Free or discounted after-sales services by used car sellers to boost the US used market through 2024
According to TechSci Research report, “US Used Car Market By Vehicle Type, By Sector, By Fuel Type, Competition, Forecast & Opportunities, 2024”, US used car market is likely to grow during the forecast period, backed by increasing interest for second hand cars because of variety of used cars available at a huge discounted price compared to new cars. further, increase in demand for CNG vehicles that have high aftermarket resale value and growing focus of dealers and car manufacturers to increase their used car sales network are anticipated to positively influence the country’s used car market. US witnessed sales of over 40 million used vehicles in 2018, which is almost double the sales of new vehicles i.e. 17 million units.
Browse 20 market data Figures spread through 70 Pages and an in-depth TOC on “US Used Car Market”
US used car market can be segmented into vehicle type, sector, fuel type and region. In terms of vehicle type, the market can be further separated into small cars, mid-size cars and luxury cars. Mid-size cars category accounted for the largest market share in 2018 and the vehicle segment is expected to maintain its leading market position during the forecast period, owing to growing demand for mid-size cars and as a result their price to be high in 2018.
Honda, Ford, Toyota, Chevrolet, Nissan, among others are the leading players operating in US used car market. The companies operating in the market are using organic strategies such as product launch, mergers and collaborations to increase their share.
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“On account of rise in prices of vehicles and high interest rates, customers are going for used cars comparatively to new cars. Thus, in coming years, demand for used cars in the country would continue to grow.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“US Used Car Market By Vehicle Type, By Sector, By Fuel Type, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of US used car market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in US used car market.
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