Canada Used Car Market Size & Outlook, 2024-2030
Canada used car market, 2018-2030 (US$M)
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Canada used car market highlights
- The Canada used car market generated a revenue of USD 142,936.3 million in 2022 and is expected to reach USD 228,480.3 million by 2030.
- The Canada market is expected to grow at a CAGR of 6% from 2023 to 2030.
- In terms of segment, conventional was the largest revenue generating vehicle type in 2022.
- Hybrid is the most lucrative vehicle type segment registering the fastest growth during the forecast period.
Used car market data book summary
| Market revenue in 2022 | USD 142,936.3 million |
| Market revenue in 2030 | USD 228,480.3 million |
| Growth rate | 6% (CAGR from 2022 to 2030) |
| Largest segment | Conventional |
| Fastest growing segment | Hybrid |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Hybrid, Conventional, Electric |
| Key market players worldwide | Alibaba Group Holding Ltd ADR, CarMax Inc, Asbury Automotive Group Inc, TrueCar Inc, Scout24 SE, Lithia Motors Inc Class A, Group 1 Automotive Inc, EBay Inc, AutoNation Inc, Hendrick Automotive Group |
Other key industry trends
- In terms of revenue, Canada accounted for 8.6% of the global used car market in 2022.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. used car market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 228,480.3 million by 2030.
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Used Car Market Scope
Used Car Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Canada used car market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to used car market will help companies and investors design strategic landscapes.
Conventional was the largest segment with a revenue share of 44% in 2024. Horizon Databook has segmented the Canada used car market based on hybrid, conventional, electric covering the revenue growth of each sub-segment from 2018 to 2030.
Canada used car market is expected to register 6.0% growth (CAGR) over the forecast period. Owing to the growing economy and per capita income in the Canadian market, consumers are opting for the more sophisticated mobility options.
Pricing leverage associated with the used cars has also become one of the prominent reasons for the significant growth in the market. Growing demand for multi-purpose vehicles in the country, rising gas prices, and wholesale vehicle price index are some of the prominent reasons that are expected to drive the demand for used SUVs in the country.
According to some of the prominent market players in the country, the used car market has shown mixed results after the pandemic. Digitalization in the used car industry has shown good momentum in sales and is expected to drive high volume traffic in the coming years.
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Our clientele includes a mix of used car market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada used car market, including forecasts for subscribers. This country databook contains high-level insights into Canada used car market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada used car market size, by vehicle type, 2018-2030 (US$M)
Canada Used Car Market Share, 2024 & 2030 (US$M)
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