The Report Covers Used Car Dealership Industry Analysis and is Segmented by Vendor Type (Organized and Unorganized), Fuel Type (Petrol, Diesel, Electric, and Others), Body Type (Hatchback, Sedan, and Sports Utility Vehicles and Multi-Purpose Vehicles), and Sales Channel (Online and Offline). The Report Offers Market Size and Forecasts for United States Used Car Market in Value (USD Billion) for all the Above Segments.
Download Free PDF Now Table of Contents Download SampleSingle User License
Book before:
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Download Free PDF
Single User License
Book before:The US Used Car Market is expected to register a CAGR of 7.51% during the forecast period.
The market was valued at USD 195.84 billion in 2021, and it is projected to reach USD 302.47 billion by 2027.
The outbreak of the COVID-19 pandemic has caused significant disruption in the automotive industry. Consumers are likely to choose private transportation in the wake of the pandemic. However, financial discrepancies are likely to obstruct the buying of new vehicles, and commuters are expected to opt for secondhand cars due to economic concerns. Furthermore, during this pandemic period, virtual reality, online, or digitally generated sales leads purchase new autos.
Since the pricing competition among new market players and the unavailability of a substantial share of customers to purchase a new car, the market for used cars has grown significantly in recent years. Furthermore, industry participants in the used vehicle market are strengthening their dealership network through investment in various states in order to capture a large number of customers in that country and establish their market position. These dealership networks assist industry participants in establishing brand recognition and making used car options viable, primarily for the middle-class population.
The used car dealer is dependent on the seller because the dealer cannot obtain the vehicle to serve their consumers until the owner sells it in the market. If new car sales fall, the market will run out of supply after a while. This may hamper the market growth over the forecast period.
Technology advancements, such as the expansion of the online mode for booking and the use of e-commerce sites/applications, are predicted to expand the target market. Furthermore, the role of online sales has emerged as a crucial growth component in the industry. Online sites in vehicle marketplaces have played a critical role in providing consumers with access with a single click.
Consumers are getting more aware of the vehicle, its residual value, third-party margin, and other factors due to internet booking. A confluence of such trends resulted in a huge increase in demand for used cars. Furthermore, factors such as affordability, the availability of secondhand automobiles, the increased need for personal mobility, and the rise of multiple internet companies to organize the market have led to the growth of the market growth. Although, several leading companies have opened online and offline stores throughout the country to provide smoothly used car purchasing experiences.For instance,
Buying a used car is a terrific method for a middle-class or learner driver to get a good vehicle for a low price and eventually go on the road without spending a bunch. There is no shortage of used vehicles for sale, so selecting the correct one might be difficult.
The used car market is dominated by unorganized and semi-organized dealers, with unorganized dealers accounting for the majority of independent dealers in the country. Participants place a high value on newer vehicles and popular brands with high resale value. The automobile market in the United States is seeing yet another significant transition as prices continue to fall from all-time highs due to the pandemic.
The emergence of new market competitors and new retail methods has also emerged as a crucial element in driving market expansion. According to the National Automobile Dealers Association, franchised dealers generated higher gross earnings on used vehicle sales than independent dealers in the United States. Furthermore, organized merchants profited from increased brand loyalty across all age groups.
The United States used car market is highly fragmented, with multiple startups and regional competitors. However, prominent rental companies are forming joint ventures and partnerships to launch newer products in order to obtain a competitive advantage.
*Disclaimer: Major Players sorted in no particular order
A used car is one that has previously been owned by one or more retail owners. It is also known as a pre-owned vehicle or a secondhand car. Used automobiles are sold in a variety of locations, including franchise and independent car dealers, rental car firms, buy here pay here dealerships, leasing offices, auctions, and private party sales. United States Used Car Market has been segmented by vendor type, fuel type, body type, and sales channel. United States Used Car Market has been segmented by vendor type, fuel type, body type, and sales channel. By Vendor type, the market is segmented into Organized and Unorganized. By Fuel Type, the market is segmented into Petrol, Diesel, and Others. By Body Type, the market is segmented into Hatchback, Sedan, and Sport Utility Vehicle and Multi-Purpose Vehicle. By Sales Channel, the market is segmented into Online and Offline. The report covers the market size and forecast in value (USD Billion) for all the above segments.
| Vendor Type |
| Organized |
| Unorganized |
| Fuel Type |
| Petrol |
| Diesel |
| Electric |
| Others |
| Body Type |
| Hatchback |
| Sedan |
| Sports Utility Vehicle and Multi-Purpose Vehicle |
| Sales Channel |
| Online |
| Offline |
