US Vehicle Auction Market is expected to foresee significant growth. APAC to lead the growth!
- Vikas Kumar
- January 13, 2023
- AUTOMOTIVE, NEWS
- US Vehicle Auction, US Vehicle Auction Market, US Vehicle Auction Market analysis, US Vehicle Auction Market forecast, US Vehicle Auction Market growth, US Vehicle Auction Market shape, US Vehicle Auction Market share, US Vehicle Auction Market size, US Vehicle Auction Market trends, Vehicle Auction
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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 US Vehicle Auction market. For instance, according to National Auto Auction Association, more than 9 million cars are sold at auction every year
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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.
For a detailed analysis of the Global US vehicle auction Market browse through– https://univdatos.com/report/u-s-vehicle-auction-market/
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.
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
US vehicle auction Market Segmentation
Market Insight, by Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
Market Insight, by Sales Channel
- Offline
- Online
Market Insight, by States
• California
• Texas
• Florida
• New York
• Pennsylvania
• Others
Top Company Profiles
- KAR Global
- Cox Enterprises
- ACV Auctions
- BacklotCars
- Carwave
- Copart
- Vroom, Inc
- Insurance Auto Auctions Inc
- Cars.com LLC
- Shift Technologies