North America Used Car Market Growth, Trends, Size, Challenges, Opportunities and Future Outlook
North America Used Car Market Size- By Technology, By Vendor Type, By Propulsion, By Dealership, By Sales Channel, By Vehicle Type - Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Feb-2024 | Report ID: AMIN2452 | Pages: 1 - 158 | Formats*: |
| Category : Automotive & Transportation | |||
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 |
| 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. |
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:
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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 report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the North America Used Car Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. North America Used Car Market Manufacturing Base Distribution, Sales Area, Product Type6.2. 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, 2024-20337.2. Organized7.3. Unorganized
8. North America Used Car Market, By Propulsion (USD Million)
8.1. North America Used Car Market Value Share and Forecast, By Propulsion, 2024-20338.2. Petrol8.3. Diesel8.4. CNG8.5. LPG8.6. Electric8.7. Others
9. North America Used Car Market, By Dealership (USD Million)
9.1. North America Used Car Market Value Share and Forecast, By Dealership, 2024-20339.2. Franchised9.3. 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, 2024-203310.2. Online10.3. 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, 2024-203311.2. Passenger Car11.3. LCV11.4. HCV11.5. 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 States18.4. Canada18.5. Mexico
19. Company Profile
19.1. Asbury Automotive Group19.1.1. Company details19.1.2. Financial outlook19.1.3. Product summary19.1.4. Recent developments19.2. AutoNation, Inc19.2.1. Company details19.2.2. Financial outlook19.2.3. Product summary19.2.4. Recent developments19.3. CarMax Business Services19.3.1. Company details19.3.2. Financial outlook19.3.3. Product summary19.3.4. Recent developments19.4. Cox Automotive19.4.1. Company details19.4.2. Financial outlook19.4.3. Product summary19.4.4. Recent developments19.5. eBay Inc19.5.1. Company details19.5.2. Financial outlook19.5.3. Product summary19.5.4. Recent developments19.6. Group1 Automotive, Inc.19.6.1. Company details19.6.2. Financial outlook19.6.3. Product summary19.6.4. Recent developments19.7. HELLMAN & FRIEDMAN LLC19.7.1. Company details19.7.2. Financial outlook19.7.3. Product summary19.7.4. Recent developments19.8. Hendrick Automotive Group19.8.1. Company details19.8.2. Financial outlook19.8.3. Product summary19.8.4. Recent developments19.9. Lithia Motors, Inc19.9.1. Company details19.9.2. Financial outlook19.9.3. Product summary19.9.4. Recent developments19.10. Manheim19.10.1. Company details19.10.2. Financial outlook19.10.3. Product summary19.10.4. Recent developments19.11. PENDRAGON19.11.1. Company details19.11.2. Financial outlook19.11.3. Product summary19.11.4. Recent developments19.12. Sun Toyota19.12.1. Company details19.12.2. Financial outlook19.12.3. Product summary19.12.4. Recent developments19.13. THE HERTZ CORPORATION19.13.1. Company details19.13.2. Financial outlook19.13.3. Product summary19.13.4. Recent developments19.14. TrueCar, Inc19.14.1. Company details19.14.2. Financial outlook19.14.3. Product summary19.14.4. Recent developments19.15. VROOM19.15.1. Company details19.15.2. Financial outlook19.15.3. Product summary19.15.4. Recent developments19.16. Others
15 List of Abbreviations
16 Reference Links
17 Conclusion
18 Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
North America Used Car Market is projected to reach USD 5.98 billion by 2033, growing at a CAGR of 9.89% during the forecast period.
North America Used Car Market grew in market size from 2023. The Market is expected to reach USD 5.98 billion by 2033, at a CAGR of 9.89% during the forecast period.
North America Used Car Market CAGR of 9.89% during the forecast period.
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North America Used Car Market size is USD 5.98 billion from 2023 to 2033.
North America Used Car Market Segment is Covered By Technology, By Vendor Type, By Propulsion, By Dealership, By Sales Channel, By Vehicle Type
The North America region is anticipated to have the highest market share in North America Used Car Market.
The key players in the market include 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.
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.
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