U.S. Used Car Market Size & Outlook, 2024-2030
U.S. used car market, 2018-2030 (US$M)
U.S. used car market highlights
- The U.S. used car market generated a revenue of USD 359,813.9 million in 2022 and is expected to reach USD 519,050.4 million by 2030.
- The U.S. market is expected to grow at a CAGR of 4.7% 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 359,813.9 million |
| Market revenue in 2030 | USD 519,050.4 million |
| Growth rate | 4.7% (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, U.S. accounted for 21.7% 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 |
|---|
U.S. 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 41% in 2024. Horizon Databook has segmented the U.S. used car market based on hybrid, conventional, electric covering the revenue growth of each sub-segment from 2018 to 2030.
In 2019, the U.S. market accounted for more than 30% volume share in the global used car market. The U.S. market has shown a great upsurge in the used car market, as most of the population is inclined toward an economic means of transportation.
At the starting of 2020, due to the Covid19 pandemic, the market had shown a slowdown in sales; however, in the second quarter, the sales for used cars have registered significant growth, according to COX Automotive.
With the great inclination towards digitalization, some retailers started online sales services to remain lucrative in the market. Meanwhile, e-commerce platforms are enhancing the no human interaction services with the vehicle directly delivered to the consumers’ doors, and this service is expected to drive the used car sales 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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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the U.S. used car market, including forecasts for subscribers. This country databook contains high-level insights into U.S. used car market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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