, consumer reluctance to make large purchases online without in-person contacts is influenced by demographic and geographical preferences, which further affect the stability of the offline segment.

In the Used Car and Refurbished Car market, the rapidly growing sector is the online category driven by the growing trend of online shopping for cars via digital channels. Customers value the ease with which they can peruse large inventories, evaluate costs, and obtain comprehensive vehicle histories from the comfort of their own homes. With the advent of virtual inspections and home delivery possibilities, online marketplaces and e-commerce platforms have simplified the buying process. Younger consumers, who value the convenience of online shopping and feel more at ease utilizing technology for large purchases, have responded well to this change.

• Online
• Offline

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Sumedha Gosavi

Research Associate at Cognitive Market Research

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