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

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.

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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

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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.

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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

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