United States Used Car Market Outlook Report 2022-2026 - Driven by An Influx of Digital Players Along With Consumer Demand for Personal Mobility and Affordable Pricing - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 23, 2022--
The “USA Used Car Market Outlook to 2026 - Driven by An Influx of Digital Players Along With Consumer Demand for Personal Mobility and Affordable Pricing” report has been added to ResearchAndMarkets.com’s offering.
The report covers overview and genesis of the industry, used car market size in terms of total revenue generated for the total used car volume sales with average price of used car and used to new car ratio; along with Used car finance market size, Used car auction market size, Online e-commerce used car market size.
It also includes snapshot on Online used Car market, trends and developments, issues and challenges and comparative landscape including competition scenario based on cross comparison in USA. The report concludes with future market projections of each used car segmentation and Analyst recommendations for Marketing & Promotional Strategies.
USA Used Car Market Overview
USA Used Car market has grown at a steady growth rate over the past few years supported by increase in population in the country along with the rising trends of upgrading the cars over the years. Factors like fast growing disposable income, rising demand for premium cars, shorter period of car ownership, and increasing preference of the owner are driving the growth of Used Car sales.
Growth is further supported by manufacturer’s investments in expanding the network of used cars dealers, building the brand and enabling customers to choose.
USA Used Car Market Size and Segmentation
The USA Used Car market has grown with from 2016 to 2021 due to COVID-19 being one of the biggest drivers as it compelled people have a personal vehicle to avoid use of public transportation for protective measures. Automakers for more than a year now have been battling through a semiconductor chip shortage that has sporadically halted production of new vehicles, causing record-low inventories of vehicles and higher prices. These circumstances have pushed many buyers into the Used-car market.
USA Used Car Market Segmentation
By Market Structure:
The Organized Car market structure has dominated the USA Used market owing to the promising value-added services like warranty, certification; convenient buying experience and more along with increased awareness about buying and selling used cars through online advertisements and publicity.
By Organized Sector:
In the Organized sector, Multi-Brand Franchised conquers the market, being the most popular type of player in USA, as they have more corpus to purchase inventory, and further sell it off to the consumers as they deal with both new and used cars.
By Unorganized Sector:
In the Unorganized sector, C2C transactions constitute the major proportion of the market due to the strong preference to less-aged cars and popular brands with good resale value which attracts consumers.
By Type of Car:
SUV car type are majorly preferred due to versatility and cargo space. Additionally, lesser price, higher grade of comfort, bigger trunk space, and more have all aided the SUV’s demand.
By Type of Transmission:
The market is overpowered by the Automatic Transmission as most of the Americans prefer automatics owing to the greater utilitarian cars and convenience of not having to shift gears. Moreover, it allows people to fiddle with their phones, search for music, or look at their GPS.
By Type of Fuel:
The USA Used car market by Type of Fuel is dominated by Petrol fuel as cars operating on petrol are chosen considering factors like petrol engines are cheaper to repair, higher engine power and are more responsive compared to diesel fuel. They can easily be converted into CNG if desired.
By Private and Commercial:
Private Vehicles overpower the market due to factors like rapid economic changes where middle-class customers are experiencing faster growth in income and are spending more on automobiles as Americans usually prefer to have a private vehicle for various purposes
Consumers prefer Used cars in good condition with average kms driven between 100,000-200,000 Miles as vehicles that has higher mileage are most-likely to be costlier than a similar vehicle with fewer miles.
By Age of the Car:
The market by Age of car is conquered by 10+ years old car where the average life of a car which has been witnessed in the country is 12.1 years, with an average run of 10,567 miles/year.
By Region wise Dealerships:
South region of USA dominates the market due to the highest number of registered vehicles along with presence of large number of dealerships & used car exchanges in this region.
Toyota Brand leads the market with the highest sale volume due to its high resale value and moderate maintenance of the car.
Comparative Landscape in USA Used Car Market
The USA used car market is moderately fragmented market with presence of multiple players in the industry. Top 3 players namely CarMax, TrueCar and Carvana together dominate the market share. Key competitive parameters include number of listings, brand availability, financing options, locations covered, value added services, warranty period, and commission charged.
USA Used Car Market Outlook and Projections
Efforts to transform the industry into a more organized one by players is expected to positively impact the sales. Online used car websites are adding certified dealers to their current model, which gives brand name to dealers & trust for buyers.
Additionally, use of advanced technologies such as AI to valuate car online by looking at the pictures only, 360-degree view of the interiors of the car, etc., to enhance digital experience of consumers and larger number of independent & multi-brand dealers are expected to shift towards online platforms increasing their digital presence and more are expected to drive the USA Used Car market in the near future.
- EnterPrise Car Sales
- Penske Automotive Group Inc.
- Hertz Car Sales
- North West Motor Sport
- Asbury Automotive
- AutoNation Inc.
- STG Auto Group
- Group 1 Automotive Inc
- Sonic Automotive - Echopark
- Avis Budget Car Sales
- Major Marketplace Companies
- Major Auction Market Players
- Greater Rockford Auction Group
- Copart Inc.
- McConkey Auction
- KAR Auction Services
- ACV Auctions
- Auto Auction Mall
- Major Online E-Commerce Platform
- Shift Technologies
USA Used Car Key Segmentation Covered
By Market Structure
- Organized Sector
- Unorganized Sector
- Organized Sector
- Multi-Brand Non-Franchise
- Online e-Commerce Local Dealers
- OEM Certified
- Unorganized Sector
- C2C Transactions
- Auction (B2C)
- Local Dealerships
By Type of Car
- Pickup Truck
By Type of Transmission
- Manual Transmission
- Automatic Transmission
By Type of Fuel
By Private or Commercial
By Miles Driven
- 20,000- 45,000 Miles
- 45,000-100,000 Miles
- 100,000-200,000 Miles
- Above 200,000 Miles
By Age of the Car
- 0-2 Years
- 2-5 Years
- 5-10 Years
- More than 10 Years
By Region-wise Dealerships
- North East
Key Target Audience
- Used Car Companies
- Online Used Car Portals
- Used Car Financing Companies
- Government Bodies
- Investors & Venture Capital Firms
- Used Car Dealerships
- Used Car Industry
- Used Car Manufacturing Companies
- Used Car Distributors
- Used Car Auction Houses
- Used Car Associations
Time Period Captured in the Report:
- Historical Year: 2016-2020
- Base Year: 2021
- Forecast Period: 2022-2026F
For more information about this report visit https://www.researchandmarkets.com/r/5xik7e
View source version on businesswire.com:https://www.businesswire.com/news/home/20221223005115/en/
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KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/23/2022 05:54 AM/DISC: 12/23/2022 05:54 AM