Used car market in India.

Used car market in India.

ACS Infotech Pvt Ltd ACS Infotech Pvt Ltd

ACS Infotech Pvt Ltd

Conceptualizing & Developing workflow-based Applications that help our customers improve Productivity & Cost-Efficiency.

发布日期: 2024年2月26日
+ 关注

The pre-owned automobile market in India is booming, with a projected growth of 15.10% CAGR from 2024 to 2029. This means the market is expected to reach a value of USD 63.87 billion by 2029, up from USD 31.62 billion in 2024.

Several factors are driving this growth, including:

  • Increasing disposable incomes: As more and more people in India enter the middle class, they have more money to spend on discretionary purchases like cars.
  • Rising fuel prices: The rising cost of fuel is making used cars, which are generally more fuel-efficient than new cars, more attractive to buyers.
  • Improved quality of used cars: With better inspection and certification processes in place, buyers are more confident about the quality of used cars they are buying.
  • Growth of online marketplaces: Online platforms like Cars24, OLX Autos, and Droom are making it easier for buyers and sellers to connect, which is increasing transparency and convenience in the market.

The used car market in India is still largely unorganized, with a significant portion of sales happening through individual sellers and small dealerships. However, organized players are making inroads, and their share of the market is expected to grow in the coming years.

领英推荐


Here are some of the key trends in the Indian used car market:

  • Shift towards SUVs: SUVs are becoming increasingly popular in India, and this trend is also being reflected in the used car market. The share of SUVs in the used car market is expected to grow from 25% in 2023 to 35% in 2029.
  • Rise of electric vehicles: The electric vehicle (EV) market in India is still nascent, but it is expected to grow rapidly in the coming years. This will eventually lead to a larger pool of used EVs available for purchase.
  • Increased focus on financing: Access to financing is a major hurdle for many used car buyers in India. However, there is a growing focus on providing financing options for used cars, which is expected to boost the market.

Overall, the pre-owned automobile market in India is poised for strong growth in the coming years. This presents a significant opportunity for both domestic and international players.

INFOMAN-Auto Tech Industry INFOMAN-Auto Tech Industry

INFOMAN-Auto Tech Industry

1,084 位关注者

订阅

要查看或添加评论，请登录

ACS Infotech Pvt Ltd的更多文章

社区洞察

其他会员也浏览了