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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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
143 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.3% |
Market growth 2025-2029 |
USD 40.2 billion |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
4.1 |
Key countries |
US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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.
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/
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