Used Car Market Status

INTERNATIONAL MARKET- Used Car Sales and Intermediary Services Business

The global used car market size was valued at USD 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 shipment was recorded at 120.3 million units in 2021. The market has witnessed significant growth in the last few years as the price competitiveness among the new players has been one glowing spot in the used car industry. The inability of customers to buy new cars became one of the reasons for the growing used cars sales volume, which is complemented by the investments made by the industry participants to establish their dealership network in the market. These dealership networks helped market participants to brand and make used car options viable.

According to Precedence Research, the global automotive aftermarket was valued at US$ 721.2 billion in 2021 and predicted to surpass US$ 1167.09 billion by 2030, poised to grow at a noteworthy CAGR of 5.49% during the forecast period 2022 to 2030.

Though, the automotive aftermarket is highly influenced by the digitized gateway pattern, high cost of research & development expected to hamper the market growth. Additionally, the consumer shift towards smart and intelligent automobile parts also uplift the overall cost of the components.

DOMESTIC MARKET- Used Car Sales and Intermediary Services Business The domestic used car market in South Korea has been growing significantly, with an annual market size of approximately 30 trillion won. This indicates increasing opportunities for efficiency and convenience improvements in the distribution process of used cars. Since 2016, the emergence of "sell my car platforms" has brought about significant changes in the way used cars are bought and sold, shifting from traditional forms of direct visits to used car dealers or transactions through intermediaries. These platforms have introduced a system where dealers can auction used cars through the platform, reducing the inconveniences previously experienced by consumers and increasing trust. There is an increasing number of platforms that provide such services, enhancing convenience and reliability.

ByByeCar also offers a used car sales and intermediary service based on the "sell my car properly" model, allowing users to sell their used cars through a mobile-based platform. Car owners can list their vehicles, and registered intermediary dealers conduct auctions to offer the highest price.