Asia Pacific Used Car Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The Asia Pacific used car market size reached around USD 793.30 Billion in 2024. The market is projected to grow at a CAGR of 8.30% between 2025 and 2034 to reach nearly USD 1.76 trillion by 2034.

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

Formalisation of used car dealerships in India; shift towards EVs in China; evolving consumer preferences in Australia; and increasing use of AI are factors favouring the Asia Pacific used car market growth.

September 2024

OLX India established a partnership with IDFC First Bank to provide quick and simple financing solutions for second-hand automotive buyers directly from OLX, thereby enhancing user convenience.

May 2024

Charancha, a South-Koren automotive retail company introduced blockchain based services for used car-history management, and owner verification services in collaboration with Aptos Labs. This also fuelled the Asia Pacific used car market development.

May 2024

Nxcar, an Indian automotive fintech company launched an integrated platform for second-hand cars for consumers, which improves user’s access to loans, vehicle inspection services, insurance, valuation, and RC transfer services.

December 2021

Carma, an Australian startup company engaged in offering used car dealerships through online channels, raised AUD 28 million in a seed round funding to develop its website, recruit its executive team, and its first automotive inspection and reconditioning facility. This has positively shaped the Asia Pacific used car market dynamics.

Formalisation of used car dealerships in India

By 2050, the organised retail sector is expected to account for 50% of overall pre-owned vehicle purchases in India, due to rationalisation of tax rates, streamlined market access, and shift towards transparent selling and buying processes.

Shift towards EVs in China

In 2023, nearly 18.41 million used motor vehicles were traded for around USD 162.99 billion. This can be attributed to the favourable legal environment and the government push towards decarbonising the transportation industry.

Increasing use of AI

Major second-hand automotive dealerships are relying on AI tools for automotive inspection to arrive at an accurate estimate of vehicle repair costs and accordingly make an informed purchase decision. This is enhancing the Asia Pacific used car market revenue.

Evolving consumer preferences in Australia

In Australia, Tesla has emerged as the most popular four-wheeler in the market for second-hand electric cars. It occupies over 25% of the domestic market share, with sales jumping by 10.3% year-on-year in June 2024.

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

The report titled “Asia Pacific Used Car Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Vehicle Type:

• Hatchbacks
• Sedan
• Sports Utility Vehicle (SUV)
• Others

Market Breakup by Fuel Type:

• Diesel
• Petrol
• Electric
• Others

Market Breakup by Vendor Type:

• Organised
• Unorganised

Market Breakup by Application:

• Offline
• Online

Market Breakup by Country:

• China
• Japan
• India
• ASEAN
• Australia
• Others

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 Pacific used car market analysis, it is an AutoTech company which is engaged in streamlining the financing, sale, and purchase of used cars in India, UAE, and Australia.

OTOPAC Motors Pte Ltd.

OTOPAC Motors Pte Ltd. was founded in 2016 and is headquartered in Jakarta Barat, Indonesia. It is engaged in providing automotive repair services such as tyre changes, replacement of window wipers and brake pads, and AC services, among others.

Uxin Limited

Uxin Limited was founded in 2011 and is headquartered in Beijing, China. It is the nation’s largest online platform for used car dealerships. It offers C2B, B2C, and B2B services through brands like Uxin Used Car and Uxin Auction.

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.