IMARC Group, a leading market research company, has recently releases report titled “India Used Car Market Report by Vehicle Type (Hatchbacks, Sedan, Sports Utility Vehicle, and Others), Vendor Type (Organized, Unorganized), Fuel Type (Gasoline, Diesel, and Others), Sales Channel (Online, Offline), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the India used car market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the India Used Car Market?
The India used car market 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.
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India Used Car Market Overview:
Economic causes and changing customer tastes are driving the expansion of the India used car market. Additionally, one prominent trend is the increasing affordability and availability of high-quality pre-owned vehicles. This trend is further reinforced by rising middle-class disposable incomes, which make it easier for more individuals to obtain and purchase quality secondhand automobiles.
Moreover, the increasing number of organized players in the market, offering certified pre-owned programs with warranties and after-sales services, has enhanced consumer trust and confidence in purchasing used cars, contributing to the expansion of the market across the country.
India Used Car Market Trends and Drivers:
Technological advancements and the expansion of online platforms are significantly transforming the used car market in India. In addition, digital marketplaces and e-commerce platforms make it easier for buyers to purchase and sell used automobiles by providing a transparent and hassle-free experience. These platforms provide detailed vehicle history reports, virtual tours, and user reviews, helping buyers make informed decisions, which is acting as another growth-inducing factor.
Furthermore, the growing adoption of mobile apps and digital payment solutions is also facilitating smoother transactions. Apart from this, the push for sustainability and the shift towards eco-friendly practices are encouraging the purchase of used cars, as they are seen as a more environmentally responsible choice, which is anticipated to drive the India used car market over the forecasted period.
India Used Car Market Segmentation:
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 India used car market has been studied in the report with the detailed profiles of the key players operating in the market.
- Big Boy Toyz Ltd
- BMW India Private Limited (Bayerische Motoren Werke AG)
- Cars24
- com
- 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).
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Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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