India Used Car Market Share: Exploring Opportunities with Market Size and Growth Projections

According to a TechSci Research report titled "India Used Car Market- Industry Size, Share, Trends, Competition, Forecast and Opportunities, 2018-2028F," the used-car market in India has experienced significant growth in recent years. This growth is due to several factors, including the availability of certified vehicles, reduced average car ownership tenure, and the introduction of new models at shorter intervals, such as India's largest automaker introducing a Baleno-based subcompact crossover and MPV in the 2023 market, and Hyundai including the newest Verna sedan, a small SUV, the i10 hatchback, and other vehicles. These factors are expected to drive the growth of the used-car market in the years to come, while also lowering the cost of previous generation car models and increasing demand for used cars.

Despite challenges such as labor shortages and issues with the global supply chain, the used-car market is expected to continue growing 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 gradually shifting from an unorganized to an organized sector, with more firms entering the market. One of the main reasons for the increasing demand for used cars in India is the price-performance ratio, with the price difference between a new and used car often between 25% and 50%. Additionally, the price of used cars does not vary substantially when buying one that has been driven for a year, and they depreciate at a much slower rate than new cars due to their type, condition, and efficiency.

Overall, the used-car market is expected to grow, while the recovery of the new-car industry is hampered by the post-pandemic slowdown and other issues. During difficult economic times, used car sales increase while new car sales fall, and the overall size of the market either stays the same or increases.

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.

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.

Browse more than XX market data Figures spread through?XX Pages and an in-depth TOC on?"India Used Car Market" -?https://www.techsciresearch.com/report/india-used-car-market/7599.html

Recent Developments:

• Porsche has announced the launch of its used-car business in India on June 8, 2022, under its new sub-division, Porsche Approved. The new business will be launched at the Porsche Centre Kochi in Kerala, and the company plans to expand to more locations by the end of 2023.
• CarTrade Tech-owned company, CarWale abSure, intends to collaborate with OEMs, banks, NBFCs, dealers, insurance companies, and other ecosystem players to improve the process of digital vehicle buying and selling. The company is also working on new product initiatives to support this effort, with plans to open more locations by the end of 2023.
• Volvo plans to expand its certified used-car business across India by early 2024, with this segment accounting for up to one-third of total volume. The company operates its pre-owned car business globally through the 'Selekt' platform, which it recently launched in India with two dealerships.
• Audi India has announced plans to expand its Audi Approved Plus showrooms from 7 to 14 by the end of 2021, in order to support pre-owned sales, along with the 40-plus workshops countrywide.
• Lexus India, which is owned by Toyota, has launched its Lexus Certified Programme in the Indian market, with the aim of providing higher resale value for existing Lexus vehicle owners while also making Lexus models more accessible and affordable to new customers.
• Mahindra First Choice Wheels (MFCW) has partnered with CamCom, an AI-powered visual inspection solutions company, to offer AI-based inspection and damage assessment for vehicles.
• Mercedes-Benz India has introduced a ‘direct customer to customer’ selling platform called ‘Marketplace’ to provide buyers and sellers of luxury, pre-owned cars with multiple benefits. The platform is designed to offer a hassle-free experience to customers looking to buy or sell pre-owned luxury cars.

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.

?

Download Sample Report

Customers can also request for 10% free customization on this report.

“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.

Download Sample Report-?https://www.techsciresearch.com/sample-report.aspx?cid=7599

Related Reports:

Automotive X By Wire Systems Market

Automotive Pumps Market

Automotive Safety Domain Control Unit Market

Automotive Hydrogen Gas Injector Market