North America Pre-owned Car Market Growth,Share, Revenue, CAGR Status, Business Challenges and Forecast Analysis till 2033: SPER Market Research
A used, pre-owned, or second hand car is one that has had one or more retail owners in the past. Auctions, private sales, buy-here-pay businesses, franchised and independent auto dealers, rental car companies, and leasing offices are a few locations where you can acquire used cars. Some car sellers offer extended service contracts or warranties, “no-haggle prices,” and “certified” pre-owned cars. Consumers now have access to a different market thanks to the introduction of electric and hybrid cars as well as technical developments like the internet. Additionally, the residual value of the car, the cost of good financing, availability, purchase price, and, occasionally, the seller’s profit margin at the time of a closing transaction are all becoming more and more apparent to buyers.
According to SPER market research, 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’ state that the North American Second Hand Cars Market is predicted to reach USD 5.98 billion by 2033 with a CAGR of 9.89%.
The high cost of new cars, worries about affordability, and a rise in demand for off-lease vehicles and subscription services from auto dealerships, franchises, and leasing offices are some of the factors that are expected to fuel the growth of the used car market in North America. The ratio of old to new automobiles has increased dramatically in both developed and developing countries in recent years. Furthermore, franchised dealers have been instrumental in the growth of the used car industry by providing access to superior contracts, facilitating online inventory pooling, involving OEMs in marketing and certification initiatives, and fostering online dealer engagement.
Multiple challenges impact the dynamics and functions of the North American used car market. Volatility in supply and demand is a significant issue, influenced by various factors such as economic conditions, consumer inclinations, and governmental modifications. A number of factors, including as trade-in volumes, lease returns, and rental fleet disposals, can cause changes in the quantities of inventory and prices. Variations in disposable income, economic downturns, and shifts in consumer preferences toward other forms of transportation can all affect demand and shape consumer behaviour. Another challenge is the rising cost of maintenance and repairs due to the increasing complexity of automotive technology.
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Impact of COVID-19 on North American Second Hand Cars Market
The COVID-19 pandemic affected the North American used automobile market and changed consumer behavior and market dynamics significantly. Widespread lockdowns and economic uncertainty caused many prospective purchasers to postpone purchases, which decreased demand for old cars. This drop was most noticeable in the early phases of the epidemic, when people prioritized necessities above frivolous spending. The supply of both new and used cars was impacted by production halts and supply chain interruptions in the automotive industry, which led to further market issues.
North America Pre-owned car market Key Player
Furthermore, The United States leads the used car market and is the nation with the quickest rate of revenue growth. The rise of the organized and semi-organized sales business is mostly to blame for this. Due to the largest concentration of used automobile dealers in the Asia Pacific area, China leads the used car market. Additionally some of the market 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.
North America Used Car Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vendor Type: Based on the Vendor Type, North America Used Car Market is segmented as; Organized, Unorganized.
By Propulsion: Based on the Propulsion, North America Used Car Market is segmented as; Petrol, Diesel, CNG, LPG, Electric, Others.
By Dealership: Based on the Dealership, North America Used Car Market is segmented as; Franchised, Independent.
By Sales Channel: Based on the Sales Channel, North America Used Car Market is segmented as; Online, Offline.
By Vehicle Type: Based on the Vehicle Type, North America Used Car Market is segmented as; Passenger Car, LC, HCV, Electric Vehicle.
By Region: This research also includes data for United States, Canada, Mexico.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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North America Pre-owned car market Demand
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