At around **** percent, General Motors held the largest share of the auto market in the United States in 2024. General Motors remained the most successful automotive manufacturer in the United States. Between 2004 and 2021, however, the manufacturer lost market share, while that of Toyota rose as a result of an increased focus on light truck models in the lineup. This shifted in 2022, but 2023 led to another slight drop in market share of the American automaker. Asian manufacturers dominate non-domestic competition Among the non-domestic manufacturers, Asian automakers proved to be the most successful group. Asian car brands selling vehicles to customers in the United States include Toyota, Honda, Nissan, Hyundai, and Subaru. Toyota was also among the most valuable automotive brands worldwide as of June 2024. Both Toyota and Lexus were among the ten brands with the highest consumer satisfaction in the United States that same year. How many brands do auto manufacturers own? General Motors, Ford, and Toyota are the leading automotive manufacturers based on market share in the United States. The Ford Motor Company mainly sells vehicles under its namesake brand, while the Toyota Motor Corporation offers several brands, including Lexus and Toyota. General Motors sells vehicles under various brands, including Chevrolet, Buick, and GMC. In 2017, GM and PSA Group closed a deal in which the French carmaker acquired GM's Opel and Vauxhall brands.

General Motors was the market leader in terms of U.S. light vehicle sales in 2024. Between January and December 2024, consumers in the United States bought around *** million GM vehicles, making General Motors the producer of approximately **** percent of the automobiles sold in the U.S. during that time.  Rebounding after a pandemic-related dip U.S. light-vehicle sales are stalling: the U.S. automotive industry sold roughly ***** million light vehicles between January and December 2024. This compares to about **** million units one year before and close to ** million vehicles in 2019. The trend is slightly different for America’s most popular manufacturer. GM’s global light vehicle sales declined in 2024, compared with the figures reported for the same twelve months in 2023. The U.S. automotive industry had several good years between 2015 and 2018, when consumers purchased more than ** million light vehicles annually for an unprecedented four years in a row. This stellar spell came to an end in 2019. Slowing economies and the COVID-19 pandemic had a strong negative effect on vehicle production and consumption. The U.S. auto market had high hopes for a V-shaped recovery in 2021 and 2022, but the reality was different. Light vehicle sales in North America dropped to **** million in 2022, after encouraging sales in 2021. The regional market was growing in 2024, but had yet to reach pre-pandemic levels. A competitive market The automobile market in the United States is a competitive space, with Toyota Motor trailing General Motors in the ranking. Chevrolet, a division of General Motors, recorded the second-best initial quality in the U.S. as of May 2024. It was preceded by Ram. Lexus, a subsidiary of Toyota, ranked eighth in this quality ranking but sixth in overall U.S. consumer satisfaction in 2024, with an index score ***** points above its main luxury car competitor, BMW. General Motors brands were at a similar position in the ranking, with the automaker's Cadillac brand earning the same index score as Lexus.

The North America Automotive Industry is Segmented by Vehicle Type (Passenger Cars, Commercial Vehicles (Light Commercial Vehicles and Medium and Heavy Commercial Vehicles), and Two-wheelers) and Geography (United States, Canada, and the Rest of North America). The report offers market size and forecast in value (USD million) for the above segments.

Between January and December 2023, Ford was the leading light vehicle brand in the United States with a ***** percent market share. Ford sold just over *** million light vehicles to U.S. customers that year. With a market share of ***** percent, Toyota took the second place of the ranking.

The North America Connected Car Market report segments the industry into By Technology Type (5G, 4G/LTE, 3G, 2G), By Application Type (Driver Assistance, Telematics, Infotainment, Other Application Types), By Connectivity Type (Integrated, Embedded, Tethered), By Vehicle Connectivity Type (V2Vehicle, V2Infrastructure, V2Pedestrain), By Vehicle Type (Passenger Cars, Commercial Vehicles), and By Country.

At about **** percent, General Motors (GM) held a significant portion of the U.S. market in 2024. However, over the course of the last two decades, GM has lost a considerable amount of market share, which stood at about ** percent some 19 years ago. The company General Motors is a multinational company headquartered in Detroit and is ranked among the leading automobile manufacturers worldwide based on revenue. GM has had some variability in the number of cars sold worldwide, with a decline in recent years, especially after selling the Opel and Vauxhall brands to PSA. However, GM's financial statements indicate that there has been a recent increase in income globally, with 2024 having the highest sales revenue. The company's revenue had started to drop significantly in 2019, but by 2023, the company had recovered from the financial impact of the COVID-19 pandemic and supply chain shortages. GM includes many brands such as Chevrolet, Buick, GMC, Cadillac, and several other companies. The global automotive industry The global automotive industry is facing new challenges with the advent of smart technology. The recent decade has seen the greatest production volume of cars and commercial vehicles around the world, but the COVID-19 pandemic and global automotive chip shortage have led to production halts and to a steep decrease in the global automotive output. By 2024, the industry had started to recover from these challenges.

The North American automotive industry, valued at $0.99 million in 2025 (assuming this figure represents a segment of the overall market, not the total), is projected to experience robust growth, driven by several key factors. A Compound Annual Growth Rate (CAGR) of 5.43% from 2025 to 2033 suggests a significant expansion in market size over the forecast period. This growth is fueled by increasing consumer spending on vehicles, particularly in passenger cars and light commercial vehicles, spurred by economic recovery and favorable financing options. The rising adoption of electric and hybrid vehicles, coupled with advancements in autonomous driving technology, represents a significant trend shaping the industry's trajectory. However, challenges remain, including supply chain disruptions which continue to impact production and pricing, rising raw material costs, and evolving consumer preferences that demand greater fuel efficiency and sustainable manufacturing practices. The market segmentation reveals significant variation in growth across vehicle types, with passenger cars and light commercial vehicles potentially outpacing growth in heavier commercial vehicles and two-wheelers due to differing economic sensitivities and technological advancements. Geographic distribution also plays a significant role, with the United States likely dominating the market share given its larger economy and vehicle ownership trends compared to Canada and the rest of North America. Major players like Fiat Chrysler Automobiles, General Motors, Ford, Toyota, and Tesla are strategically positioning themselves to capitalize on these emerging trends, investing heavily in electric vehicle (EV) development, innovative technologies, and sustainable manufacturing. The competitive landscape is fierce, with ongoing mergers, acquisitions, and strategic partnerships shaping the industry's structure. The forecast period will likely witness a consolidation of market share amongst the larger players, potentially leading to some smaller manufacturers exiting the market or being acquired. Furthermore, government regulations promoting clean energy and reducing emissions will significantly impact the industry's product offerings and manufacturing processes in the coming years. The consistent growth projected indicates a positive outlook, but the industry must adapt proactively to the challenges to maintain its momentum. This comprehensive report provides a detailed analysis of the North America automotive industry, encompassing the historical period (2019-2024), base year (2025), and forecast period (2025-2033). The study covers passenger cars, light commercial vehicles (LCVs), medium and heavy commercial vehicles (M&HCVs), and two-wheelers across the United States, Canada, and the Rest of North America. With a focus on market size (in million units), key players, and emerging trends, this report is an essential resource for businesses, investors, and policymakers seeking to understand this dynamic sector. Search terms used include: North America automotive market, automotive industry trends, electric vehicle market, commercial vehicle sales, passenger car sales, US automotive industry, Canadian automotive market. Recent developments include: July 2022: Cadillac unveiled the Celestiq show car, a vision of innovation that previews the brand's future handcrafted and all-electric flagship sedan. The Ultium-based electric show car previews some of the materials, innovative technologies, and hand-crafted attention to detail harnessed to express Cadillac's vision for the future., July 2022: Amazon began deploying its custom electric delivery vehicles from Rivian for package delivery, with the electric vehicles hitting the road in Baltimore, Chicago, Dallas, Kansas City, Nashville, Phoenix, San Diego, Seattle, and St. Louis, among other cities., January 2022: Tesla Inc. had a supply agreement with Talon Metals Corp., a subsidiary of Talon Nickel LLC, for the supply of nickel. This agreement will lead to the production of battery material from mine to battery cathode in order to make the electric vehicle battery more eco-friendly.. Key drivers for this market are: Growing Travel and Tourism Industry is Driving the Car Rental Market. Potential restraints include: Increasing Popularity of Ride-Sharing Services Pose Challenges for the Conventional Car Rental Market. Notable trends are: Rising Electric Mobility to Drive Demand in the Market.

Automotive Market Outlook

According to our latest research, the global automotive market size reached USD 3.1 trillion in 2024, with a compound annual growth rate (CAGR) of 4.2% projected through 2033. By the end of this forecast period, the market is expected to attain a value of USD 4.5 trillion. This robust growth is primarily driven by technological advancements, the rapid adoption of electric vehicles, and evolving consumer preferences towards sustainable mobility solutions.

One of the most significant growth factors in the automotive market is the accelerating shift towards electrification. The increasing concerns over environmental sustainability and stringent emission regulations imposed by governments worldwide have compelled automakers to invest heavily in electric vehicle (EV) development. The proliferation of battery technologies, coupled with declining battery costs, has made EVs more accessible to a broader consumer base. This transition is further bolstered by supportive government policies, such as tax incentives and subsidies for EV buyers, as well as the expansion of charging infrastructure. As a result, electric vehicles are not only reshaping product portfolios but are also influencing supply chains and manufacturing processes across the industry.

Another critical driver for the automotive market is the integration of advanced electronics and digital technologies. The rise of connected vehicles, autonomous driving features, and sophisticated infotainment systems has transformed the traditional automobile into a smart mobility platform. Consumers now demand enhanced safety features, real-time navigation, and seamless connectivity, prompting manufacturers to invest in research and development for next-generation automotive electronics. Furthermore, the emergence of artificial intelligence (AI), machine learning, and the Internet of Things (IoT) in vehicle systems is creating new revenue streams and business models, such as mobility-as-a-service (MaaS) and over-the-air (OTA) software updates.

In addition to electrification and digitization, the automotive market is experiencing growth due to the rising demand for personal mobility and the recovery of global supply chains post-pandemic. Urbanization and increasing disposable incomes in emerging economies have spurred the sales of passenger cars and two-wheelers. Meanwhile, the commercial vehicle segment is benefiting from the surge in e-commerce and logistics activities, necessitating efficient transportation solutions. The aftermarket segment is also gaining traction, driven by the growing vehicle parc and consumer inclination towards vehicle customization and maintenance.

Regionally, the Asia Pacific continues to dominate the global automotive market, accounting for the largest share in both production and sales. This dominance is attributed to the presence of major automotive manufacturing hubs in China, Japan, India, and South Korea, as well as a rapidly expanding middle-class population. North America and Europe remain key markets due to their technological leadership and high adoption rates of advanced automotive technologies. However, regions such as Latin America and the Middle East & Africa are emerging as lucrative markets, fueled by infrastructure development and favorable government initiatives aimed at boosting local automotive industries.

Vehicle Type Analysis

The vehicle type segment of the automotive market is highly diversified, encompassing passenger cars, commercial vehicles, electric vehicles, two-wheelers, and other specialized vehicles. Passenger cars continue to represent the largest share of the market, driven by increasing urbanization, rising disposable incomes, and evolving consumer preferences for personal mobility. The global demand for passenger cars is particularly strong in emerging economies, where a growing middle class is seeking affordable and reliable transportation options. Automakers are responding by introducing a

The US Electric Vehicle (EV) market is experiencing explosive growth, fueled by increasing environmental concerns, government incentives, and advancements in battery technology. With a global CAGR exceeding 15% and a substantial market size (estimated at $XX million in 2025, based on the provided global data and considering the significant US market share), the sector presents significant opportunities for investors and manufacturers. Key drivers include stricter emission regulations, the rising cost of gasoline, and growing consumer awareness of EVs' environmental benefits. Trends point towards a shift towards Battery Electric Vehicles (BEVs) over Plug-in Hybrid Electric Vehicles (PHEVs), driven by improvements in battery range and charging infrastructure. Passenger cars currently dominate the market segment, however, the commercial vehicle segment is expected to see considerable growth in the coming years, driven by fleet electrification initiatives and government subsidies. Despite the rapid expansion, challenges remain, including the high initial cost of EVs, limited charging infrastructure in certain regions, and concerns about battery lifespan and charging time. Competition is fierce, with established automakers like Tesla, General Motors, Ford, and foreign manufacturers like Toyota, BMW, and Hyundai vying for market share through technological advancements and innovative business models. The US market's geographical distribution shows strong demand in urban and coastal areas, with growth expected in more rural regions as charging infrastructure expands. Over the forecast period (2025-2033), the market is poised for continued expansion, with BEVs leading the charge, driven by technological innovation and supportive policy environments. The forecast for the US EV market shows sustained, albeit potentially moderating, growth over the next decade. While the initial CAGR of 15% might not be entirely sustainable for such a rapidly expanding market, a continued high growth rate is anticipated. Factors influencing the market trajectory include government policies, consumer adoption rates, technological advancements in battery technology and charging infrastructure, and the overall economic climate. The success of different EV manufacturers will depend on their ability to adapt to evolving consumer preferences, offer competitive pricing, and effectively manage supply chain challenges. The increasing availability of affordable EVs and improvements in battery technology will be critical drivers of future market penetration. The market segmentation (passenger vs. commercial vehicles, and BEV vs. PHEV) will continue to evolve, with the potential for niche markets to emerge, such as electric motorcycles and commercial delivery vehicles. The expansion of the charging network and supportive government policies will be crucial in ensuring wider adoption and unlocking the full potential of this dynamic market. Notable trends are: Increasing Demand for Plug-in Hybrid Vehicles.

The North America Market Report is Segmented by Vehicle Type (Sedan, SUV/Crossover, and More), Drive Type (Internal Combustion Engine (ICE), Battery-Electric, and More), Price Band (Premium 50k–100k USD, Upper-Premium 100k–200k USD, and More), Sales Channel (Franchised Dealer, Direct-To-Consumer, and More), and Country (United States, Canada, and More). The Market Forecasts are Provided in Terms of Value (USD) and Volume (Units).

Motor vehicle sales grew by some 11.9 percent worldwide between 2022 and 2023. Passenger vehicles increased by around 11.3 percent compared to the previous year when some 58.6 million cars were sold worldwide. The current state of the market In 2023, motor vehicle sales reached over 92.7 million units worldwide. China was the largest automobile market worldwide, making up close to 25.8 million of the new car registrations that same year. The United States and Europe ranked second and third, with light vehicle sales reaching approximately 15.5 million units in the U.S. market. The German-based Volkswagen Group and Japanese Toyota Motor were the global leading automakers, with revenues reaching around 348.6 and 311.9 billion U.S. dollars respectively as of May 2024. The path to recovery The automotive chip shortage led to around 11.3 million vehicles being cut from worldwide production in 2021, and forecasts estimate that these disruptions in the automotive supply chain will contribute to the removal of another seven million units from production in 2022. However, despite these challenges, the demand for passenger cars increased in 2021 and 2022, as car sales slowly started to increase. This is partly due to consumers' interest in electric vehicles. Autonomous,electrified, and battery electric vehicles are also forecast to gain popularity in the next decades. Electrified vehicles are projected to make up close to a quarter of car sales worldwide by 2025. By 2040, China is forecast to be one of the largest market for autonomous vehicle sales.

The United States automotive dealership market, valued at XX million in 2025, is projected to grow at a CAGR of 4.00% from 2025 to 2033. Key market drivers include increasing vehicle sales, growth in the used car market, and rising demand for vehicle financing and insurance services. However, the market faces restraints such as the impact of economic downturns and competition from online car sales platforms. The market is segmented by type (new vehicle dealership, used vehicle dealership, parts and services, finance and insurance), retailer (franchised retailer, non-franchised retailer), and vehicle type (passenger cars, commercial vehicles). Major industry players include AutoNation Inc., Sonic Automotive Inc., Larry H. Miller Dealerships, Staluppi Auto Group, Lithia Motors Inc., Asbury Automotive Group Inc., Hendrick Automotive Group, Group 1 Automotive Inc., Penske Automotive Group, and Ken Garff Automotive Group. The market is primarily driven by the United States region, which accounts for the majority of market share. Recent developments include: July 2022: Lithia & Driveway (LAD) continued its US expansion by buying nine dealerships in southern Florida and one in Nevada, which are expected to add nearly USD 1 billion in annual revenue for the company. LAD also announced its expansion in Las Vegas, Nevada, with the addition of Henderson Hyundai and Genesis. With this purchase, LAD becomes the sole owner of the Hyundai and Genesis stores in the greater metro area., March 2022: Group1 Automotive Inc. announced that it completed a USD 2.0 billion five-year revolvings syndicated credit facility with 21 financial institutions that will expire in March 2027 and can be expanded to USD 2.4 billion total availability. The six manufacturer-affiliated finance companies are Mercedes-Benz Financial Services USA LLC, Toyota Motor Credit Corporation, BMW Financial Services NA LLC, American Honda Finance Corporation, VW Credit Inc., and Hyundai Capital America Inc., January 2022: Penske Automotive Group expanded its presence in the Austin/Round Rock market in Texas with the grand opening of the Honda Leander. The new dealership, located in Leander, Texas, is the retailer's 14th Honda store overall and is its ninth dealership in the market., January 2022: Sonic Automotive Inc., one of the nation's largest automotive retailers, acquired Sun Chevrolet in Chittenango, New York. Sonic also acquired Caputo's three used car locations in December 2021. The Chittenango location was the only new car dealership.. Key drivers for this market are: Rapid Urbanization and Demand for Convinient Transportation. Potential restraints include: Traffic Congestion in Major Cities. Notable trends are: Rising Focus of Automotive Dealers on Enhancing Consumer Experience and Dealer Network to Drive Demand.

According to Cognitive Market Research, the Global Automative Garage Equipment Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031.

The global automotive garage equipment market will expand significantly by XX% CAGR between 2024 and 2031.
Body Shop Equipment dominates the market and is anticipated for a healthy growth over the approaching years.
Compared to independent garages, the automotive OEM dealership segment is expected to grow faster during the forecast period.
The market's largest revenue share belongs to mobile kind. Equipment for garages designed to be easily moved or transported is called a mobile installation.
A significant portion of market share is made up of passenger cars. This is a result of their worldwide scope and is predicted to increase from 86.4 million to 86.8 million in 2023.
North America is the largest global garage equipment market shareholder and is estimated to grow at a CAGR of XX% over the forecast period.

Current Scenario: Automatic Garage Equipment of the Market

Driving Factors of Automatic Garage Equipment Market

The Garage Equipment market is primarily driven by an increase in car production and sales 

The need for garage equipment is directly impacted by the expansion of the worldwide automotive industry. The market for contemporary tools and equipment used in automotive workshops and service facilities is driven by the growing number of vehicles on the road and the resulting demand for maintenance, repairs, and servicing.

According to OICA (International Organization of Motor Vehicle Manufacturers) , global motor vehicle production in 2022 was over 85 million units, up 6% from the previous year. An increase in car manufacturing corresponds directly to increased demand for garage equipment. (Source:https://www.acea.auto/figure/world-motor-vehicle-production/)

Some of the top automotive industry-related statistics include; US car manufacturing market was worth $104.1 billion in the US. Also, The Indian automotive sector contributed 7.1% to the overall GDP and 49% to the manufacturing GDP in 2021. Additionally, 105 billion items related to motor vehicles and parts were exported in 2021 from the US These were the second largest in exports.

According to a recent survey by published by the European Automobile Manufacturer Association the global car sales have increased by around 9% in the first three quarter of 2023.The Europe market witnessed sales growth of 20.4% from January to September in 2023

Rise in use of electric cars and vehicles (EVs) 

The rise of electric cars (EVs) in the automobile business affects demand for specific garage equipment. The growth of EVs has led to the development of specialized equipment for battery servicing, charging infrastructure, and EV-specific diagnostics. In 2023, global electric vehicle (EV) sales climbed by 31% to 13.6 million units. Fully electric vehicles (BEVs) accounted for 9.5 million of total sales, with PHEVs making up the remainder ( predicted by Rho Motion)

Electric vehicles amounted to some 14 percent of global passenger car sales in 2022, which was a rise of around 5.3 percentage points year-over-year. Electric vehicle sales have rapidly increased since 2017, when they rose above one percent of the market, and have particularly accelerated since 2020.

(Source;https://www.statista.com/statistics/1371599/global-ev-market-share/)

The Asia-Pacific region was the leading market for battery-electric vehicles, propelled by the Chinese new energy vehicle market. Automakers worldwide will have to focus on clean fuel sources and sustainable supply chains. In 2020, Volkswagen started delivering its electric ID.4 model and consistently ranked among the best-selling EV brands. By 2022, the Volkswagen Group was the fourth leading EV automaker worldwide.

(Source:https://www.statista.com/topics/1010/electric-mobility/#topicOverview)

Increasing sales of pre-owned vehicles and emergence of autonomous vehicles are anticipated to drive the growth of the automotive garage equipment market

Pre-owned vehicles, commonly known as used cars, are those that have been previously owned and utilized by individuals or businesses before being made available for resale. Automotive garage equipment plays a crucial role in the pre-o...

The United States Used Car Market Report is Segmented by Vendor Type (Organized and Unorganized), Fuel Type (Petrol, Diesel, Hybrid, and Battery Electric), Body Type (Hatchback, Sedan, and More), Sales Channel (Online and Offline), and State. The Market Forecasts are Provided in Terms of Value (USD) and Volume (Units).

Snapshot img

US Used Car Market Size 2025-2029

The us used car market size is forecast to increase by USD 40.2 billion at a CAGR of 4.3% between 2024 and 2029.

The used car market in the US exhibits robust growth, driven by the excellent value proposition that pre-owned vehicles offer to consumers. This market trend is further bolstered by the increasing penetration of online platforms dedicated to selling used cars, providing greater convenience and accessibility for buyers. However, the market faces regulatory challenges as stricter emission regulations limit the sale of non-compliant used cars, necessitating investments in upgrading inventory and adhering to regulatory frameworks. These hurdles, while significant, can be navigated through strategic partnerships with emission testing centers and ongoing investment in fleet modernization. Companies that effectively address these challenges and leverage the opportunities presented by the growing demand for used cars and the digital shift in sales channels will thrive in this dynamic market.

What will be the size of the US Used Car Market during the forecast period?

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In the dynamic used car market, consumers face various challenges such as car scams and fraudulent activities. To mitigate risks, car buyers turn to comprehensive car buying guides and car detailing services. A VIN number check is essential for vehicle identification and history assessment, while emissions testing ensures environmental compliance. Car sharing and subscription services offer flexible mobility solutions. Vehicle registration and title transfer processes can be streamlined through digital means, and car refurbishment and connected car technology enhance safety and convenience. Blind spot monitoring and adaptive cruise control are popular safety features, while collision avoidance systems and lane departure warning systems provide added protection. Used car logistics and online financing applications simplify the purchasing process, and extended warranties offer peace of mind. Wireless charging, smartphone integration, and vehicle diagnostics are essential features for modern cars. Sustainable mobility and car comparison tools cater to eco-conscious consumers, while car maintenance schedules and roadside assistance ensure long-term vehicle care. Remote vehicle inspection and car care tips help maintain a car's resale value, and car subscription services offer flexible ownership alternatives. Used car fraud prevention and vehicle identification technologies protect buyers from potential risks. Car safety ratings and vehicle identification numbers are crucial tools for informed decision-making.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. Distribution Channel3P channel salesOEM channel salesProductMid sizeFull sizeCompact sizeVendor TypeOrganizedUnorganizedFuel TypeDieselPetrolGeographyNorth AmericaUS

By Distribution Channel Insights

The 3p channel sales segment is estimated to witness significant growth during the forecast period.

The used car market in the US is a dynamic and significant sector, with numerous entities shaping its activity. Used car buyers continuously seek value, leading to a high demand for pre-owned vehicles. Search engine optimization and online advertising play crucial roles in connecting buyers with sellers, whether they're private parties or car dealerships. Wholesale car lots and auctions provide inventory for dealerships, ensuring a steady supply of used cars. Fleet vehicles, often traded in for newer models, contribute to the used car inventory. Maintenance records and vehicle history reports are essential for buyers, influencing their purchasing decisions. Safety features, infotainment systems, and driver assistance are increasingly desired in used cars, especially among budget-conscious consumers and luxury car buyers. Electric and hybrid vehicles are gaining popularity, driving the demand for used models in these categories. Car negotiation, fuel economy, and vehicle valuation are essential factors in used car selling. Digital marketing, including social media, mobile apps, and data analytics, helps sellers reach a wider audience. Certified pre-owned vehicles, reconditioned cars, and consignment sales offer buyers additional options and peace of mind. Car financing, vehicle inspections, and warranties are essential components of the used car buying process. Autonomous driving technology and car pricing trends continue to evolve, impacting the used car market. As the average ownership cycle shortens, the market will see an increase in the availability of used cars, making it an exciting and ever-changing landscape for both buyers and sellers.

D

As per the latest study by Fact.MR, sales of hybrid electric vehicles in the United States are estimated at US$ 22.2 billion in 2024. The United States market is calculated to expand at a CAGR of 13.8% and reach US$ 80.87 billion by the end of 2034.

Report Attribute	Details
Hybrid Electric Vehicle Sales in United States (2024E)	US$ 22.2 Billion
Forecasted Sales (2034F)	US$ 80.87 Billion
Demand Growth (2024 to 2034)	13.8% CAGR
Commercial Hybrid Electric Vehicle Demand Growth (2024 to 2034)	16.6% CAGR
Stored Electricity HEV Demand Growth (2024 to 2034)	12.6% CAGR
Key Companies Profiled	Tesla Motors Inc.; Magna International Plc.; General Motors; Ford Motor Company.

Why is Western United States Leading the Race in This Market?

Attribute	Western Region
Market Value (2024E)	US$ 5.73 Billion
Growth Rate (2024 to 2034)	13.5% CAGR
Projected Value (2034F)	US$ 20.3 Billion

Category-wise Analysis

Attribute	On-board Electric Generators
Segment Value (2024E)	US$ 15.68 Billion
Growth Rate (2024 to 2034)	14.3% CAGR
Projected Value (2034F)	US$ 59.49 Billion

Attribute	Hybrid Electric Passenger Cars
Segment Value (2024E)	US$ 4.37 Billion
Growth Rate (2024 to 2034)	14.3% CAGR
Projected Value (2034F)	US$ 16.67 Billion

General Motors reached a U.S. market share of around ***** percent in the fourth quarter of 2022, ahead of Toyota Motor by around three points. In the fourth quarter of 2022, GM's U.S. vehicle sales totaled about ******* units, while Toyota sold roughly ******* vehicles in the United States. At around ******* units sold, Stellantis was the leading European manufacturer accounting for **** percent of the market sales.

The North America Automotive Retrofit Electric Vehicle Market was valued at USD 331.04 million in 2024 and is expected to reach USD 816.60 million by 2030 with a CAGR of 16.24% during the forecast period.

Pages	130
Market Size	2024: USD 331.04 million
Forecast Market Size	2030: USD 816.60 million
CAGR	2025-2030: 16.24%
Fastest Growing Segment	Passenger Car
Largest Market	United States
Key Players	1. Bison EV Retrofits Inc. 2. BorgWarner Inc. 3. CAN EV (CanEV) 4. Electric GT 5. FlashDrive Motors 6. Green Motors Inc. 7. Hitachi Astemo Ltd. 8. Mando Corporation 9. Stellantis N.V. 10. Zerolabs, Inc.

United States Electric Vehicle market was valued at USD 116.93 billion in 2024 and is anticipated to grow USD 166.79 billion by 2030 with a CAGR of 6.15%

Pages	70
Market Size	2024: USD 116.93 Billion
Forecast Market Size	2030: USD 166.79 Billion
CAGR	2025-2030: 6.15
Fastest Growing Segment	Passenger Cars
Largest Market	South
Key Players	1. Tesla Inc. 2. Toyota United States Inc. 3. General Motors of United States Company 4. Ford Motor Company of United States Limited 5. Nissan United States Inc. 6. Hyundai Auto United States Corp. 7. Honda United States Inc. 8. FCA United States Inc. 9. The Lion Electric Company 10. NFI Group Inc

The US Used Car Market presents a diverse range of vehicles catering to diverse consumer needs and budgets: Passenger Cars: Sedans, SUVs, and hatchbacks remain the backbone of the market, offering reliable transportation at competitive price points. Light Commercial Vehicles (LCVs): Trucks, vans, and SUVs continue to be popular choices for small businesses and individuals needing versatile vehicles for work and personal use. Heavy Commercial Vehicles (HCVs): The demand for HCVs is driven by the logistics and transportation sectors, with a focus on fuel efficiency and reliability. Electric Vehicles (EVs): The used EV market is experiencing rapid growth, offering consumers a more affordable entry point into electric mobility. Specialty Vehicles: This category encompasses a variety of niche vehicles, from classic cars to recreational vehicles (RVs), catering to specific consumer interests and preferences. Recent developments include: December 2019: A deal to buy the business from AutoScout24 has been made by HELLMAN & FRIEDMAN LLC. The company continues to digitise its business models in the automotive sector, and with this purchase, it hopes to offer value-added marketing solutions.. Key drivers for this market are: Rising Demand for Affordable Transportation

Growing Popularity of Hybrid and Electric Vehicles. Potential restraints include: Fluctuating Vehicle Prices

Limited Inventory of High-Quality Used Cars. Notable trends are: Digitalization of the Used Car Buying Process

Integration of Artificial Intelligence (AI) and Machine Learning (ML).