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

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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.

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

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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:-

USA Used Car Industry

Related Reports:-

Australia Used Car Market Outlook to 2026F – Driven by the consumer shift to online platforms and supply chain issues for new vehicles with an increasing trend of upgrading vehicles

Egypt Used Car Market Outlook To 2026 – Driven By Shift In Consumer Demand Along With Growth Of Online Used Car Platforms And Availability Of Financing Options

Philippines Used Car Market Outlook To 2026 (Third Edition): Driven By The Pandemic Incited New Opportunities For Used Car Dealers And Increased Penetration In The Online Space For Used Car Transactions

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Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
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