US – Used Car Market size to grow by USD 35.96 billion from 2022 to 2027 | Excellent value for money proposition of used cars drives the market – Technavio

NEW YORK, Oct. 12, 2023 /PRNewswire/ — The US – used car market size is estimated to grow by USD 35.96 billion from 2022 to 2027, growing at a CAGR of 4.14%. The used car market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer used car market are AutoNation Inc., CarMax Inc., Carvana Co., General Motors Co., Group 1 Automotive Inc., Hendrick Automotive Group, Hertz Global Holdings Inc., Lithia Motors Inc., Penske Automotive Group Inc., Sonic Automotive Inc., Vroom Inc., and Asbury Automotive Group Inc. For details on companies and their offerings – Buy the report!

Company Offering:

  • AutoNation Inc. – The company offers used cars such as the 2020 Acura MDX, 2019 Acura RDX, 2020 BMW 3 Series, and 2021 Chrysler 300.
  • CarMax Inc. – The company offers used cars such as the 2007 Porsche Cayman 2dr Cpe, the 2018 Audi SQ5 3.0 TFSI Premium Plus, the 2011 Kia Optima 4dr Sdn 2.4L Auto LX.
  • Carvana Co. – The company offers used cars such as the 2013 Dodge Dart Rallye, the 2019 GMC Acadia Denali, the 2013 Jeep Grand Cherokee Laredo, 2014 Kia Sorento LX.

 Download a sample report to get more insights on the market share of various regions and the contribution of the segments.

  • Impactful driver- Excellent value for money proposition of used cars
  • Key Trend – Increased penetration of websites dedicated to selling used cars
  • Major Challenges – The increasing preference for car subscription services 

The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample Report Before Buying

 Market Segmentation

  • The third-party channel segment is estimated to witness significant growth during the forecast period. With a large number of new vehicle models being launched every year, the new US car market is highly competitive. This, however, drives a steady supply of used cars into the US – Used Car Market. There is a significant difference in used car prices compared to new cars. In the US car market, the progressing number of new cars launched will cause the average ownership cycle per car to decline over the forecast period. 

Technavio Research experts have provided more insights on the market share of segments – View Free Sample Report

Related Reports:

The UK – used car market size is estimated to grow at a CAGR of 6.03% between 2022 and 2027. The market size is forecast to increase by USD 34.22 billion. This report extensively covers market segmentation by channel (organized and unorganized), vehicle type (compact car, SUV, and mid size), and type (petrol, diesel, and others).

The India – Used Car Market size is estimated to grow at a CAGR of 11.9% between 2023 and 2027. The market size is forecast to increase by USD 24.7 billion.  This report extensively covers market segmentation by channel (offline and online), vehicle type (compact car, mid-size, and SUV), and type (petrol, diesel, and others). 

Used Car Market Scope

Report Coverage

Details

Historic period

2017-2021

Growth momentum & CAGR

Accelerate at a CAGR of 4.14%

YoY growth 2022-2023 (%)

4.0

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Distribution Channel

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. 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 US:

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/us—used-car-market-size-to-grow-by-usd-35-96-billion-from-2022-to-2027–excellent-value-for-money-proposition-of-used-cars-drives-the-market—technavio-301953935.html

SOURCE Technavio

Featured image: MegaPixl © Witsarut1803

Disclaimer