India Used Car Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 12.78% (2024-2032)
The second-hand cars industry is experiencing significant growth in India due to a combination of economic, technological, and social factors. According to the latest report by IMARC Group, The India used carmarket size reached US$ 31.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 93.2 Billion by 2032, exhibiting a growth rate (CAGR) of 12.78% during 2024-2032.
India Used Car Industry Trends and Drivers:
Rising incomes and increasing urbanization are driving the demand for used cars as more people seek affordable and convenient transportation options. The increasing middle class is showing a growing preference for personal vehicles, making used cars an attractive alternative to new cars due to their lower cost. Concurrently, the expanding digital infrastructure is facilitating the growth of online car sales platforms, making it easier for buyers to access and purchase used cars. Online platforms are streamlining the buying process by offering detailed vehicle histories, transparent pricing, and user reviews, which are enhancing consumer confidence in pre-owned vehicles. Financial institutions are offering attractive loan schemes with lower interest rates, making it easier for buyers to afford used cars. This increased accessibility to credit is encouraging more consumers to purchase vehicles, thereby boosting the used car market.
Additionally, the growing trend of urban mobility and the need for cost-effective transportation solutions are driving the demand for used cars. With the rise of ride-sharing services, many individuals are opting for used cars to meet their transportation needs without the burden of high costs associated with new vehicles. Regulatory changes and government initiatives are further supporting the growth of the market in India. The Government of India is implementing policies to facilitate the seamless transfer of ownership and ensure the quality of pre-owned vehicles. These measures are enhancing consumer trust and promoting the overall growth of the used car sector. Moreover, the introduction of vehicle scrappage policies is encouraging the trade-in of old vehicles, which is increasing the supply of used cars in the market. Innovations in vehicle inspection and valuation technologies are improving the accuracy of car assessments and enhancing the overall buying experience. These advancements are helping to build trust between buyers and sellers, reducing the risk of fraud and ensuring the quality of used vehicles.
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India Used Car Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
- Hatchbacks
- Sedan
- Sports Utility Vehicle
- Others
Breakup by Vendor Type:
- Organized
- Unorganized
Breakup by Fuel Type:
- Gasoline
- Diesel
- Others
Breakup by Sales Channel:
- Online
- Offline
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 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)
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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