The US Used Car Market sees a revenue increase of USD 35.96 billion between 2022-2027, Highlighting major innovations and vendor offerings- Technavio

NEW YORK, Feb. 19, 2024 -- The US - used car market size is estimated to grow by USD 35.96 billion from 2022 to 2027, growing at a CAGR of 4.14%. The used car market is fragmented owing to the presence of many global and regional companies. A few prominent companies are AutoNation Inc., CarMax Inc., Carvana Co., General Motors Co., Group 1 Automotive Inc., Hendrick Automotive Group, Hertz Global Holdings Inc., Lithia Motors Inc., Penske Automotive Group Inc., Sonic Automotive Inc., Vroom Inc., and Asbury Automotive Group Inc. For details on companies and their offerings – Buy the report!

Company Offering:

AutoNation Inc. - The company offers 2020 Acura MDX, 2019 Acura RDX, 2020 BMW 3 Series, and 2021 Chrysler 300.
CarMax Inc. - The company offers 2007 Porsche Cayman 2dr Cpe, the 2018 Audi SQ5 3.0 TFSI Premium Plus, the 2011 Kia Optima 4dr Sdn 2.4L Auto LX.
Carvana Co. - The company offers 2013 Dodge Dart Rallye, the 2019 GMC Acadia Denali, the 2013 Jeep Grand Cherokee Laredo, 2014 Kia Sorento LX. Download a sample report to get more insights on the market share of various regions and the contribution of the segments.

One of the impactful driver is the excellent value for money proposition. Increased penetration of websites dedicated to selling is one of the key trends. One of the major challenge is the increasing preference for car subscription services The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample Report Before Buying

Segmentation

The third-party channel segment is estimated to witness significant growth during the forecast period. With a large number of new vehicle models being launched every year, the industry is highly competitive. This, however, drives a steady supply. There is a significant difference in prices compared to new cars. The progressing number of new cars launched will cause the average ownership cycle per car to decline over the forecast period. Technavio Research experts have provided more insights on the share of segments - View Free Sample Report

The US Used Car Market, a crucial segment of the automotive industry, caters to consumers seeking private transportation. While new vehicles remain popular, secondhand cars gain traction, fueled by technological advancement like virtual reality and online sales. Dealership networks play a pivotal role in facilitating transactions, leveraging brand recognition to attract the middle-class population. Dealers, as sellers, capitalize on growth, offering diverse options to meet varying needs. As the industry evolves, technological advancements continue to reshape the landscape, offering enhanced experiences for both buyers and sellers. With online platforms becoming increasingly prominent, the industry demonstrates resilience and adaptability in meeting the demands of modern consumers.

The online mode segment is flourishing, attracting a diverse target sector through e-commerce sites/applications. Online sales platforms, including vehicle places, facilitate internet booking, enhancing affordability for buyers seeking secondhand automobiles. Internet companies are tapping into this industry, catering to the unorganized vendor type segment and serving middle-class consumers. Learner drivers and independent dealers benefit from the accessibility and convenience of online platforms. As the digital landscape evolves, the industry continues to expand, providing opportunities for both buyers and sellers alike. With the rise of online sales and internet-based transactions, the industry presents a dynamic environment where affordability and accessibility intersect with the needs of consumers and businesses.

Related Reports:

The UK - used car market size is estimated to grow at a CAGR of 6.03% between 2022 and 2027. The size is forecast to increase by USD 34.22 billion. This report extensively covers segmentation by channel (organized and unorganized), vehicle type (compact car, SUV, and mid size), and type (petrol, diesel, and others).

The India - Used Car Market size is estimated to grow at a CAGR of 11.9% between 2023 and 2027. The size is forecast to increase by USD 24.7 billion. This report extensively covers segmentation by channel (offline and online), vehicle type (compact car, mid-size, and SUV), and type (petrol, diesel, and others).

TOC:

1 Executive Summary

2 Landscape

3 Sizing

4 Historic Size

5 Five Forces Analysis

6 Segmentation by Distribution Channel

7 Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio