Used Car Market in US | Leading Segments, Trends, Drivers and Challenges
Market Recovery and Growth Projections 2021-2025
Used car market in US is likely to post an incremental growth of 3.91 million units, accelerating at a CAGR of 1.98% during the forecast period. This research provides a detailed analysis of the market segments and geographic landscape. It also offers insights into the various growth factors and challenges that are likely to have a negative impact on market growth. This thorough research will equip clients with the insights necessary to plan and strategize a post-pandemic recovery plan.
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Used Car Market in US: Emerging Trends to Impact Market Growth
Growth by the mid-size segment will be significant during the forecast period. A large number of used car dealers promote trade-ins, wherein buyers can exchange their current vehicle and receive a discount (the exchange value) on the price of the mid-sized used car. Such techniques boost the sales of mid-size used cars. The presence of several online car sales websites has enabled buyers to pick out a used car through online sites. These websites assist sellers to cater to a large number of potential buyers, and offer extra services and special offers to interested buyers.
This report provides a detailed analysis of all the trends that are likely to influence the growth of individual segments within the market as well as the overall market in focus. This analysis will enable clients to assess their play in the market and plan for growth opportunities.
Used Car Market in US : Market Segments and Growth Forecasts
This research report will provide insights into the current market share of each segment along with growth projections for the next five years.
- Market is segmented by Product (Mid size, Full size, and Compact size) and Distribution Channel (Third-party channel sales and OEM channel sales).
- This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the Used Car Market in US size.
Used Car Market in US : Trends, Drivers, Challenges
The report also offers a detailed impact analysis of various trends, drivers, and challenges that are likely to influence the market growth during the forecast period. These insights will equip clients to design a growth strategy for their business and area of operations.
- Reducing ownership cycle of cars will be a significant factor in driving the growth of the Used Car Market in US .
- Increasing technological innovations in passenger cars will be instrumental in driving the market growth during the forecast period.
- Increasing import duties on used cars from Mexico is a hurdle that needs to be crossed on the path to success.
Used Car Market in US : Vendor Analysis
- The market is fragmented.
- Alibaba Group Holding Ltd., Amazon.com Inc., Asbury Automotive Group Inc., AutoNation Inc., CarMax Inc., Cox Automotive Inc., eBay Inc., Pendragon Plc, Penske Automotive Group Inc., and TrueCar Inc. are some of the major market participants.
- The unprecedented outbreak of COVID-19 in 2020 has had a significant impact on market segments had a ripple effect on various stakeholders. Our vendor analysis and insights will provide you with all the information required to make the most of the opportunities and plan business recovery and growth post the pandemic.
Browse through our other related report to gain further insights into the market in focus:
- Used Car Market: The used car market is expected to grow by 34.53 million units, accelerating at a CAGR of almost 6% during the forecast period.
Key Areas Covered in our Report:
- Used Car Market in US Split by Product
- Mid size
- Full size
- Compact size
- Used Car Market in US Split by Distribution Channel
- Third-party channel sales
- OEM channel sales
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2020-2025
- MEA - Market size and forecast 2020-2025
- Europe - Market size and forecast 2020-2025
- North America - Market size and forecast 2020-2025
- South America - Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Competitive scenario
- Vendor landscape
- Landscape disruption
- Alibaba Group Holding Ltd.
- Amazon.com Inc.
- Asbury Automotive Group Inc.
- AutoNation Inc.
- CarMax Inc.
- Cox Automotive Inc.
- eBay Inc.
- Pendragon Plc
- Penske Automotive Group Inc.
- TrueCar Inc.
For more insights into this market: Download a Free Sample Report. Our custom reports provide market insights at the global and regional level along with pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.
The report provides insights into the following FAQs:
- What is the market CAGR?
The market will accelerate at a CAGR of 1.98%.
- What is the incremental growth of the market?
The market is expected to grow by 3.91 mn units through 2021-2025.
- What is a key factor driving this market?
Reducing ownership cycle of cars will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
US are the key regions featured in this research report.
- Who are the leading market vendors?
The leading vendors in this market are Alibaba Group Holding Ltd., Amazon.com Inc., Asbury Automotive Group Inc., AutoNation Inc., CarMax Inc., Cox Automotive Inc., eBay Inc., Pendragon Plc, Penske Automotive Group Inc., and TrueCar Inc.
- What are the market segments covered in this report?
The market is segmented by Product (Mid size, Full size, and Compact size) and Distribution Channel (Third-party channel sales and OEM channel sales)