Free or discounted after-sales services by used car sellers to boost the US used market through 2024.
According to TechSci Research report, “US Used Car Market By Vehicle Type, By Sector, By Fuel Type, Competition, Forecast & Opportunities, 2024”, United States used car market is anticipated to register growth during the forecast period, backed by increasing preference for secondhand cars due to the availability of a wider choice of used vehicles at a huge discounted price compared to new vehicle. Moreover, increasing demand for CNG vehicles which have high resale value in the aftermarket and growing focus of dealers and car manufacturers to boost their used car sales network are anticipated to positively influence the country’s used car market. US witnessed sales of over 40 million used vehicles in 2018, which is almost twice the sales of new vehicles i.e. 17 million units.
United States used car market can be segmented based on vehicle type, sector, fuel type and region. In terms of vehicle type, the market can be segmented into small cars, mid-size cars and luxury cars. Mid-size cars category accounted for the largest market share in 2018 and the vehicle segment is expected to maintain its leading market position during the forecast period, owing to growing demand for mid-size cars and as a result their price hike in 2018.
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CarMax, Inc., AutoNation, Inc., Penske Automotive Group Inc., Sonic Automotive Inc., Group 1 Automotive Inc., Ken Garff Automotive Group, Lithia Motors Corp., Hendrick Automotive Group, Asbury Automotive Group Inc. and Ken Garff Automotive Group are the leading players operating in United States used car market. Companies operating in the market are using organic strategies such as product launch, mergers and collaborations to boost their share. In 2017, Carmax Inc., held the largest market share with 0.67 million used vehicle sales.
“On account of increasing prices of vehicles and high interest rates, consumers are opting for used cars when compared with new cars. Thus, in coming years, demand for used cars in the country would continue to grow.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“US Used Car Market By Vehicle Type, By Sector, By Fuel Type, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of US used car market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in US used car market.
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