NEW YORK, July 16, 2021 /PRNewswire/ -- According to Technavio, incremental growth of 3.91 million units is expected in the used car market in the US during 2021-2025. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the used car market in the US in optimistic, probable, and pessimistic forecast scenarios.
Factors such as reducing the ownership cycle of cars, the increasing technological innovations in passenger cars, and the increased penetration of websites dedicated to selling used cars will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The used car market in the US is fragmented, and the degree of fragmentation will accelerate during the forecast period.
Used Car Market in the US 2021-2025: Segmentation
Used Car Market in the US is segmented as below:
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Used Car Market in the US 2021-2025: Vendor Analysis and Scope
Some of the major vendors of the used car market in the US in the automobile manufacturers industry include Alibaba Group Holding Ltd., Amazon.com Inc., Asbury Automotive Group Inc., AutoNation Inc., CarMax Inc., Cox Automotive Inc., eBay Inc., Pendragon Plc, Penske Automotive Group Inc., and TrueCar Inc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The report also covers the following areas:
Increased penetration of websites dedicated to selling used cars is likely to emerge as one of the primary drivers of the market. However, the increasing import duties on used cars from Mexico may threaten the growth of the market.
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Used Car Market in the US 2021-2025: Key Highlights
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Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Distribution channel
Customer landscape
Vendor Landscape
Vendor Analysis
Appendix
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Report link: https://www.technavio.com/report/used-car-market-in-us-industry-analysis
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SOURCE Technavio
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