The used car market is experiencing a significant transformation, driven by evolving consumer preferences, technological advancements, and economic factors. Globally, the market is projected to reach USD 1.9 trillion by 2032, growing at a CAGR of 6.59% from 2025 to 2032. In India, the used car market is expected to grow at a CAGR of 17.60% from 2023 to 2032, reaching USD 138.95 billion by 2032.
Global Market Dynamics
The global used car market's growth is fueled by several key factors:
Affordability and Accessibility: Used cars offer a cost-effective alternative to new vehicles, making car ownership more accessible to a broader population segment.
Online Platforms: The rise of digital platforms has revolutionized the buying and selling process, providing consumers with a wider selection and more transparent pricing.
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