USED CAR MARKET
Global Market
The global used car market was valued at $1.57 trillion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from 2022 to 2030. The used car shipments were recorded at 120.3 million units in 2021. Significant growth in the used car industry has been driven by intense price competition among new entrants. The inability of customers to purchase new cars has been one of the causes of increased used car sales volumes, prompting industry participants to invest in building used car sales networks. These networks assist market participants in branding used car options and making them viable choices for consumers.
Domestic Market
The domestic used car market in South Korea has grown significantly, reaching an annual market size of approximately 30 trillion KRW. This indicates increasing opportunities through enhanced efficiency and convenience in the used car distribution process. Since 2016, the emergence of "Sell My Car" platforms has significantly changed the traditional transaction methods, where individuals had to visit used car dealerships or go through car dealers to sell their vehicles. These platforms have introduced a system where dealers can auction used cars through the platform, reducing the inconvenience and increasing trust for consumers.
Last updated