North America Used Car Market By Vendor Type (Organized, Unorganized), Propulsion (Petrol, Diesel, CNG, LPG, Electric and Others), Engine Capacity (Full Size (Above 2500 CC), Mid-size (Between 1500-2499 CC), Small (Below 1499 CC)) Dealership (Franchised, Independent), Sales Channel (Online, Offline), Vehicle Type (Passenger Car, LCV, HCV & Electric Vehicle), Country (U.S., Canada and Mexico.)Industry Trends and Forecast to 2028.
Market Analysis and Insights: North America Used Car Market
North America used car market is expected to gain significant growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyzes that the market is growing with a CAGR of 6.5% in the forecast period of 2021 to 2028 and is expected to reach USD 398,030.52 million by 2028. Growing emergence of various e-commerce platforms is boosting the market growth. However, increasing cost of ownership is expected to be a restraint for the market growth. On the other hand, rise in strategic partnerships and agreements between key players are creating new opportunities for the market. Furthermore, lack of post-sell services of used cars is acting as a major challenge.
The emergence of hybrid and electric vehicles, as well as technological advancements, such as the internet, have shifted the buyer's position in the market. Furthermore, consumers are now aware of the vehicle's residual worth, quality finance charges, availability, the price paid, and, in some cases, the profit margin earned by the seller in a closing transaction. This awareness has altered the dynamics and allowed them to use customer insight to their advantage. As a result, today's buyers are more likely to purchase old cars.
Factors, such as high cost of new vehicles, concerns about affordability, and an increase in demand for off-lease automobiles and subscription services by the franchise, leasing offices, and car dealers, are expected to boost the growth of the North America used car market. The used-to-new vehicle ratio has risen dramatically in the recent years in both developed as well as emerging countries. Furthermore, franchised dealers with OEM engagement in certification and marketing programs, online inventory pooling, and access to high-quality contracts are helping the used car market to expand significantly.
North America used car market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and global used car market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
North America Used Car Market Scope and Market Size
North America used car market is segmented on the basis of vendor type, propulsion type, engine capacity, dealership, sales channel, and vehicle type.
The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of vendor type, the North America used car market is segmented into organized & unorganized. In 2021, organized segment is expected to dominate the market owing to low cost of the structure as it is operated by the owner.
- On the basis of propulsion type, the North America used car market is segmented into petrol, diesel, CNG, LPG, electric, and others.
- In 2021, petrol segment is expected to dominate the market as it enables quick ignition, faster acceleration, and easy combustion of the fuel.
- On the basis of engine capacity, the North America used car market is segmented into full size (above 2500 CC), mid-size (between 1500-2499 CC), and small (below 1499 CC).
- In 2021, small (below 1499 CC) segment is expected to dominate the market as it is considered most efficient and generates sufficient power.
- On the basis of dealership, the North America used car market has been segmented into franchised & independent. In 2021, franchised dealership segment is expected to dominate the market as they provide better warranties than new car dealers for used cars.
- On the basis of sales channel, the North America used car market is categorized into online & offline. In 2021, offline segment is expected to dominate the market as there is more transparency of car dealerships and better lucrative deals in this channel.
- On the basis of vehicle type, the North America used car market is segmented into passenger car, LCV, HCV & electric vehicle. In 2021, passenger cars segment is expected to dominate the market owing to increased preference of personal mobility.
North America Used Car Market Country Level Analysis
North America Used car market is analyzed and market size information is provided based on country, vendor type, propulsion type, engine capacity, dealership, sales channel, and vehicle type as referenced above.
The countries covered in the market report are the U.S. Canada, and Mexico. The U.S. dominates the market due to increasing application of advanced technology by key players in the country.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Demand for Personal Transport Mobility is Boosting the Growth of North America Used Car Market
North America used car market also provides you with detailed market analysis for every country growth in particular market. Additionally, it provides the detail information regarding the market players’ strategy and their geographical presence. The data is available for historic period 2010 to 2019.
Competitive Landscape of Asia- Pacific used car market Share Analysis
North America used car market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to global used car market.
Some of the major players operating in North America used car market are LITHIA MOTORS, INC., cars24, Group1 Automotive, Inc. Asbury Automotive Group, AutoNation, Inc., CarMax Business Services LLC, Hendrick Automotive Group, , HELLMAN & FRIEDMAN LLC, SONIC AUTOMOTIVE , PENDRAGON, LeithCars, and others.
Many contracts and agreements are also initiated by the companies worldwide, which are further accelerating the growth of the North America used car market.
- In December 2019, HELLMAN & FRIEDMAN LLC entered into a definitive agreement to acquire the company from AutoScout24. With this, the company intends to offer value-added marketing solutions as it continues to digitalize its business models in the automobile industry.
- In December 2019, Group1 Automotive, Inc. announced the expansion of its business presence in the New Mexico market with the acquisition of two Lexus dealerships. This helped the company to build a footprint in the fast-growing New Mexico market.