Market Size of US Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 7.51 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Used Car Market Analysis
The US Used Car Market is expected to register a CAGR of 7.51% during the forecast period.
The market was valued at USD 195.84 billion in 2021, and it is projected to reach USD 302.47 billion by 2027.
The outbreak of the COVID-19 pandemic has caused significant disruption in the automotive industry. Consumers are likely to choose private transportation in the wake of the pandemic. However, financial discrepancies are likely to obstruct the buying of new vehicles, and commuters are expected to opt for secondhand cars due to economic concerns. Furthermore, during this pandemic period, virtual reality, online, or digitally generated sales leads purchase new autos.
Since the pricing competition among new market players and the unavailability of a substantial share of customers to purchase a new car, the market for used cars has grown significantly in recent years. Furthermore, industry participants in the used vehicle market are strengthening their dealership network through investment in various states in order to capture a large number of customers in that country and establish their market position. These dealership networks assist industry participants in establishing brand recognition and making used car options viable, primarily for the middle-class population.
The used car dealer is dependent on the seller because the dealer cannot obtain the vehicle to serve their consumers until the owner sells it in the market. If new car sales fall, the market will run out of supply after a while. This may hamper the market growth over the forecast period.
