Used Cars Market in US to Grow by 4.25 Million Units in 2020, Alibaba Group Holding Ltd. and Inc. Emerge as Key Contributors to Growth| Technavio

·6 min read

Technavio has been monitoring the used cars market in US and it is poised to grow by 4.25 million units during 2020-2024, progressing at a CAGR of about 2% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Download a Free Sample Report on COVID-19

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Technavio has announced its latest market research report titled Used Car Market in US 2020-2024 (Graphic: Business Wire)

Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries. However, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a Low impact on the used cars market in US. The market growth in 2020 is likely to Increase compared to the market growth in 2019.

Frequently Asked Questions-

  • Based on segmentation by retail channel, which is the leading segment in the market?

  • The third-part channel sales are expected to be the leading segment based on retail channel in the global market during the forecast period.

  • What are the major trends in the market?

  • Improved touchpoint management is one of the major trends in the market.

  • At what rate is the market projected to grow?

  • Growing at a CAGR of about 2%, the incremental growth of the market is anticipated to be 4.25 million units.

  • Who are the top players in the market?

  • Alibaba Group Holding Ltd., Inc., Asbury Automotive Group Inc., AutoNation Inc., CarMax Inc., Cox Automotive Inc., eBay Inc., Pendragon Plc, Penske Automotive Group Inc., and TrueCar Inc. are some of the major market participants.

  • What are the key market drivers and challenges?

  • Proliferation of websites selling used cars is one of the major factors driving the market. However, the increasing preference for car subscription services restraints the market growth.

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The market is concentrated, and the degree of concentration will accelerate during the forecast period. Alibaba Group Holding Ltd., Inc., Asbury Automotive Group Inc., AutoNation Inc., CarMax Inc., Cox Automotive Inc., eBay Inc., Pendragon Plc, Penske Automotive Group Inc., and TrueCar Inc. are some of the major market participants. The proliferation of websites selling used cars will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this used cars market in US forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Used Cars Market in US 2020-2024: Segmentation

Used Cars Market in US is segmented as below:

  • Product

    • Mid Size

    • Full Size

    • Compact Size

  • Retail-Channel

    • Third-party Channel Sales

    • OEM Channel Sales

To learn more about the global trends impacting the future of market research, download a free sample:

Used Cars Market in US 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The used cars market in US report covers the following areas:

  • Used Cars Market Size in US

  • Used Cars Market Trends in US

  • Used Cars Market Analysis in US

This study identifies improved touchpoint management as one of the prime reasons driving the used cars market growth in US during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Used cars Market in US 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024

  • Detailed information on factors that will assist used cars market growth in US during the next five years

  • Estimation of the used cars market size in US and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the used cars market in US

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of used cars market vendors in US

Table of Contents:

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem

  • Value chain analysis

Market Sizing

  • Market definition

  • Market segment analysis

  • Market size 2019

  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers

  • Bargaining power of suppliers

  • Threat of new entrants

  • Threat of substitutes

  • Threat of rivalry

  • Market condition

Customer landscape

  • Overview

Drivers, Challenges, and Trends

  • Market drivers

  • Volume driver - Demand led growth

  • Volume driver - Supply led growth

  • Volume driver - External factors

  • Volume driver - Demand shift in adjacent markets

  • Price driver - Inflation

  • Price driver - Shift from lower to higher priced units

  • Market challenges

  • Market trends

Vendor Landscape

  • Overview

  • Landscape disruption

Vendor Analysis

  • Vendors covered

  • Market positioning of vendors

  • Alibaba Group Holding Ltd.

  • Inc.

  • Asbury Automotive Group Inc.

  • AutoNation Inc.

  • CarMax Inc.

  • Cox Automotive Inc.

  • eBay Inc.

  • Pendragon Plc

  • Penske Automotive Group Inc.

  • TrueCar Inc.


  • Scope of the report

  • Currency conversion rates for US$

  • Research methodology

  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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