India Used Car Market (2023-2029) | Value, Share, Outlook, Size, Forecast, Industry, Analysis, Revenue, Companies, Trends, COVID-19 IMPACT & Growth

Topics Covered in the India Used Car Market

India Used Car Market report thoroughly covers the market by type, by segment, by the market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Used Car Market Synopsis

India Used Car Market is estimated to gain traction in the country underpinned by growing several factors such as increasing disposable income, rapid urbanization, cost-saving purposes, and rising mobility requirements. Additionally, income level is increasing coupled with the middle-class population, which has increased the affordability of purchasing, both new and used cars. Moreover, urbanization is another leading factor surging the growth of the used cars in the country, as an increased demand for personal vehicles, leading to an increased purchase of used cars. Also, used cars are more affordable than new cars, making them an ideal option for price-conscious consumers.

According to 6Wresearch, the India Used Car Market size is estimated to expand at a CAGR of around 15.14% during the forecast period 2023-2029. The market growth is influenced by several factors such as shifting the rural population into urban areas, increasing the population's living standards, and increasing the ratio of youngsters in the country. Additionally, Environmental Concerns are one of the leading factors fuelling the used car demand, as rapid climate change and environmental awareness have resulted in high spending in fuel efficient and eco-friendly used cars. Digitization and technology advancements have made it easier the car buying and selling process easier, leading to providing consumers with more information and options. Finance and loan options are available on used cars that have made it easier for buyers to make purchases is likely to bolster the growth of the India Used Car industry in the country at a rapid rate.

Trends of the India Used Car Market

The market is experiencing steady growth in the country with some ongoing trends. For instance, buying used cars online is one of the latest trends in the country, where consumers can easily browse their desired cars, make comparisons and purchase accordingly. Moreover, the shift to automatic transmission vehicles is one of the highest preferred features, making them appealing to youngsters especially. Additionally, there has been growing demand for used cars in rural areas also, to serve convenient mobility purposes. Moreover, hybrid used cars have gained traction, hence the they are in high demand and contributing to the expansion of the market. Some companies are offering subscription-based models for used cars, which allows consumers to use cars without the burden of ownership. This is one of the ongoing trends in the market contributing to the India Used Car Market growth at a rapid pace.

COVID-19 influence on the India Used Car Market

The COVID-19 pandemic had an adverse impact on the used car market in India, which is a part of the Asia Pacific used cars market. During the pandemic phase, strict lockdown was imposed to cease the virus spread in the country, as a result, all used car showrooms and dealerships were closed temporarily. This led to a decline in product purchases simultaneously market shares & revenues. In addition to this, economic uncertainty and finance constraints led many prospective buyers to delay their decisions to purchase.

Key Players of the India Used Car Market

Below mentioned are some well-known companies operating in the country and providing the best range of products to their customer in order to fulfil their requirements.

• Maruti True Value is a well-known pre-owned car division of Maruti Suzuki. It provides a spectrum range of certified used cars with quality assurance and warranty.
• Mahindra First Choice Wheels is one of the largest organized players in the Indian used car market. They offer a wide selection of certified used cars.
• Cars24 is an online platform that offers a hassle-free way to sell used cars. They conduct vehicle inspections and offer instant payments to sellers.
• CarDekho.com is a popular online automotive portal that provides a spectrum platform for buying and selling used cars.

Market Analysis by End Use

According to Nitesh Kumar, Research Manager, 6Wresearch, hatchbacks and sedans are experiencing growth due to their spacious size and affordability. They are surging the India Used Car Market share at a massive rate.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Used Car Market Outlook
• Market Size of India Used Car Market, 2022
• Forecast of India Used Car Market, 2029
• Historical Data and Forecast of India Used Car Revenues & Volume for the Period 2019 - 2029
• India Used Car Market Trend Evolution
• India Used Car Market Drivers and Challenges
• India Used Car Price Trends
• India Used Car Porter's Five Forces
• India Used Car Industry Life Cycle
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Vehicle Type for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Hatchbacks for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Sedan for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Sports Utility Vehicle for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Vendor for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Organized for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Unorganized for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Fuel Type for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Gasoline for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Diesel for the Period 2019 - 2029
• Historical Data and Forecast of India Used Car Market Revenues & Volume By Alternative Fuel Vehicles for the Period 2019 - 2029
• India Used Car Import Export Trade Statistics
• Market Opportunity Assessment By Vehicle Type
• Market Opportunity Assessment By Vendor
• Market Opportunity Assessment By Fuel Type
• India Used Car Top Companies Market Share
• India Used Car Competitive Benchmarking By Technical and Operational Parameters
• India Used Car Company Profiles
• India Used Car Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Vehicle Type

• Hatchbacks
• Sedan
• Sports Utility Vehicle
• Others

By Vendor

• Organized
• Unorganized

By Fuel Type

• Gasoline
• Diesel
• Alternative Fuel Vehicles

Frequently Asked Questions About the Market Study (FAQs):