India Used Car Market to Grow at Double Digit CAGR until 2028

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India Used Car Market

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that India Used Car Market was worth USD 29.8 billion in the year 2021. It is estimated to grow at a CAGR of 11.8%, earning revenue of around USD 65.1 billion by the end of 2028. The lucrative growth of India Used Car Market is attributed to the growing inclination of consumers toward used cars owing to their affordability and improved after-sales services. Also, the rising young generation’s preference for a used car that has an average holding time of 3 to 6 years over a new car. This is because the used car has more features than the new car at the same price range. Furthermore, India Used Car Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, the rising cost of 1-4 years used cars due to lack of availability and disruption in the automotive industry is the major restraining factor for the growth of the India Used Car Market.

Based on the distribution channel, the India Used Car Market is categorized into Dealerships, C2C, Classifieds, and Others. The dealership segment accounts for the largest market share owing to the benefit of free servicing and towing at the dealership, along with the used cars business expansions in the country. Also, most dealers readily offer a car warranty which makes people prefer dealerships for the used car buying experience. Moreover, based on category, India Used Car Market is segmented into Exported and Domestic Sales. Domestic sales dominate the market owing to the increasing interest of Indian consumers in buying used cars.  This is because of changing living standards and rising preferences for convenience and comfort life. 

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Geographically, India Used Car Market is segmented into North India, South India, East India, and West India. The west India region dominates the market owing to the high economic growth of Maharashtra state in this region. Also, there is wide availability of used cars at a cheaper rate in Mumbai city of Maharashtra.  All these factors bolster the growth of the India Used Car Market. Moreover, the sudden outbreak of COVID-19 resulted both positively and negatively in the growth of the India Used Car Market. The automotive industry faced huge losses due to a shortage of raw materials during the pandemic, this results in a decline in automotive production and increased the new car prices. However, the demand for used cars increased due to the fear of virus infection and restrictions on public transport. Therefore, demand for used cars at an affordable price surged during the pandemic. This trend of India Used Car Market is likely to continue during the forecast period (2022-2028).

The leading market players in the India Used Car Market are CARS24, Maruti True Value, Mahindra First Choice Wheels, Hyundai H PromiseFord Assured, Toyota U Trust, Big Boy Toyz, BMW Premium Selection, Audi Approved Plus, Mercedes-Benz Certified, Car Trade, and other prominent players. The market is highly competitive and fragmented with the presence of various global and regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

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