North America Used Car Market Introduction and Overview
According to SPER Market Research, the North America Used Car Market is estimated to reach USD 5.98 billion by 2033 with a CAGR of 9.89%.
The report includes an in-depth analysis of the North America Used Car Market, including market size and trends, product mix, distribution channels, and supplier analysis. A used car, pre-owned car, or second hand car is one that has had one or more retail owners in the past. Used automobiles can be bought at auctions, private party sales, buy here pay dealerships, franchise and independent car dealers, rental car companies, and leasing offices, to name a few locations. Some car sellers offer extended service contracts or warranties, "no-haggle prices," and "certified" pre-owned cars. The market has changed for buyers as a result of the introduction of electric and hybrid cars as well as technical developments like the internet. In addition, buyers are increasingly conscious of the car's residual value, quality financing costs, availability, purchase price, and, occasionally, the seller's profit margin during a closing deal.
- The company was contracted to be acquired by HELLMAN & FRIEDMAN LLC from AutoScout24, in December 2019. The company continues to digitize its business models in the automotive industry, and with this acquisition, it hopes to offer value-added marketing solutions.
- Group1 Automotive, Inc. announced in December 2019 that it was expanding its business footprint in the market by acquiring two Lexus dealerships. This helped the business establish a presence in the quickly expanding sector.
Market Opportunities and Challenges
Opportunities: Growing Number of Automobile Manufacturers and Used Car Dealers Due to the easy availability of financing for used car sales, the revenue from the used car market surpassed $500 billion in 2021 and is expected to climb gradually going forward. Europe is the world's largest vehicle producer, and the manufacturing sector is the region's greatest private investment in R&D. In order to maintain its technological superiority globally and boost regional automobile sector competitiveness, the European Commission advocates for global technology standardization and research and development financing.
Challenges: Problems Related to the Used Automobile Market's Growth The lack of strict laws and regulations controlling the purchase of used cars would hinder the used car market's growth. The market will have difficulty expanding if used automobile depreciation rates are high. Because fewer people are using public transit, the coronavirus pandemic has had a detrimental effect on the demand for secondhand cars worldwide.
Market Competitive Landscape
The used car market in North America is highly consolidated. Some of the market key players are Asbury Automotive Group, AutoNation, Inc, CarMax Business Services, Cox Automotive, eBay Inc, Group1 Automotive, Inc., HELLMAN & FRIEDMAN LLC, Hendrick Automotive Group, Lithia Motors, Inc, Manheim, PENDRAGON, Sun Toyota, THE HERTZ CORPORATION, TrueCar, Inc, VROOM.
Scope of the Report:
Report Metric | Details |
Market size available for years | 2020-2033 |
Base year considered | 2023 |
Forecast period | 2024-2033 |
Segments covered | By Technology, By Vendor Type, By Propulsion, By Dealership, By Sales Channel, By Vehicle Type
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Regions covered | United States, Canada, Mexico |
Companies Covered | Asbury Automotive Group, AutoNation, Inc, CarMax Business Services, Cox Automotive, eBay Inc, Group1 Automotive, Inc., HELLMAN & FRIEDMAN LLC, Hendrick Automotive Group, Lithia Motors, Inc, Manheim, PENDRAGON, Sun Toyota, THE HERTZ CORPORATION, TrueCar, Inc, VROOM.
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COVID-19 Impact on North America Used Car Market
Significant changes in consumer behavior and market dynamics were brought about by the COVID-19 epidemic, which had an impact on the used automobile industry in North America. A decline in demand for secondhand cars resulted from many prospective purchasers delaying purchases due to widespread lockdowns and economic uncertainty. This decrease was especially noticeable in the early phases of the pandemic when people avoided discretionary expenditure and gave priority to necessities. More market issues were brought on by production halts and supply chain interruptions in the automotive sector, which impacted the availability of both new and used cars.
Key Target Audience:
- Budget-Conscious Consumers
- College Students
- Families on a Budget
- First-Time Car Buyers
- Small Business Owners
- Temporary Residents or Expats
- Others
Our in-depth analysis of the North America Used Car Market includes the following segments:
By Vendor Type:
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Organized
Unorganized
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By Propulsion:
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Petrol
Diesel
CNG
LPG
Electric
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By Dealership:
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Franchised
Independent
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By Sales Channel:
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Online
Offline
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By Vehicle Type:
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Passenger Car
LCV
HCV
Electric Vehicle
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Key Topics Covered in the Report:
- North America Used Car Market Size (FY’2024-FY’2033)
- Overview of North America Used Car Market
- Segmentation of North America Used Car Market By Vendor Type (Organized, Unorganized)
- Segmentation of North America Used Car Market By Propulsion (Petrol, Diesel, CNG, LPG, Electric, Others)
- Segmentation of North America Used Car Market By Dealership (Franchised, Independent)
- Segmentation of North America Used Car Market By Sales Channel (Online, Offline)
- Segmentation of North America Used Car Market By Vehicle Type (Passenger Car, LC, HCV, Electric Vehicle)
- Expansion Analysis of North America Used Car Market
- Problems and Obstacles in North America Used Car Market
- Competitive Landscape in the North America Used Car Market
- Impact of COVID-19 and Demonetization on North America Used Car Market
- Details on Current Investment in North America Used Car Market
- Competitive Analysis of North America Used Car Market
- Prominent Players in the North America Used Car Market
- SWOT Analysis of North America Used Car Market
- North America Used Car Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the North America Used Car Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. North America Used Car Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in North America Used Car Market
7. North America Used Car Market, By Vendor Type (USD Million)
7.1. North America Used Car Market Value Share and Forecast, By Vendor Type, 2024-2033
7.2. Organized
7.3. Unorganized
8. North America Used Car Market, By Propulsion (USD Million)
8.1. North America Used Car Market Value Share and Forecast, By Propulsion, 2024-2033
8.2. Petrol
8.3. Diesel
8.4. CNG
8.5. LPG
8.6. Electric
8.7. Others
9. North America Used Car Market, By Dealership (USD Million)
9.1. North America Used Car Market Value Share and Forecast, By Dealership, 2024-2033
9.2. Franchised
9.3. Independent
10. North America Used Car Market, By Sales Channel (USD Million)
10.1. North America Used Car Market Value Share and Forecast, By Sales Channel, 2024-2033
10.2. Online
10.3. Offline
11. North America Used Car Market, By Vehicle Type (USD Million)
11.1. North America Used Car Market Value Share and Forecast, By Vehicle Type, 2024-2033
11.2. Passenger Car
11.3. LCV
11.4. HCV
11.5. Electric Vehicle
12. North America Used Car Market Forecast, 2019-2033 (USD Million)
12.1. North America Used Car Market Size and Market Share
13. North America Used Car Market, By Vendor Type, 2020-2033 (USD Million)
13.1. North America Used Car Market Size and Market Share By Vendor Type (2020-2026)
13.2. North America Used Car Market Size and Market Share By Vendor Type (2027-2033)
14. North America Used Car Market, By Propulsion, 2020-2033 (USD Million)
14.1. North America Used Car Market Size and Market Share By Propulsion (2020-2026)
14.2. North America Used Car Market Size and Market Share By Propulsion (2027-2033)
15. North America Used Car Market, By Dealership, 2020-2033 (USD Million)
15.1. North America Used Car Market Size and Market Share By Dealership (2020-2026)
15.2. North America Used Car Market Size and Market Share By Dealership (2027-2033)
16. North America Used Car Market, By Sales Channel, 2020-2033 (USD Million)
16.1. North America Used Car Market Size and Market Share By Sales Channel (2020-2026)
16.2. North America Used Car Market Size and Market Share By Sales Channel (2027-2033)
17. North America Used Car Market, By Vehicle Type, 2020-2033 (USD Million)
17.1. North America Used Car Market Size and Market Share By Vehicle Type (2020-2026)
17.2. North America Used Car Market Size and Market Share By Vehicle Type (2027-2033)
18. North America Used Car Market, By Region, 2020-2033 (USD Million)
18.1. North America Used Car Market Size and Market Share By Region (2020-2026)
18.2. North America Used Car Market Size and Market Share By Region (2027-2033)
18.3. United States
18.4. Canada
18.5. Mexico
19. Company Profile
19.1. Asbury Automotive Group
19.1.1. Company details
19.1.2. Financial outlook
19.1.3. Product summary
19.1.4. Recent developments
19.2. AutoNation, Inc
19.2.1. Company details
19.2.2. Financial outlook
19.2.3. Product summary
19.2.4. Recent developments
19.3. CarMax Business Services
19.3.1. Company details
19.3.2. Financial outlook
19.3.3. Product summary
19.3.4. Recent developments
19.4. Cox Automotive
19.4.1. Company details
19.4.2. Financial outlook
19.4.3. Product summary
19.4.4. Recent developments
19.5. eBay Inc
19.5.1. Company details
19.5.2. Financial outlook
19.5.3. Product summary
19.5.4. Recent developments
19.6. Group1 Automotive, Inc.
19.6.1. Company details
19.6.2. Financial outlook
19.6.3. Product summary
19.6.4. Recent developments
19.7. HELLMAN & FRIEDMAN LLC
19.7.1. Company details
19.7.2. Financial outlook
19.7.3. Product summary
19.7.4. Recent developments
19.8. Hendrick Automotive Group
19.8.1. Company details
19.8.2. Financial outlook
19.8.3. Product summary
19.8.4. Recent developments
19.9. Lithia Motors, Inc
19.9.1. Company details
19.9.2. Financial outlook
19.9.3. Product summary
19.9.4. Recent developments
19.10. Manheim
19.10.1. Company details
19.10.2. Financial outlook
19.10.3. Product summary
19.10.4. Recent developments
19.11. PENDRAGON
19.11.1. Company details
19.11.2. Financial outlook
19.11.3. Product summary
19.11.4. Recent developments
19.12. Sun Toyota
19.12.1. Company details
19.12.2. Financial outlook
19.12.3. Product summary
19.12.4. Recent developments
19.13. THE HERTZ CORPORATION
19.13.1. Company details
19.13.2. Financial outlook
19.13.3. Product summary
19.13.4. Recent developments
19.14. TrueCar, Inc
19.14.1. Company details
19.14.2. Financial outlook
19.14.3. Product summary
19.14.4. Recent developments
19.15. VROOM
19.15.1. Company details
19.15.2. Financial outlook
19.15.3. Product summary
19.15.4. Recent developments
19.16. Others
15 List of Abbreviations
16 Reference Links
17 Conclusion
18 Research Scope