LONDON--(BUSINESS WIRE)--The used car market in US is expected to grow by 4.25 mn units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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The increased penetration of the internet has facilitated an efficient online marketplace in the US. This has allowed consumers to purchase used cars through a number of online car sales websites in the country. Also, a majority of used car websites are offering free and discounted after-sales service packages that cover maintenance costs associated with the vehicle. Similarly, used car websites also offer the convenience of exchanging a vehicle for another well-maintained used car. These factors are increasing the sale of used cars in the country, which is driving the growth of the used car market.
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As per Technavio, improved touchpoint management will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Used Car Market: Improved Touchpoint Management
Most car buyers spend a significant amount of time researching a vehicle model before purchase. Buyers research on various aspects such as features, prices, and locations. Hence, it is imperative for online used car dealers to provide customized research experience for potential buyers visiting their website. This has led many online used car dealers to increasingly adopt touchpoint management technologies to understand customer behavior. This helps them to create an easy to use and attractive website that garners customer attention, thereby driving sales. Therefore, the increased adoption of touchpoint management technologies is expected to boost the growth of the used car market in the US during the forecast period.
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Used Car Market: Segmentation Analysis
This market research report segments the Used car market by Product (Mid size, Full size, and Compact size) and Distribution channel (Third-party channel sales and OEM channel sales).
The Mid Size car segment led the used car market in 2019, followed by Full Size car and Compact Size car segments respectively. During the forecast period, the Mid Size Cars segment is expected to register the highest incremental growth due to the increased preference for compact sports utility vehicles (SUVs), compact crossovers, and mid-sized cars in the US.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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