Used Car Market in India to Reach $ 96 Billion by 2022
According to TechSci Research report, “India Used Car Market By Vehicle Type, By Sector, By Sales Channel, By Fuel Type,
Competition Forecast & Opportunities, 2012 – 2022”, the used car market in India is projected to reach
$ 96 billion by 2022. Anticipated growth in the market can be attributed to
increasing preference for secondhand cars due to the availability of a wider
choice of used vehicles at a huge discounted price compared to new vehicle. Moreover,
rising population, increasing demand for CNG vehicles which have high resale
value in the aftermarket and growing focus of dealers and car manufacturers to
boost their used car sales network are anticipated to positively influence
India used car market in the coming years.
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https://www.techsciresearch.com/report/india-used-car-market-by-vehicle-type-small-cars-mid-size-cars-and-luxury-cars-by-sector-by-sales-channel-by-fuel-type-gasoline-diesel-alternate-fuels-etc-by-company-forecast-opportunities/1239.html
In India used car market, small cars accounted
for a dominating share in 2016 and the same trend is anticipated to continue
during forecast period as well, owing to inclination of Indian buyers towards compact
cars and hatchbacks. However, with
increasing affordability and growing purchasing power of Indian buyers,
mid-size used cars segment comprising crossovers, SUVs and sedans is expected
to emerge as the fastest growing segment in the coming years. Growing
penetration of various companies such as Maruti True Value, Mahindra First
Choice and Hyundai H Promise is further expected to intensify consumer demand
in India used car market during the next five years.
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“With used car industry in India getting more
and more organized, the consumers are able to avail benefits such as after
sales services, warranty, etc., on the purchase of used cars, similar to that
of new cars, which is anticipated to boost demand for used cars in the country
during forecast period. Also, growing middle class population and increasing preference
of consumers to opt for best available vehicle at lowest possible price point
is expected to aid India used car market over the next five years.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Used Car
Market By Vehicle Type, By Sector, By Sales Channel, By Fuel Type, Competition
Forecast & Opportunities, 2012 – 2022” has analyzed the potential of used car market across India,
and provides statistics and information on market size, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the industry.
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