Used Car Market Size In The US To Increase By 3.91 Million Units

Posted on August 18th, 2022

The used car market size in US is expected to increase by 3.91 million units between 2020 and 2025. The market witnessed a YOY growth of 1.55% in 2021 and the growth momentum is expected to accelerate at a CAGR of 1.98% during the forecast period. The report offers a comprehensive analysis of the market size, current market scenario, and accurate prediction of the YOY growth rates up to 2025.

The market is fragmented due to the presence of a large number of players occupying the competitive landscape. Vendors are focusing on providing different types of value-added services, such as free maintenance of products for a certain time period. Vendors are also focusing on expanding their geographical reach and realigning their product offerings to reduce operational costs, remain competitive by targeting high-growth segments, and strengthen their financial position in the market.

Technavio identifies 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. as dominant players in the market.

Although the reducing ownership cycle of cars will offer immense growth opportunities, increasing import duties on used cars from Mexico will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Used Car Market in US 2021-2025: Segmentation

Used Car Market in US is segmented as below:

• Product
• Mid Size
• Full Size
• Compact Size
• Distribution Channel
• Third-party Channel Sales
• OEM Channel Sales

Mid-sized cars accounted for maximum sales in 2021. These are the most preferred type of used cars in the US. They offer an economical upgrade to compact car owners. The segment also includes various models of compact sports utility vehicles (SUVs), compact crossovers, and mid-sized cars. The better resale value of these vehicles is driving the growth of the segment.

Similarly, by distribution channel, the third-party channel sales accounted for maximum sales of used cars in the US in 2021. The segment is driven by the convenience offered by third-party channel sales.

Used Car Market in US 2021-2025: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the used car market in the US. Backed with competitive intelligence and benchmarking, our research report on the used car market in US is designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

Used Car Market in US 2021-2025: Key Highlights

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will assist used car market growth in US during the next five years
• Estimation of the used car market size in US and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the used car market in US
• 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 US

Source: PR Newswire