Growth of US Vehicle Auction Market to Hit US$3.23 Billion by 2023: A Comprehensive Analysis

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Nov 17, 2023, 17:01 ET

DUBLIN, Nov. 17, 2023 /PRNewswire/ -- The "US Vehicle Auction Market (by Volume, Type, & Distribution Channel): Insights and Forecast (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

The value of the US vehicle auction market has increased in recent years due to a variety of factors such as an increase in car collisions, an increase in the average age of cars, and so on. Furthermore, with stagnating earnings and growing living costs, the used automobile industry is projected to thrive in the next years. Car auctions are becoming appealing to both dealerships and private customers around the country as a low-cost way to obtain a vehicle. The US vehicle auction market is expected to reach US$3.23 billion in 2023, growing at a CAGR of 3.41% over the projected period.

Segments Covered

By Type: In terms of type, the report provides insights of the US vehicle auction market into two segments: Whole Car and Salvage Vehicle. In terms of value and volume, the whole car held the highest share of the market. Also, the whole car is expected to be the fastest-growing segment in the forecasted period, owing to factors such as the rise in popularity of online car auction sites. Since inventory on an online auction site is available 24/7 and covers a larger geographic area, bidding instances have increased for popular car makes and thus, on an aggregate level, caused their general resale value to increase.

By Distribution Channel: The report further provides the bifurcation of the whole car auction market volume into two segments based on the distribution channel: Online and Physical. The online whole car auction market held the largest share of the market because of the benefits the online channel has offered to both the buyers and the sellers.

Top Impacting Factors

Growth Drivers

Increasing Vehicle's Average Life
Rise in Vehicle Crashes
Hike in Revenue Per Car Auctioned Pricing
Strong International Demand

Challenges

Fluctuations in the Supply of Used Vehicles
Vulnerability to Economic Conditions

Trends

Integration of Online Auction and Artificial Intelligence (AI)
Acquisitions
Extensive Use of Data and Analytic Capabilities to Streamline Operation
Change in Consumer Behavior

Analysis of Key Players

The US vehicle auction market is highly consolidated. The key players in the US vehicle auction market covered in the report include:

KAR Auction Services
Copart
ACV Auctions
Insurance Auto Auctions
Shift Technologies
eBay
E Automotive
COX Enterprises
Auto Auction Mall
Barrett-Jackson Collector Car Auction
A Better Bid Car Auctions
AutoBidMaster

For more information about this report visit https://www.researchandmarkets.com/r/ag73b1

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SOURCE Research and Markets