United States Used Car Market

Market Overview: 

The United States used car market is projected to exhibit a growth rate (CAGR) of 7.4% during 2023-2028. The growing demand for more cost-effective transportation alternatives among individuals, wide availability of various certified pre-owned (CPO) programs offered by manufacturers and dealerships, and increasing environmental concerns to curb pollution represent some of the key factors driving the market.

A used car, also known as a pre-owned car, refers to a vehicle that is previously owned and operated by one or more individuals before being put up for sale. It is widely available in different sizes, models, colors, and features that allow convenience to buyers and meet their specific needs and preferences. It is cost-effective due to depreciation and previous ownership and has low insurance costs as compared to a new car. It is generally repaired and refurbished to working conditions to offer enhanced reliability, versatility, and improved performance. It can be easily purchased from independent automobile dealers, rental car companies, and online platforms. Besides this, it assists in providing low registration fees that maximize savings for individuals. As it is a suitable option for buyers looking for affordable transportation solutions while considering specific requirements, the demand for used cars is rising in the United States.

United States Used Car Market Trends:

At present, the increasing adoption of used cars on account of the rising consumer awareness about minimizing carbon dioxide (CO₂) emissions in the environment represents one of the primary factors impelling the growth of the market in the United States. In line with this, the growing demand for used cars among individuals due to the rising costs of new vehicles is offering a positive market outlook in the country. Moreover, the increasing demand for fuel-efficient and environmentally friendly vehicles due to the rising environmental concerns among the masses is propelling the growth of the market. Apart from this, the wide availability of various certified pre-owned (CPO) programs offered by manufacturers and dealerships for used cars is supporting the growth of the market in the US. In addition, there is a rise in the demand for vehicle information, such as history and comprehensive inspection reports prior to buying, among individuals. This, coupled with the increasing adoption of online platforms and mobile applications for comparing used cars, is strengthening the growth of the market in the country. Besides this, the growing demand for more cost-effective transportation alternatives is positively influencing the market. Additionally, the increasing integration of artificial intelligence (AI) that assist in collecting and analyzing vehicle data, providing detailed information about damages on the vehicle, and allowing dealers to easily calculate the right price for used vehicles, is offering lucrative growth opportunities to industry investors in the US. Furthermore, the rising adoption of used cars that offer better fuel efficiency is contributing to the growth of the market in the country.

United States Used Car Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the United States used car market report, along with forecasts at the country level for 2023-2028. Our report has categorized the market based on vehicle type, vendor type, fuel type, and sales channel.

Vehicle Type Insights:

• Hatchbacks
• Sedan
• Sports Utility Vehicle
• Others
   

The report has provided a detailed breakup and analysis of the United States used car market based on the vehicle type. This includes hatchbacks, sedan, sports utility vehicle, and others.

Vendor Type Insights:

• Organized
• Unorganized
   

A detailed breakup and analysis of the United States used car market based on the vendor type has also been provided in the report. This includes organized and unorganized.

Fuel Type Insights:

• Gasoline
• Diesel
• Others
   

A detailed breakup and analysis of the United States used car market based on the fuel type has also been provided in the report. This includes gasoline, diesel, and others.

Sales Channel Insights:

• Online
• Offline
   

A detailed breakup and analysis of the United States used car market based on the sales channel has also been provided in the report. This includes online and offline.

Regional Insights:

• Northeast
• Midwest
• South
• West
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northeast, Midwest, South, and West.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the United States used car market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

United States Used Car Report Coverage:

Key Questions Answered in This Report:

• How has the United States used car market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the United States used car market?
• What is the breakup of the United States used car market on the basis of vehicle type?
• What is the breakup of the United States used car market on the basis of vendor type?
• What is the breakup of the United States used car market on the basis of fuel type?
• What is the breakup of the United States used car market on the basis of sales channel?
• What are the various stages in the value chain of the United States used car market?
• What are the key driving factors and challenges in the United States used car market?
• What is the structure of the United States used car market and who are the key players?
• What is the degree of competition in the United States used car market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the United States used car market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the United States used car market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United States used car industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.