Used Car Market in US by Product and Distribution Channel - Forecast and Analysis 2021-2025

  • Published: Jul 2021
  • Pages: 120
  • SKU: IRTNTR41649
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 Used Car Market in the US - 2021-2025

The used car market size in the US is expected to reach a value of 3.91 million units, at a CAGR of 1.98% during 2021-2025. This research study helps in a deep understanding of the underlying forces driving the market growth and current and potential target customers across segmentations. According to our comprehensive survey, factors such as increased penetration of dedicated websites to sell used cars are projected to significantly support market growth during the forecast period. View our sample report for insights on the latest trends and challenges that will have a far-reaching effect on the market growth.

Used Car Market in US Size

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Used Car Market Segments in the US

Navigate through market segmentation by product (mid size, full size, and compact size) and distribution channel (third-party channel sales and OEM channel sales) in this used car market report of the US to pursue growth opportunities.

Get actionable insights on the used car market segments in the US to generate successful ROIs and focus your business strategy efforts where they are most likely to be effective. Also, our market research experts have evaluated the impact of COVID-19 across market segments for our clients to understand the long-term business implications and foresee opportunities for subsequent recovery. Want a thorough qualitative and quantitative analysis on the post-pandemic used car market predictions in US on-demand changes for 2021-2025? You can buy the report now with one easy click.

Used Car Market Vendors in the US and Competitive Analysis

The used car market in the US is fragmented and the vendors are deploying growth strategies such as providing different types of value-added services to gain a competitive advantage. Find out about other well-thought-out business planning approaches of key players from our sample report.

The unprecedented outbreak of COVID-19 last year impacted market segments that has had a ripple effect on various stakeholders. To make the most of the opportunities and recover from post COVID-19 impact, the market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Click here to get COVID-19 impact update.

Buy the full used car market forecast report of US for detailed insights on complete key vendor profiles. The profiles include information on the production, sustainability, prospects of the leading companies, and other crucial vendor landscape analysis.

Used Car Market in US Vendors

Used Car Market Insights in the US by Product

Used Car Market in US Share by Product

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The used car market share growth in the US 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. This report provides an accurate prediction of the contribution of all the segments to the growth of the used car market size in the US.

From the used car market segmentation insights in the US, players can achieve maximum market response by understanding the target consumers. The analytical data on the segmentation will allow vendors to position their services and products among the right audiences and gain significant exposure and growth. Also, get updated actionable market insights on post COVID-19 impact on each segment.

Used Car Market Drivers & Trends in the US

While it is crucial to have a solid understanding of the drivers and trends, it is also imperative that the market challenges are recognized to improvize business planning and sustain market competition. One of the key factors impeding used car market growth in the US is increasing import duties on used cars from Mexico. Purchase our express report to get exhaustive insights on other industry trends, drivers, and challenges, which will help companies evaluate and develop growth strategies.

The increased penetration of dedicated websites to sell used cars is one of the major factors that will have a positive impact on the used car market in the US during the forecast period. The presence of many online car sales websites has enabled buyers to pick out a used car through online sites in the country. These websites assist sellers to cater to a large number of potential buyers, and there are many online used car sales websites that also offer extra services and special offers to interested buyers. Additionally, the online used car websites provide free or discounted after-sales service packages that include maintenance costs of the vehicle after purchase. The increasing use of online websites to exchange a vehicle for another well-maintained used car will drive the sales of used cars in the US.

This used car market analysis report of the US provides detailed information on key trends, drivers, and challenges that is the essence of business planning and strengthening marketing strategies across regions and segmentations.

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Used Car Market Report Outlook of US

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive used car market growth in the US during the next five years
  • Precise estimation of the used car market size in the US and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of used car market vendors in the US

Buy the Used Car Market Report of US now to reimage your business strategies!

 

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The used car market growth will increase by $4.25 million units during 2019-2024.
The used car market is expected to grow at a CAGR of 2.01% during 2019-2024.
Technavio has segmented the used car market by product (Mid size, Full size, and Compact size) ,product by volume (Mid size, Full size, and Compact size) , and distribution channel by volume (Third-party channel sales and OEM channel sales).
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. are a few of the key vendors in the used car market.
US will register the highest growth rate of 100.00% among the other regions. Therefore, the used car market in US is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the used car market growth are:
  • Increased penetration of websites dedicated to selling used cars
  • Vehicle makers to use artificial intelligence for managing sales of used cars
The used car market vendors should focus on grabbing business opportunities from the mid size segment as it accounted for the largest market share in the base year.
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