Technology
US Used Car Market to grow by USD 41.9Billion from 2024-2028, driven by value for money of used cars, AI-powered report highlights market transformation – Technavio
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3 months agoon
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NEW YORK, Oct. 7, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Used Car Market in US size is estimated to grow by USD 41.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.6% during the forecast period. Excellent value for money proposition of Used Cars is driving market growth, with a trend towards increased penetration of websites dedicated to selling used cars. However, stringent emission regulations to restrict sales of non-compliant used cars poses a challenge – Key market players include Asbury Automotive Group Inc., AutoNation Inc., CarMax Inc., Carvana Co., General Motors Co., Group 1 Automotive Inc., Hendrick Automotive Group, Hertz Holdings Inc., Lithia Motors Inc., Penske Automotive Group Inc., Sonic Automotive Inc., and Vroom Inc..
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Distribution Channel (Third-party channel sales and OEM channel sales), Product (Mid size, Full size, and Compact size), and Geography (North America)
Region Covered
US
Key companies profiled
Asbury Automotive Group Inc., AutoNation Inc., CarMax Inc., Carvana Co., General Motors Co., Group 1 Automotive Inc., Hendrick Automotive Group, Hertz Global Holdings Inc., Lithia Motors Inc., Penske Automotive Group Inc., Sonic Automotive Inc., and Vroom Inc.
Key Market Trends Fueling Growth
The Internet’s expansion in the US has led to an efficient online marketplace for used cars. Websites like AutoNation.com enable buyers to purchase used cars online, reaching a larger audience. Sellers benefit from this platform, while websites offer additional services and discounts. After-sales services are available at discounted rates or for free. AutoNation.com even allows buyers to exchange their old cars for a discount on a new purchase. This convenience and the availability of crucial vehicle information will fuel the growth of the US used car market.
The used car market in the US is witnessing significant trends. Conventional vehicles continue to dominate, but CNG powered and diesel vehicles are gaining traction. Mid-sized and compact SUVs are popular choices for price-sensitive buyers. Offline and online retailing are growing, with digital retailing and AI applications streamlining the buying process. Sustainability is a key concern, with vehicle certification and emissions a focus. OEMs, dealers, rental car agencies, and leasing offices are embracing inventory pooling and value-added services. Depreciation is a challenge for luxury vehicle owners, but car subscription services offer an alternative. Urbanization and the telecom industry are driving online transactions. Unorganized businesses must comply with BS6 norms and emissions regulations. Financing, warranties, and maintenance plans are essential for used car buyers. Pre-owned and second-hand cars remain in demand, with resale value and ownership duration crucial factors. Overall, the automotive industry trends favor digitalization and sustainability.
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Market Challenges
The Environmental Protection Agency (EPA) in the US has implemented stricter emission norms for passenger cars and commercial vehicles due to increasing air pollution concerns. These new regulations will impact the used car market as many vehicles on the road will be non-compliant. Older cars, particularly pickup trucks, contribute significantly to vehicular emissions, which can cause health hazards due to harmful gases. New vehicles come with advanced emission control systems that adhere to the latest EPA standards. Given that the average car lifecycle is 2-5 years, these new regulations have been implemented within this period, making used cars non-compliant. Pre-2012 EPA standards were less stringent compared to the current ones. As a result, the EPA may impose stringent testing and re-registration protocols for used cars, potentially restricting sales and negatively affecting the used car market’s growth.The used car market in the US is a significant business sector, encompassing various sales channels such as auctions and private party sales. Prices in this market can vary, with some dealers offering “no haggle” prices, while others may use certified pre-owned vehicles to assure customers. Extended service agreements and advanced vehicle features like power steering, climate control, and anti-lock brakes add value. Flexibility is key, with tech-enabled options, automotive performance tracking, smartphone applications, and internet connectivity becoming standard. However, high depreciation rates and price sensitivity in certain areas pose challenges. Flexible financing alternatives cater to various customer needs. The dealership network, online sales, and auto marketplaces provide affordability and personal mobility solutions. Automobile manufacturers and franchise dealers offer organized options, while unorganized sales and used passenger cars dominate the unfranchised market. The rise of electric and hybrid vehicles adds complexity, requiring customer intelligence and adaptability.
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Segment Overview
This used car market in US report extensively covers market segmentation by
Distribution Channel1.1 Third-party channel sales1.2 OEM channel salesProduct 2.1 Mid size2.2 Full size2.3 Compact sizeGeography 3.1 North America
1.1 Third-party channel sales- The used car market in the US is a significant sector, with numerous buyers and sellers engaging in transactions daily. Dealerships and private sellers offer various makes and models, ensuring a diverse inventory. Prices vary based on factors like vehicle condition, age, and location. Buyers can research extensively using online resources, compare prices, and inspect vehicles before purchasing. The market’s size and competition ensure potential for competitive pricing and a wide selection.
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Research Analysis
The used car market in the US is a significant sector of the automotive industry, catering to the demand for personal mobility solutions that are more affordable than new vehicles. The market is served by a vast dealership network, both physical and online, including auto marketplaces and e-commerce platforms. Used passenger cars, off-lease vehicles, and certified pre-owned vehicles are popular choices, with various options available for luxury vehicles and second-hand cars. Factors like depreciation, ownership duration, and resale value influence the used car market. The rise of car subscription services and online retailing, coupled with urbanization and the telecom industry’s advancements, have transformed the landscape. Used car owners, vehicle dealers, rental car agencies, leasing offices, auctions, and private party sales are integral parts of this dynamic market. No haggle prices, extended service agreements, and certified pre-owned vehicles add value for consumers, making the used car market a vital contributor to personal mobility solutions.
Market Research Overview
The used car market in the US is a significant sector of the automotive industry, catering to the needs of price-sensitive buyers looking for affordable personal mobility solutions. The market is characterized by a diverse range of offerings, including used passenger cars, SUVs, mid-sized and compact vehicles, electric, hybrid, conventional, CNG-powered, and diesel models. The market is served through both organized and unorganized channels. Organized channels include dealership networks, franchise dealers, and auto marketplaces, while unorganized channels include private party sales and auctions. The rise of digital retailing and online sales has transformed the used car market, enabling customers to buy and sell vehicles online with ease. Key trends in the used car market include the increasing popularity of SUVs, flexibility in financing and ownership duration, advanced vehicle features, and tech-enabled options. The market is also influenced by automotive industry trends, such as sustainability, emissions, and environmental concerns, with a shift towards electric and hybrid vehicles. Used car owners can benefit from value-added services such as financing, warranties, maintenance plans, and extended service agreements. The market is also influenced by global technology standardization, advanced vehicle performance tracking, and smartphone applications. Despite high depreciation rates, flexible financing alternatives make used cars an attractive option for many consumers. Urbanization and the telecom industry have also played a role in the growth of the used car market, enabling online transactions and digital retailing.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Distribution ChannelThird-party Channel SalesOEM Channel SalesProductMid SizeFull SizeCompact SizeGeographyNorth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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Huawei and IUCN Launch Tech4Nature Project to Protect Kenya’s Coral Reefs
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NAIROBI, Kenya, Jan. 10, 2025 /PRNewswire/ — Huawei, International Union for Conservation of Nature (IUCN), and local partner Kenya Wildlife Service (KWS) have launched a Tech4Nature project to monitor and protect coral reef and biodiversity in Kenya’s Kisite-Mpunguti Marine Park and Reserve.
Aligned with Huawei’s TECH4ALL initiative and the IUCN Green List, the objective of the three-year project is to strengthen monitoring and management efficacy of the protected area. Located on the southern coast of Kenya, Kisite-Mpunguti Marine Park and Reserve faces a number of nature conservation challenges. These include:
Illegal fishing and insufficient human resources to effectively patrol the area.A lack of remote monitoring of the reserve’s three coral islands coupled with pressures created by tourism, as the fringing reefs are popular diving sites.Limited community awareness of the importance of reef and biodiversity protection.Insufficient communications network infrastructure for underpinning tech-driven monitoring.
“Tech4Nature is an expansive project that falls under Huawei’s digital inclusion initiative TECH4ALL, where we look at ways to implement technology and innovation in various sectors of our day today life and improving global standards and ensure that we have a sustainable way of life in the world,” said Khadija Mohamed, Director of Media and Government Relations for Huawei Kenya.
Underwater cameras, photogrammetry, and audio monitoring technologies will be deployed to monitor marine life, including the biomass and population of parrot fish. In many coral reef ecosystems, parrot fish are a keystone species that, due to their diet, help prevent coral from being smothered by seaweed and algae. The solution will also monitor substrate cover in the reef ecosystems, seagrass cover, and the occurrence of green turtles and bottlenose dolphins, which are classified on the IUCN Red List as endangered and vulnerable, respectively.
“The technology we are introducing is a groundbreaking development for marine conservation in Kenya. It will serve as the first monitoring tool for data collection, analysis, and management in a marine protected area. Additionally, this innovation presents an opportunity to assist the park in attaining IUCN Green List certification, aligning with the sustainability goals valued by tourists and ensuring that future generations can continue to benefit from our marine parks,” said Innocent Kabenga, Country Representative for the IUCN Kenya Country Office.
AI trained to recognize specific target species by sight or sound will provide real-time data-driven insights into the behaviors, populations, and distribution of biodiversity in the reserve and reef ecosystem. The system will also be able to identify boats used for illegal fishing, and send alerts for rangers to intervene in near real time.
A digital power solution and improved network connectivity covering the park and watch tower will enable the rapid transmission of collected data to a cloud server for analysis by AI.
The project will be implemented in partnership with Kenya Wildlife Service (KWS) and Wildlife Research and Training Institute (WRTI). Based on the project’s data-driven insights, the Tech4Nature partners will be able to develop targeted conservation measures for the reserve.
“For us to deliver our mandate of protecting and conserving our wildlife in both terrestrial and marine ecosystems, you have to understand your resources very well. We are partnering with Huawei and IUCN to deploy underwater cameras to acquire some data on marine mammal, corals, and fisheries to make informed decisions. The advantage of this technology it can be deployed in wider area that we couldn’t patrol every single day to get data for day and night for us to make good, informed decisions,” said Adan Kala, Senior Assistant Director, Coast Conservation Area, Kenya Wildlife Service.
In addition, the project will include community outreach to raise awareness about biodiversity changes over time and the presence of different species, including those that are threatened, vulnerable, or endangered.
The site will be assessed against the IUCN Green List Standard, with the goal being that the reserve obtains Green List certification.
About Tech4Nature
Huawei and IUCN launched the Tech4Nature global partnership in 2020 to scale up success in nature conservation through technological innovation. Aligned with Huawei’s TECH4ALL initiative and the IUCN Green List, Tech4Nature has supported 11 flagship projects in 8 countries with tailored solutions to conservation challenges.
Visit the Tech4Nature website: https://tech4nature.iucngreenlist.org/what-is-tech4nature/
About TECH4ALL
TECH4ALL is Huawei’s long-term digital inclusion initiative and action plan. Enabled by innovative technologies and partnerships, TECH4ALL is designed to enable inclusion and sustainability in the digital world.
Visit the Huawei TECH4ALL website at https://www.huawei.com/en/tech4all
Follow us on X at https://x.com/HUAWEI_TECH4ALL
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SOURCE Huawei
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CES 2025 | AAC Technologies Unveils Comprehensive Automotive Solutions, Paving the Way for Cabin Experience Evolution
Published
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January 10, 2025By
LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — At the Consumer Electronics Show (CES) 2025, AAC Technologies, a pioneer in sensory experience, showcased its industry leadership by introducing a full spectrum of automotive solutions that span “acoustics, haptics, sensing, and image recognition.” Drawing on over three decades of expertise in the development and manufacturing of cutting-edge consumer electronics micro-components, AAC is now poised to offer a comprehensive, precise, real-time, and immersive sensory experience to the automotive sector, reinforcing its position as a trusted partner ready to meet the industry’s evolving technological and product demands.
Catering to the surging market demand, AAC presents a ready-to-deploy portfolio of automotive product solutions that address the critical aspects of intelligent driving and cabin experiences. The company is committed to expanding its innovative product offerings to lead the industry. AAC has been steadily expanding in the automotive industry since 2019, largely driven by the growing adoption of its automotive solutions. These solutions are playing an important role in advancing the capabilities of intelligent cockpits.
AAC’s Automotive Acoustic Solutions for Digital Cockpits
AAC Technologies has unveiled its cutting-edge digital cockpit solutions, showcasing a fusion of innovation in acoustics. AAC offers a holistic approach to audio system design, encompassing hardware, algorithms, and fine-tuning, all aimed at delivering a supremely immersive audio experience across various scenarios.
At CES, AAC set up a state-of-the-art 7.1.4 listening room, showcasing its self-developed advanced automotive audio algorithms such as Independent Sound Zones, NLC PRO (distortion suppression), Audio Track Separation, Virtual Surround (Plus), Virtual Venue, and 3D Chime. In collaboration with Premium Sound Solutions (PSS), a world-leading provider in acoustic components and sound systems, AAC has presented an array of top-tier offerings, including automotive speaker products and solutions, which garnered significant attention.
AAC also introduced the “Smart Audio Box,” a joint creation with Smart that marks the industry’s first all-scenario portable Hi-Fi speaker system designed for vehicles. Debuted on the Smart #5 model, this speaker system offers a unique audio experience, blending the boundaries between driving and the wild world of sound.
AAC’s Automotive Haptic Seat Solutions
The automotive industry is now redefining the car as more than just a way to get around—it’s becoming an extension of our living spaces. With this shift, expectations for the in-car experience are soaring, particularly when it comes to the haptic feedback and auditory elements of smart cockpits. At CES, AAC unveiled its groundbreaking haptic seat solution for vehicles, which fuses advanced haptic and acoustic technologies to create a more tranquil driving safety alert system , amp up entertainment with immersive sound, and even simulate engine sounds for an authentic driving feel, all while providing a space for relaxation and meditation. This innovation, a joint effort with Porsche China’s Innovation Office as part of the Rhythm Space project, is set to redefine comfort and pleasure in the driving experience for all on board.
AAC’s Automotive Sensing Solutions
AAC is leading the way in providing advanced sensing solutions and sensor technologies tailored for the automotive industry. AAC’s automotive-grade MEMS microphones boast a compact design, exceptional signal clarity(SNR), minimal distortion(THD), and a consistent frequency response. They also excel in maintaining uniform sensitivity and phase alignment, which translates to enhanced voice services and reliability in both the cabin and exterior environments. This innovation significantly boosts the user experience in voice interactions across a range of applications.
In addition, AAC has unveiled a line of vehicular inertial products, highlighted by our trio of high-performing MEMS IMUs. These units are engineered for accuracy and stability, designed to meet the diverse demands of various applications. They play a pivotal role in ensuring precise vehicle positioning and safety during the critical phases of advanced driver assistance and autonomous driving, reinforcing our dedication to advancing automotive safety and interaction.
AAC’s Automotive Image Recognition Solutions
In the ongoing quest for enhanced intelligent driving, ensuring safety and comfort has become a primary focus in the automotive industry. At this year’s CES, AAC showcased its complete lineup of lenses and camera modules. This includes those for intelligent driving applications like ADAS and surround view, as well as those for intelligent cockpit features such as DMS and OMS. Furthermore, AAC presented an integrated cockpit monitoring system. Collectively, these innovations provide accurate data for machine vision, thereby enhancing safety and intelligent driving capabilities. AAC’s solutions are designed to meet rigorous industry standards, including the EU’s DDAW (Driver Drowsiness and Attention Warning), E-NCAP (European New Car Assessment Programme), and China’s GB/T 41797-2022 “Performance Requirements and Test Methods for Driver Attention Monitoring Systems”.
AAC has also expanded its product line with a variety of automotive motor solutions. For example, AAC’s brushless motors, known for their quiet performance and adaptability, ensure a smooth and quiet experience for seat adjustments. AAC also offers linear control brake motors (EMB motors), linear control steering motors (RWA and HWA motors), and general EPS motors for advanced chassis applications, all of which have been tested and validated in multiple vehicle models. As the automotive industry advances towards higher levels of driving assistance, the adoption of linear control systems for chassis is becoming crucial. These motors use sensors to detect environmental information, replacing mechanical connections with electrical signals. This technology offers high precision, fast response times, compact designs, and lightweight construction, making it suitable for mass production. In scenarios such as highway driving, navigating narrow roads, and parking, these systems greatly enhance user comfort and meet the increasing demands for improved vehicle maneuverability and active safety.
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Smart Food Packaging Market worth $35.69 billion by 2029 – Exclusive Report by MarketsandMarkets™
Published
59 minutes agoon
January 10, 2025By
DELRAY BEACH, Fla., Jan. 10, 2025 /PRNewswire/ — The smart food packaging market is estimated at USD 26.42 billion in 2024 and is projected to reach USD 35.69 billion by 2029, at a CAGR of 6.2% from 2024 to 2029, according to a report published by MarketsandMarkets™.
The study ‘Active Packaging in the Food Industry’, published in October 2024, explores the growing significance of active packaging in response to changing consumer demands and market trends. Unlike traditional packaging, which is designed to be inert, active packaging interacts with the product and its environment to extend shelf life and maintain food quality. This can involve incorporating additives into packaging systems, such as oxygen and ethylene scavengers, antimicrobial agents, antioxidants, and flavor-absorbing or releasing compounds. Intelligent packaging systems, like time-temperature indicators and gas detectors, are also discussed, emphasizing the importance of consumer acceptance for the commercial success of these technologies. The study reviews key mechanisms used in active packaging, including oxygen scavengers, which reduce the presence of oxygen in food packaging by using iron-based or ascorbic acid-based systems. These methods help maintain product freshness by limiting oxidative damage. Carbon dioxide-generating systems are also used to suppress microbial growth, particularly in meat, poultry, fish, and cheese packaging. Furthermore, ethylene scavengers are vital for extending the shelf life of fruits and vegetables by controlling ripening processes.
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Other applications discussed include the use of flavor and odor absorbers/releasers, which enhance the sensory properties of packaged food, and antimicrobial packaging that inhibits microbial growth to ensure food safety. The potential of nanotechnology to develop new and more effective active and intelligent packaging solutions is highlighted, paving the way for further innovations in the food packaging industry. This study underscores the need for advanced packaging technologies to meet consumer demand for fresh, safe, and high-quality food products and their critical role in prolonging shelf life and improving food safety.
The Meat, Poultry & Seafood is the having a largest share within the application sector of the smart food packaging market.
Due to growing global demand, meat, poultry, and seafood accounts for the highest market share of application in the smart food packaging market. Its needs lie in extending shelf life, safety, and traceability. As per data provided by the USDA from October 2024, Brazil dominates global chicken meat exports during 2025 as the production will be 11.8 million tons. Australia’s poultry production will increase by 2 percent to 2.6 million tons, as high global demand is expected. Beef exports from Australia will also reach a record 1.9 million tons in the year, as its demand increases in the US. These trends point towards the increasing international meat trade and export opportunities.
Increased production and exports require more advanced smart packaging technologies, such as modified atmosphere packaging and active packaging, for freshness, less food waste, and greater safety. This will fuel innovation and adoption of smart packaging solutions, especially in global markets like East Asia and North America.
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The active packaging segment holds significant market share in the smart food packaging market during the forecasted period 2024-2029.
Active food packaging accounts for a major market share in the smart food packaging industry, which is mainly attributed to the quality improvement, safety, and shelf life that active packaging can offer. Technologies, including oxygen scavengers, moisture absorbers, and antimicrobial agents, respond to some of the most important consumer needs related to freshness and reduction of food waste.
It is primarily gaining adoption across key industries, including meat, poultry, seafood, and dairy, where growing concerns about global food safety and sustainability are driving growth. Additionally, increasing export of perishable food products, particularly in North America, Europe, and Asia-Pacific, further supports the increasing demand for active packaging. As manufacturers look for more innovative ways to meet their regulatory requirements and consumer demands, active packaging will maintain its position in the market.
Based on region, Europe has a significant share in the smart food packaging market.
The growth of the food and beverage industry in Europe is a major driving force for the smart food packaging market, which is motivated by the increasing demand for advanced packaging solutions that would ensure food safety, traceability, and extended shelf life. According to European Commission data (March 2024), the food and drinks industry generates ~USD 245 billion (€227 billion) in added value and employs 4.6 million people, making it the EU’s largest manufacturing sector in terms of jobs and value. SMEs are over 99% of businesses in this ecosystem. The sector has also recorded a food trade surplus, with exports doubled over the last decade to exceed ~USD 196 billion (€182 billion), contributing a positive balance of nearly ~USD 32 billion (€30 billion). These strong figures, combined with growing trade opportunities and EU Single Market benefits, are driving demand for smart food packaging technologies to support efficient, sustainable, and competitive food supply chains.
The report profiles key players such as Amcor plc (Switzerland), Mondi (UK), Sealed Air (US), Berry Global Inc. (US), Toyo Seikan Group Holdings, Ltd. (Japan), THE TETRA LAVAL GROUP (Switzerland), Crown (US), 3M (US), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan), Multisorb (US), Huhtamäki Oyj (Finland), Timestrip UK LTD (UK), Stepac (Israel), Checkpoint Systems, Inc. (US), and Novipax Buyer, LLC (US).
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