NEW YORK, Dec. 23, 2021 /PRNewswire/ --
Used Car Market in US Facts at a Glance-
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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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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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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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Latest Drivers & Trends Driving the Market-
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.
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.
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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: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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