The used car sales in USA is projected account for a revenue of $1.3 Bn with owing to advanced technology in automobiles and resolvent of chip issue in the industry: Ken Research
- Consumer shift from public transport to personal vehicle will lead to rising demand of used cars.
- Increasing awareness about buying and selling used cars through advertisements and entry of new players will provide a major boost to used car market growth.
- Easy availability of credit for financing pre-owned cars along with attractive interest rates and user-friendly buyer experience is to boost sales in future.
GURUGRAM, India, Sept. 12, 2022 /PRNewswire/ --
Continuous Product Innovation and New Business Models: New business models such as "Value for Many" will redefine future business propositions and product development. The "make one, sell many" concept implies producing and selling the same product or service to the masses in developing countries or leveraging the market globally.
Digital Transformation: Larger number of independent and multi-brand dealers are expected to shift towards online platforms and increase their digital presence. Use of advanced technologies such as AI to valuate cars online, 360-degree view of the interiors of the car and more to enhance digital experience of consumers will drive the market. Social media will play a major role in generating leads for dealers & end consumers by virtue of offering advertisements at a lower cost with respect to other traditional marketing channels.
Trends and Recent Developments: The development of technology and internet have provided all the information to the consumers regarding vehicle value, market prices, profit margin of seller, quality and condition of the car and more where service providers in used cars market are adopting technologies in their business operations. Recent technological trends in the automotive sector include AI, Biometric Seat Capabilities, Biometric Seat Capabilities, 3D printing in car manufacturing, Internet of Things, Automatic Lift Gate and Electric Vehicles.
Market Potential: The semiconductor chip shortage in USA has led to diminishing growth in the new vehicle inventory, which is increasing the demand for used vehicles in the market. This trend is expected to further continue in the near future for at least a span of 2+ years, until the chip shortage is solved.
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 Market Segmentations:-
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
Request for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg4ODY0
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
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
Request for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg4ODY0
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
Key Topics Covered in the Report:-
- USA Automotive Market Overview
- USA Used Car Market Overview
- USA Used Car Auction Market
- USA Used Car Finance Market
- USA Online E-commerce Used Car Market
- Market Ecosystem
- Value chain Analysis
- Customer Buying Journey in USA
- Decision Making Parameters for Customers
- Offline and Online Business Models
- Detailed Analysis on USA Used Car Market (Market Size, 2021; Market Segmentations, 2021; Competition Analysis; Future Market Size and Segmentations, 2026F; Future Trends and Way Forward
- Snapshot on Online Used Car Platforms in USA
- Snapshot of Used Car Auction House in USA
- Snapshot of Finance Market in USA
- Business Opportunity (Customer Profile Analysis)
- Analyst Recommendations
For more information on the research report, refer to below link:-
Related Reports:-
Australia 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 within the period of 1-2 years. Growth of transactional marketplaces offering one-stop solutions to buyers & connecting dealers, financing and insurance companies are also driving the used car market in Australia. Australia used car market is moderately fragmented market with Toyota, fiord and Holden as the market leaders owing to the high market share on the basis of number of used cars sold; followed by other used car brands like Mazda, Mitsubishi, Nissan and Hyundai.
Online used car websites are adding certified dealers to their current model, which gives brand name to dealers & trust for buyers. 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 are expected to drive the Australia Used Car market in near future.
Egypt Used Car Market comprise of entities such as Organized OEM's, Multi-Brands and Online Classified platforms along with banking institutions providing used car financing services and has grown at a steady growth rate over the review period 2021-2026F. The growth is supported by increase in millennials population in the country and the emerging players entering into the market are focusing extensively on consumer experience and data. Growth is further supported by manufacturers' investments in expanding the network of used cars dealers, building the brand and enabling customers to choose this option.
Philippines Used Car market is in its growth phase, having registered a five-year CAGR of xx% (2016-2021) as the total value of sales increased from PHP xx Billion in 2016 to PHP xx Billion in 2021. The market size by volume increased from xx cars in 2016 to xx cars in 2021 while registering a five-year CAGR of xx% in the period. There are a number of growth drivers which has resulted in expansion of the market; these include a surge in the demand of private cars, increasing per capita income, convenient financing facilities, increased internet penetration and enhanced digitalization of the used cars space. Customers of the used cars can be divided according to their needs generally belonging to the working age group.
Vietnam's used car market experienced a slow down between 2015 and 2021 on the basis of gross transaction value. The decline in GTV as well as sales volume of used car industry is attributed to various government initiatives to support the growth of domestic automotive industry, and policies implemented such as reduction in import tax to 0% for cars imported from ASEAN region. Historically, motor bikes have always remained the top choice among the consumers due to high concentration of population belonging to rural regions having low purchasing power. However, due to rapid urbanization and fast growing middle class, the demand for new passenger cars has been growing significantly in recent times which in turn is contributing to the growth of automotive industry. Also, increased awareness on health and hygiene followed by the advent of COVID-19 is acting as a catalyst for the shift in consumer's preference towards availing private transportation medium compared to public transportation. Leveraging the growing internet penetration rate, various online classified players launched their operation in Vietnam post 2013, such as Oto and Carmudi. The increasing preference of consumers towards availing digital medium for their purchases has enhanced the sales prospect via C2C channel through classified platforms.
South Korea Used Car market increased at a CAGR of 0.8% (by sales volume in units) during 2015-2021P. The market has reached its maturity phase. A combination of restrictions on public transport and a movement towards private travel has accelerated the sale of used cars. Moreover, the availability of various financing facilities offered through banks and NBFIs, high internet penetration and increased government spending have been instrumental factors in facilitating the growth of the South Korean used car market.
Follow Us –
LinkedIn | Instagram | Facebook | Twitter | YouTube
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
Logo: https://mma.prnewswire.com/media/661352/Ken_Research_Logo.jpg
Share this article