NEW YORK, Dec. 23, 2021 /PRNewswire/ --
Used Car Market in US Facts at a Glance-
- Total Pages: 120
- Companies: 10+ – Including 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. among others
- Coverage: Key drivers, trends, and challenges;
Product insights & news; Value chain analysis; Parent market
analysis; Vendor landscape
- Segments: Product (mid size, full size, and compact
size) and Distribution channel (third-party channel sales and OEM
channel sales)
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According to the recent market study by Technavio, the Used Car
Market in US Share in Automobile Manufacturers Industry is
expected to increase by 3.91 million units from 2020 to 2025, with
an accelerated CAGR of 1.98%. The report provides a detailed
analysis of drivers & opportunities, top winning strategies,
competitive scenario, future market trends, market size &
estimations, and major investment pockets.
The Used Car Market share growth in the US by the mid
size segment will be significant during the forecast
period.
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FREE Sample: to gain further insights
on the market contribution of various segments
Vendor Insights-
The used car market in the US is
fragmented and the vendors are deploying organic and inorganic
growth strategies to compete in the market.
Alibaba Group Holding Ltd.- The company business is
segmented into Core commerce, Cloud computing, Digital media and
entertainment, and Innovation initiatives and others. Moreover,
Alibaba Group Holding Ltd also offers the sales of used car.
Amazon.com Inc.- The company does retail sales of
consumer products and subscriptions through North America and internationally focused
online and physical stores. The segment also includes export sales
from these online stores. Moreover, Amazon.com Inc also offers
sales of used cars and used trucks.
Asbury Automotive Group Inc.- The company sells new
and used vehicles to individual retail customers and other dealers
at auction. Moreover, Asbury Automotive Group Inc also offers
vehicle repair and maintenance services, replacement parts, and
collision repair services, automotive finance and insurance
products.
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and their product offerings. Download Free Sample
Report
Market Segmentation Outlook
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.
Mid-sized used cars are the most preferred type of used car in
the US. These vehicles offer an economical upgrade to compact car
owners. Vehicle manufacturers are aggressively
launching additional models of mid-sized vehicles with attractive
vehicle financing options and discounts.
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more key highlights on the market share of the above-mentioned
segments.
Latest Drivers & Trends Driving the Market-
- Used Car Market in US Driver:
-
- Reducing ownership cycle of cars:
One of the key factors driving
growth in the used car market in the US is the reducing ownership
cycle of cars. Car owners in the US are increasingly
upgrading their cars to newer models since 2015, which is resulting
in a decline in car ownership cycles. Decreased car ownership cycle
ensures that vehicles sold as used cars are in good working
condition and well within their effective average operational age.
An increased number of new vehicle models launched each year, and a
large number of electronic upgrades being added to newer car models
are driving existing car owners to exchange their vehicle for an
upgraded model car. This is contributing to the increased supply of
used car models in the US during the forecast period.
- Used Car Market in US Trend:
-
- Vehicle makers to use AI for managing sales of used
cars:
Artificial intelligence is being
leveraged by many automotive manufacturers for increasing the
efficiency of operations. The increased supply of used cars in the
market is driving dealers and automotive manufacturers to invest
additional funds in developing or acquiring technological tools
that feed valuable insights regarding the stock and demand for used
cars in various regions in the US. For instance, the joint venture
named FordDirect between Ford Motor Company and its dealers in the
US has sourced a tool from Vast, a Texas-based technology company, in 2017. The
tool provides insights regarding the stock of used cars and
customer feedback using an integration between artificial
intelligence and big data related to the automotive sector. These
factors are boosting the growth of the market.
Find additional information about various
other market Drivers & Trends mentioned in our FREE
sample report.
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Used Car Market In
US Scope
|
Report
Coverage
|
Details
|
Page
number
|
120
|
Base year
|
2020
|
Forecast
period
|
2021-2025
|
Growth momentum &
CAGR
|
Accelerate at a CAGR
of 1.98%
|
Market growth
2021-2025
|
3.91 mn
units
|
Market
structure
|
Fragmented
|
YoY growth
(%)
|
1.55
|
Regional
analysis
|
US
|
Performing market
contribution
|
US at 100%
|
Key consumer
countries
|
US
|
Competitive
landscape
|
Leading companies,
competitive strategies, consumer engagement scope
|
Companies
profiled
|
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.
|
Market
Dynamics
|
Parent market
analysis, Market growth inducers and obstacles, Fast-growing and
slow-growing segment analysis, COVID-19 impact and future consumer
dynamics, market condition analysis for the forecast
period,
|
Customization
purview
|
If our report has not
included the data that you are looking for, you can reach out to
our analysts and get segments customized.
|
About Us
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions. With over 500 specialized analysts,
Technavio's report library Their client base consists of
enterprises of all sizes, including more than 100 Fortune 500
companies. This growing client base relies on Technavio's
comprehensive coverage, extensive research, and actionable market
insights to identify opportunities in existing and potential
markets and assess their competitive positions within changing
market scenarios.
Contact
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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SOURCE Technavio