US vehicle auction Market was valued at more than USD 3.03 billion in 2020 and is expected to grow at a CAGR of around 3% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the US vehicle auction Market was valued at more than USD 3.03 billion in 2020 and is expected to grow at a CAGR of around 3% from 2022-2028. The analysis has been segmented into Vehicle Type (Passenger Vehicle and Commercial Vehicle); Sales Channel Types (Offline and Online); Region/Country.
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The US vehicle auction market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the US vehicle auction market. The US vehicle auction market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the US vehicle auction market at the global and regional levels.
Market Overview
The vehicle auction means any person offering motor vehicles or recreational vehicles for sale to the highest bidder where buyers are licensed motor vehicle dealers. In recent years, the demand for vehicle auctions has risen dramatically due to the growing demand of enthusiast buyers to get the cars at an average rate compared to the ones that are sold at conventional car dealerships, and distributors and the growing demand for vintage cars are driving the growth of the market. For instance, according to National Auto Auction Association, more than 9 million cars are sold at auction every year
Factors such as an increase in the demand for the collection off the vintage cars, the rise in vehicle crashes, strong international demand, and the growing preference to own a car at an average price are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include KAR Global, Cox Enterprises, ACV Auctions, BacklotCars, Carwave, Copart, Vroom Inc, Insurance Auto, Auctions Inc, Cars.com LLC, Shift Technologies
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. Moreover, transport limitations additionally made it difficult for enterprises in the automotive industry to get the inputs they required. Due to regulations designed to contain COVID-19, manufacturing businesses were shut down, which had an impact on the supply of automotive inputs and the activities of hired technology service providers
The global US vehicle auction market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on Vehicle type, the market is segmented into passenger vehicle and commercial vehicle. The passenger vehicle category is to witness higher CAGR during the forecast period owing to the growing preference of the populace to own a car and vehicle auction helps a middle-income population to get a car at a cheap rate. Moreover, the growing interest in tourism, rise in vehicle crashes, hike in the revenue per car auctioned pricing, and strong international demand is also a key factor driving the growth of the market.
· Based on sales channel, the market is categorized into offline and online. Among these, the offline to hold a significant share in the market in 2020. As the buyers prefer to get a car by seeing the overall condition of the car and get a realistic view of the vehicle. Moreover, the growing urban income of the populace is also driving the growth of the market.
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US vehicle auction Market Geographical Segmentation Includes:
· US (California, Texas, Florida, New York, Pennsylvania, and Others)
· For a better understanding of the market adoption of the U.S vehicle auction industry, the market is analyzed based on its worldwide presence in the country such as the U.S (California, Texas, Florida, New York, Pennsylvania, and Others). Florida is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for vehicle collection backed by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, the market is supported by various growth drivers such as a rise in the average age of light vehicles, a hike in vehicle crashes, surging revenue per car auctioned pricing, and strong demand for salvage auction vehicles in the US from international buyers.
The major players targeting the market include
· KAR Global
· Cox Enterprises
· ACV Auctions
· BacklotCars
· Carwave
· Copart
· Vroom, Inc
· Insurance Auto Auctions Inc
· Cars.com LLC
· Shift Technologies
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the US vehicle auction market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the US vehicle auction market?
• Which factors are influencing the US vehicle auction market over the forecast period?
• What are the global challenges, threats, and risks in the US vehicle auction market?
• Which factors are propelling and restraining the US vehicle auction market?
• What are the demanding global regions of the US vehicle auction market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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