Used Car Market in US by Product and Retail Channel – Forecast and Analysis 2020-2024

The used car market in the US has the potential to grow by 4.25 million units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

Market Competitive Analysis

The market is concentrated. The key players in the market are focusing on product innovation and R&D activities to expand their geographical reach and increase their market presence. Cox Automotive Inc., eBay Inc., Pendragon Plc, Penske Automotive Group Inc., and TrueCar Inc. are some of the major market participants. Although the growing penetration of websites dedicated to selling used cars will offer immense growth opportunities, the increasing import duties on used cars from Mexico will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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To help clients improve their market position, this used car market forecast in the US provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this used car market analysis in the US also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.