Used Car Market Share

Europe Market Statistics

Europe used cars market is expected to dominate revenue share of around 30.7% by the end of 2037 due to increasing consumer demand for affordable personal cars. The rising price of vehicles has propelled the demand for cost-effective transportation options. According to a report published by the European Central Bank, in February 2022, car prices in this region were accelerated to 8.7% by August. However, the decline in new car production is causing a scarcity in availability and an increment in used car prices. Companies are opting for strategic advertisements to resolve the issue by promoting them locally. For instance, in July 2024, Arnold, a leading supplier of used cars, partnered with Scottish Rugby to provide vehicles for the sports community employees. This will further help Arnold to capture the grand audience of the Scotland Men’s team.

The UK is projected to show remarkable development in the used cars market by the end of 2037. The country is highly influenced by environmental concerns, driving the need for sustainable alternatives in this sector. The increasing demand for hybrid and fully electric vehicles has encouraged companies to outstretch their dealership network. For instance, in March 2024, the GWM ORA appointed Richardson’s and Hartwell as their used car retailer in the UK. These new retail partners are expected to embellish the company network through their expertise in used electric vehicles across the country.  

France is established as a reliable supplier for the  market in this region. As the country focuses on reliability, fuel efficiency, and advanced technology, it is aspiring to invest in platforms to streamline pre-owned vehicles. This is further fueling the supply chain to introduce innovative solutions with more convenient features. For instance, in January 2023, ProovStation raised USD 11.34 million to deploy AI-powered testing stations for used cars. The assistive facilities aim to deliver automated valuation and inspection results in just 3 seconds. Such technologies are inspiring more developments in this industry to secure quality.

North America Market Analysis

The ongoing technological advancements and shifting consumer preferences are shaping the used cars market dynamics. Enhanced online platforms including Carvana, Vroom, and AutoTrader have been successfully increasing consumer engagement in this sector, by making the process more accessible and efficient through digital tools. The popularity of electric vehicles has also influenced the market to opt for environmentally friendly options. Many government subsidiary plans are supporting these initiatives through funding and incentives. For instance, in August 2024, the Washington State Department of Commerce released a new state rebate program. This will allocate a USD 2,500 rebate for each used EV purchase and lease to make it affordable for low-income drivers.              

The U.S. encompasses advanced technology to boost its market. Growing demand for affordable alternatives to avoid highly-priced new vehicles is propelling the growth of this country. Environmental concerns and federal incentives are increasing interest in buying pre-owned EVs to promote sustainability. Online platforms are improving and expanding their services to offer seamless transactions. For instance, in February 2024, Carvana expanded its same-day delivery of used cars in the Sacramento area. This further captivates more investment in this field.

Canada is encouraging consumers to invest in the market to cope with its current economic condition. The country is witnessing a robust demand for affordable used vehicles among first-time buyers. The drivers are opting for reliable brands such as Ford, Honda, and Toyota for SUVs and trucks to fit the country’s lifestyle. Many dealer points have enabled online sales and home delivery options, bringing virtual convenience. This further encourages more buyers and sellers to purchase or list their vehicles from these platforms.