Press Release

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, 2018-2028FIn 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.

Browse more than XX market data Figures spread through XX Pages and an in-depth TOC on "India Used Car Market"

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
  • 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 automotive battery management system market.



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