India Used Car Market Is Expected to Register A High CAGR During The Forecast Period
Rapid development in
service technology and budget friendly used cars range is expected to drive the
growth of India Used Car market during the forecast period, 2024-2028.
According
to TechSci Research report, “India Used Car Market- Industry Size, Share,
Trends, Competition, Forecast and Opportunities, 2018-2028F”, In recent years, India's used-car market has
grown significantly. The availability of certified vehicles, a reduction in the
average car ownership tenure due to higher disposable incomes, and the
introduction of new models in shorter time frames, such as India's largest
automaker including a Baleno-based subcompact crossover and MPV in the 2023
market, Hyundai to include the newest Verna sedan, a small SUV, the i10
hatchback, and other vehicles etc. are some of the key factors that would
contribute to the growth of the used-car market in the coming years. Moreover,
this lowers the cost of previous generation car models
and increases demand for used cars.
The recovery of the new-car industry is still
being hampered by the post-pandemic slowdown and other significant issues, such
as labor shortages, issues with the global supply chain, and the move to BS6
emission certification for emission control. Used car sales increase while
new car sales fall during difficult economic times, and the overall
size either stays the same or increases.
During the forecast period, the used-vehicle
industry is expected to develop as a result of a rising middle class income, a
young population, and an increase in the number of certified used car
dealerships across all regions. India's used-car market is evolving from an
unorganized establishment to an organized sector as more firms enter the
market. The price difference between a new and used car is often between
25% and 50%, giving the used car a better price-performance ratio. In addition,
the price of used cars does not vary substantially when buying one that has
been driven for a year. Used cars depreciate at a much slower pace than
new cars because of the vehicle's type, condition, and efficiency. For
instance, as soon as new cars are driven by their owners, their value
starts to decrease. Depending on the model, a new car's value can decrease by
up to 30% in its first year and by 5–8% during the next two to three years. Owing
the vehicle's type, condition, and efficiency, used cars have a low rate of depreciation.
The fact that many buyers preferred them over brand-new cars is what increases
demand for used cars in India.
Due to its low
price and widespread appeal among buyers, the Hatchback segment dominates the
market in terms of vehicle types. As per vendor type, the organised market is
expanding at a high CAGR because of thorough quality checks and user
satisfaction with brands.
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The India used car market can be segmented on the basis of vehicle
type, fuel type, sales medium, vendor type, sales channel, top states/union
territory, and company. On the basis of vehicle type, the market is segmented
into hatchback, sedan, and SUV/MPV. Based on fuel type, the market is further divided
into petrol, diesel, CNG, hybrid, and battery electric. On the basis of sales
medium, market is further bifurcated into offline and online. On the basis of vendor
type it is further divided into organized, unorganized. Based on sales channel,
the market is further bifurcated into dealerships/broker and C2C. The
market analysis also studies the regional segmentation to devise regional
market, divided among North, South, East, and West.
Some of the major companies
operating in the India used car market include:
- Cars24 Services Private Ltd.
- OLX Group
- Das WeltAuto
- Toyota U Trust
- Truebil
- Droom Technologies
Pvt. Ltd.
- Maruti Suzuki
India Limited
- CarDekho.com
- Mahindra &
Mahindra Limited
- Honda Motor Co.
Ltd.
These are the key players developing advanced
technologies and launching adding more models to stay competitive in the
market. Other competitive strategies include mergers with tech firms, new
product developments, and marketing activities to increase customer outreach.
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“The development in organized market and easily
accessible wide range of vehicles through online platform drives the India used
car market. Additionally, increase in spending power of middle class owing to easy
access to financing options and annual maintenance contracts results in more
sales for used cars,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“India Used Car market By Vehicle Type (Hatchback, Sedan, SUV/MPV), By Fuel Type (Petrol, Diesel,
CNG, Hybrid, Battery Electric), By Sales Medium (Offline, Online), By Vendor
Type (Organized, Unorganized), By Sales Channel (Dealerships/Broker,
C2C), By Top State/Union Territory, By Region, By Competition, Forecast &
Opportunities, 2018- 2028F” has evaluated the future growth
potential of India used car market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Saudi Arabia
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