Latest News- Used Car Market in US: 3P channel sales is expected to lead the Distribution Channel segment during 2025-2029

The Used Car Market in US is being driven by Excellent value for money proposition of used cars

The Used Car Market in US is expected to grow at a CAGR of 4.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 40.2 billion. The digital transformation of the automotive industry in the US has led to a significant surge in online used car sales. With the widespread adoption of the internet, buyers now have the convenience of purchasing pre-owned vehicles through specialized online platforms. These websites provide sellers with expanded market reach and offer additional services and incentives to attract potential buyers. Online marketplaces have surpassed traditional advertising methods in terms of reach and effectiveness. Furthermore, vehicle manufacturers utilize these sites as a communication channel to disseminate critical information regarding technological advancements, new car launches, and awards, ensuring customers are well-informed. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • 3P channel sales
  • OEM channel sales
• Product
  • Mid size
  • Full size
  • Compact size
• Vendor Type
  • Organized
  • Unorganized
  • Organized
  • Unorganized
• Fuel Type
  • Diesel
  • Petrol
  • Diesel
  • Petrol
• Geography
  • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Excellent value for money proposition of used cars
• Reducing ownership cycle of cars
• Increasing technological innovations in passenger cars

However, the market also witnesses some limitations, which are as follows:

• Stringent emission regulations to restrict sales of non-compliant used cars
• Increasing preference for car subscription services
• Increase in number of on-demand taxi operators

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Market Scope in Used Car Market in US Research Report

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Research Analysis Overview

The used car market in the US is a significant sector, encompassing dealership networks, online sales, and auto marketplaces. It caters to personal mobility needs, offering used passenger cars, off-lease vehicles, and luxury models. Automobile manufacturers and new vehicle businesses contribute through certified pre-owned vehicles and extended service agreements. Online retailing, car subscription services, and private party sales are transforming the industry. Telecom industry players and used car owners also play a role in the resale market. Rental car agencies, leasing offices, and no haggle prices are other key elements, influencing ownership duration and the overall used car landscape.

Market Research Overview

In the Used Car Market of the US, key players include dealership networks, franchise dealers, and automobile manufacturers participating in the new vehicle business and used passenger car sales. Technavio's market analysis calculates the market size based on revenue from online sales through auto marketplaces and franchise dealers, as well as customer intelligence services. Market expansion will be fueled by the increasing adoption of personal mobility solutions, advanced mobile devices, and high Internet penetration, enabling on-demand access to used vehicles and related services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/