Asia Pacific Used Car Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Asia Pacific Used Car Market Growth

Second-hand automotive retailers operating in India’s organised sector recorded a year-on-year growth of 30% in 2023. This can be attributed to their growing digital presence, which has enabled consumers to compare vehicles, check prices, and confirm their specifications. As per industry reports, the demand for used vehicles in non-metropolitan regions of India grew from 55% to 65%, indicating rising consumer disposable incomes and improved access to financing options. The average age of a used vehicle in India has also declined from 6 years to 4 years, which is also favourably shaping the Asia Pacific used car market outlook.

Vietnam is also witnessing a surge in demand for second-hand vehicles, due to increasing vehicle ownership costs and high tax rates. With the growth of middle-class population, the demand for cost-effective and fuel-efficient vehicle models has been rising steadily. Nearly 8 out of 10 most popular used car models in Vietnam are Japanese, indicating high consumer preference for durable vehicles which have a high resale value. The increasing demand for safe and high-quality vehicles in Vietnam is also anticipated to fuel growth of the Asia Pacific used car market over the forecast period.

Key Trends and Developments

Asia Pacific Used Car Market Trends

As per the Australian Automotive Dealer Association, in H1 of FY 2024-25, 1,112,580 used cars were sold in Australia, recording a substantial growth from 953,985 units in H1 of FY 2023-24. The prices of second-hand cars have reduced by 8% across Australia, and the share of private sellers has soared to 67.5% from 59.9% in June 2023, reaching 817,751 listings. The increase in Asia Pacific used car market value can be further attributed to the increasing demand for electric vehicles in the region, with EV listings recording a y-o-y growth of 75% in H1 of 2024-25, accounting for 0.8% of the market share.

Asia Pacific Used Car Industry Segmentation

Asia Pacific Used Car Market Share

Based on country, the market is segmented into China, Japan, India, ASEAN, and Australia, among others. India is projected to dominate the market, representing 12.3% of the overall market share. The demand for used cars in India is expected to grow at a CAGR of 9.5%, due to the growing accessibility to simple financing options for vehicle buyers. Moreover, the growing presence of second-hand vehicle dealerships on digital platforms is expected to complement the market growth.

Leading Companies in the Asia Pacific Used Car Market

Major players are introducing new electric SUV models to capture a growing Asia Pacific used car market share.

Autotrader, Inc.

Autotrader, Inc. was founded in 1998 and is headquartered in Georgia, United States. It is engaged in offering digital marketing solutions for automotives for used and new car dealerships.

Cars24 Services Private Limited

Cars24 Services Private Limited was founded in 2015 and is headquartered in Haryana, India. As per Asia Pacifi...

OTOPAC Motors Pte Ltd.

OTOPAC Motors Pte Ltd. was founded in 2016 and is headquartered in Jakarta Barat, Indonesia. It is engaged in ...

Uxin Limited

Uxin Limited was founded in 2011 and is headquartered in Beijing, China. It is the nation’s largest online p...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other players included in the Asia Pacific used car market report are Vroom, Inc., Alibaba Group Holding Ltd, CarDekho, CAR Group Limited, ClickCar Australia Pty Ltd., and USS Co. Ltd., among others.