India used car market is
expected to grow in forecast years during FY2022 – FY2027 following the trend
from FY2017 to FY2020. Owning your car is a high priority for Indian
population, no matter if the car is new or old. India used car market is
expected to boom at the expense of disposable income from consumers. While
owning a new car may or may not affect consumer finances, used car provides a
viable option for owning a car while maintaining ease at their finances.
Moreover, with introduction of digital aggregators in the market, the sales have
increased owing to how convenient it is to own a car. Young aspiring buyer
prefers a used car that has an average holding time of 3 to 6 years over a new
car, reasoning the used has more space, more features over the new car at same
price range. This change in consumer behavior can also be attributed to the
fact that buying a used car is no more a social stigma.
India used car market is
segmented by vehicle type, by sector, by sales channel, and
by fuel type. Based on vehicle type the market is further segmented in hatchbacks,
sedans, and SUV/MPV. Buyers are not only looking for cheaper cars, but
recent trends show a growth in used SUV/MPV purchases too. Consumer has been
opting for second-hand SUV owing to high rate of
depreciation value of these cars, fast growing base of young population,
increasing disposable income of the consumers (along with rapid urbanization),
and growing internet penetration in non-metro cities.
India used car market is also
bifurcated based on sector. While the major categories can be organized and unorganized,
the used cars are also sold via semi-organized, and customer to customer means.
Though the sales through customer to customer means has not shown promising
COVID-19 shook country
economy to its core. India’s automobile industry was at it best in last 3
years, but pandemic affected it with a setback for approximately 4-6 years.
While the new car market incurred growth about 77%, India used car market
addressed its growth at 99%. Growing
urge of self-mobility, concerns toward traveling in solidarity, maintaining
governmental instruction of social distancing drived consumers toward purchase
of used cars. Similar growth pattern is expected in forecast years too in India
used car market.
operating in India Used car Market include CARS24 India Pvt
Ltd., Maruti True Value (Maruti Suzuki India Limited), Mahindra First Choice
Wheels Limited, Hyundai H Promise (Hyundai Motor India Ltd), Honda Auto Terrace
(Honda Cars India Limited), Ford Assured (Ford India Pvt Ltd.), Toyota U Trust
(Toyota Kirloskar Motors Pvt Ltd.), Big Boy Toyz Private Limited, CarDekho.com
(Girnar Software Private Limited), CarWale.com (MXC Solutions India Pvt Ltd.), among others. The companies are focussing on competitive strategies
that include formation of alliances and partnerships.
considered for this report:
Years: FY2017 – FY2020
Base Year: FY2021
FY2023 – FY2027
Objective of the Study:
- To analyze and
forecast the market size of India used car market from FY2017 to FY2020.
- To estimate and forecast the market size of India
used car market from FY2021 to FY2027 and growth rate until FY2027.
- To classify and forecast India used car market by vehicle type, by sector, by sales channel, by fuel
- To identify dominant region or segment in the India
used car market.
- To identify drivers and challenges for India used
- To examine competitive developments such as
expansions, launches, mergers & acquisitions, etc., in India used car market.
- To identify
and analyze the profile of leading players operating in India used car market.
- To identify key sustainable strategies adopted
by market players in India used car market.
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TechSci Research performed both
primary as well as exhaustive secondary research for this study. Initially,
TechSci Research sourced a list of distributors, suppliers, and dealers across
the country. Subsequently, TechSci Research conducted primary research surveys
with the identified companies. While interviewing, the respondents were also
enquired about their competitors. Through this technique, TechSci Research
could include the distributors which could not be identified due to the
limitations of secondary research.
TechSci Research analyzed the
distribution channels and presence of all major players across the country.
TechSci Research calculated the
market size of India used car market using a bottom-up approach, wherein data for
various end-user segments was recorded and forecast for the future years.
TechSci Research sourced these values from the industry experts and company
representatives and externally validated through analysing historical data of
these product types and applications for getting an appropriate, overall market
size. Various secondary sources such as company websites, news articles, press
releases, company annual reports, investor presentations and financial reports
were also studied by TechSci Research.
Key Target Audience:
- Distributers and suppliers of used cars and
their services and other stakeholders
- Dealers and digital aggregators in used car
- Organizations, forums, and alliances
related to used car system
- Market research and consulting firms
The study is useful in providing
answers to several critical questions that are important for the industry
stakeholders such as distributors, suppliers, end users, etc., besides allowing
them in strategizing investments and capitalizing on market opportunities.
In this report,
India used car market has been segmented into following categories, in addition to
the industry trends which have also been detailed below:
- India Used Car Market, By Vehicle Type:
- India Used Car
Market, By Sector:
- India Used
Car Market, By Sales Channel:
- India Used
Car Market, By Fuel Type:
Company Profiles: Detailed analysis of the major companies
present in India used car market.
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
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analysis and profiling of additional market players (up to five).