LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the used car market in the US provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the used car market in the US will grow at a CAGR of close to 2% during the forecast period. The increased penetration of websites dedicated to selling used cars is a major factor driving the market’s growth.
The increased penetration of the Internet has facilitated an efficient online marketplace in the US. Consequently, increased penetration of online car sales websites has allowed the buyers to opt to purchase a used car through online sites in the country. Such sites help sellers to reach a vast number of potential buyers. Also, various online used car sales websites offer free or discounted after-sales service packages that cover various types of maintenance costs associated with the vehicle after purchase. Increased convenience of exchanging a vehicle for another well-maintained used car through an online website is driving the sale of used cars in the US.
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In this report, Technavio highlights the maintenance of an online portal by vehicle manufacturers for selling used cars, as one of the key emerging trends driving the used car market in the US:
Vehicle manufacturers maintain an online portal for selling used cars
Websites have a wider reach than any advertisement model. Also, they also form an important mode of communication for vehicle manufacturers to convey information regarding various developments relating to technology used in vehicle models, new car launches, information regarding various awards, and other crucial information. Therefore, vehicle makers are known to leverage their online websites for increasing the sales of their used cars.
According to a senior analyst at Technavio for automotive services research, “Most vehicle manufacturers in the US are maintaining a distinct online portal for selling their used brands to expand their business. These vehicle manufacturers may opt to work along with certified dealerships by listing their contact information to interested online shoppers. For instance, FordDirect is the joint venture between Ford Motor Company and its dealers in the US. The company website mentions details regarding vehicle models.”
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Used car market in the US – segmentation analysis
This market research report segments the used car market in the US, based on product (mid-size, compact size, and full size). The report also provides an analysis of the market based on retail channels such as the third-party channel sales and OEM-affiliated channel sales.
The mid-size segment held the largest market share in 2017, accounting for nearly 58% of the market. However, the market share for this application is expected to decrease slightly by 2022. The fastest growing application is the full-size segment, which will witness an increase of over 1% of its total market share by 2022.
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