IMARC Group, a leading market research company, has recently releases report titled “India Used Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the India used car market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How is the India used car market growing?
The India used car market is expected to exhibit a growth rate (CAGR) of 14.2% during 2023-2028.
A used car or second-hand car refers to a car that has been owned previously and is refurbished and repaired to recover working conditions before the sale. These cars are much more affordable as compared to buying a new car and do not need registration fees and other charges. These cars provide better reliability and value for the amount paid. Used cars are typically available at several outlets, including rental car companies, private party sales, and independent car stores.
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What are the growth prospects and trends in the India used car industry?
The steadily rising middle-income group and young population in India represent one of the significant factors driving the India used car market growth across the country. In line with this, the increasing preference for personal vehicles among people over using the public commutation services, primarily due to the associated convenience of traveling and daily commutation, is another factor inducing the market growth.
The market is also driven by the rise in the demand for affordable and cost-effective vehicles. Other factors, such as the rising demand for pre-owned luxury cars, flexible payment options offered by the dealers, facility expansions are the major strategic developments by the key players, and proliferating online refurbished car retail channels, are creating a positive outlook for the used car market across the India.
Key Companies in Report:
- Big Boy Toyz Ltd
- BMW India Private Limited (Bayerische Motoren Werke AG)
- Cars24
- CarTrade
- Honda Cars India Limited (Honda Motor Co. Ltd.)
- Mahindra First Choice Wheels (Mahindra & Mahindra Limited)
- Maruti Suzuki India Limited (Suzuki Motor Corporation)
- OLX (OLX Group)
- Quikr India Private Limited
- Spinny (Valuedrive Technologies Private Limited)
- Toyota Kirloskar Motor Private Limited (Toyota Motor Corporation)
Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
- Hatchbacks
- Sedan
- Sports Utility Vehicle
- Others
Vendor Type:
- Organized
- Unorganized
Fuel Type:
- Gasoline
- Diesel
- Others
Sales Channel:
- Online
- Offline
Region:
- North India
- West and Central India
- South India
- East India
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If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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