Rising e-commerce platforms of used car players, lack of original manufacturing facilities and shortage of semiconductor chip in the automobile industry is driving the Used Car Market in USA: Ken Research
The development of technology and internet have provided all information to the consumers regarding vehicle value, market prices, profit margin of seller, quality of car and more, thereby making market more competitive than before.Rising in Supply: Factors like fast growing disposable income, rising demand for premium cars, shorter period of car ownership, and increasing preference of the owner are driving 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 from various options.
Diffusion of Digital: Online platforms are giving buyers & seller's new ways to interact online & facilitate the buying decision by offering a plethora of options and focusing on user browsing experience. Further, with dealerships offering warranty and service support, the used car market is now a reliable and trust-worthy option for first-time buyers which leads to good customer retention. Online providers are beginning to dilute traditional used-car dealers' positions and rise growth by empowering digitally savvy customers via complete end-to-end purchasing capabilities, extensive vehicle data and photos, along with effective search tools and unique delivery options.
For more information on the research report, refer to below link:-
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/usa-used-car-market-outlook-to-2026-/588864-100.html
Growing Need for Personal Mobility: There has been a decrease in dependency on public transport due to the rising population. The pandemic has changed public preference towards traveling in personal vehicle where people belonging to low-income group are also shifting from public transport to purchasing a personal second-hand affordable car. The change in the trend if personal mobility is a driving force to the market.
Market Challenges: The USA Used Car Market is challenged with high maintenance cost of used cars. A new car requires no maintenance for at least 6 months of purchase as there are free services which is not the same case in used cars. Though the depreciation of new cars is higher, a used car offers disadvantage, hindering the market growth. Another major challenge is the lack of regulatory measures which are required to maintain the quality of the global used car market.
Analysts at Ken Research in their latest publication "USA Used Car Market Outlook to 2026F- Driven by an influx of digital players along with consumer demand for personal mobility and affordable pricing" by Ken Research observed that Used Car Market in USA is growing at a robust CAGR more than 40k Used cars being sold as a result of increased market supply along with a shift towards organized and transparent trade. The availability of financing options, online presence of new emergent players and increasing digital penetration is expected to contribute to the market growth over the forecast period. The USA Used Car Market is expected to grow at a CAGR of 7.4% in revenue terms over the forecasted period 2021-2026F.
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
SUV
Pickup Truck
Hatchback
Sedan
Luxury
Others
By Type of Transmission
Manual Transmission
Automatic Transmission
By Type of Fuel
Petrol
Diesel
Others
By Private or Commercial
Private
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
South
West
Mid-West
North East
By Brand
Toyota
GM
Ford
Stellantis
Hyundai-Kia
Honda
Nissan
Volkswagen
Others
Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg4ODY0
Key Target Audience:-
Used Car Companies
OEMs
Multi-Brands
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
Companies Covered:
Major Franchised- Multi-Brands
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
CarSoup
Sonic Automotive - Echopark
Avis Budget Car Sales
Major Marketplace Companies
Cars.com
TrueCar
CarGurus
Major Auction Market Players
Manheim
Greater Rockford Auction Group
ServNet
Copart Inc.
McConkey Auction
KAR Auction Services
ACV Auctions
Auto Auction Mall
Major Online E-Commerce Platform
CarMax
Carvana
Vroom
Shift Technologies
For more information on the research report, refer to below link:-
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/usa-used-car-market-outlook-to-2026-/588864-100.html
Related Reports:-
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/australia-used-car-market-outlook-to-2026/574428-100.html
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/philippines-used-car-market-outlook-to-2026/524038-100.html
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
Ken Research Pvt. Ltd.,
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Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. We provide business intelligence and operational advisory across 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Some of top consulting companies and Market leaders seek our intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.
We currently cater to 300+ sectors with 150,000+ research repository across 196+ countries serving 1000+ clients and have partnered with almost 25+ content aggregators.
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