India Used Car Market to Grow with a steady pace until FY2027
Increase in digital
aggregators facilitates growth in India Used Car Market in upcoming years.
According to TechSci report
on, “India Used Car Market By Vehicle Type (Hatchbacks,
Sedans, SUV/ MPV), By Sector (Organized Vs. Semi-Organized /Unorganized), By
Sales Channel (Dealerships /Broker Vs. C2C), By Fuel Type (Petrol, Diesel &
CNG), By Region (South, West, North, East), Competition Forecast & Opportunities,
FY2027”, India used car market has shown promising growth in historical years
until FY2020 and is expected to continue its growth in upcoming forecast years
FY2022 to FY2027. Used car market saw a rising of digital aggregators in the
automobile industry and its effects on the used car market in India was
commendable. Online platforms such as CarDekho, Cars24, proved this digital
aggregator effects on the market. Consumers simply downloaded these
applications on their smart devices and proceeded with swift business
experience with complete security and quality assurances.
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in-depth TOC on "India
Used Car Market"
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The report on India
used car market is segmented by vehicle type, by sector, by sales
channel, and by fuel type. Based on vehicle type the market is further
segmented in hatchbacks, sedans, and SUV/MPVs. Among them, SUVs are seeing a
new trend in their sales owing to high rate of depreciation value of the luxury
cars, fast growing base of young population, increasing disposable income of
the consumers (along with rapid urbanization), and growing internet penetration
in non-metro cities.
With increasing
urbanization, owning a car is not only a status symbol but also a necessity.
During the months of complete lockdown, the need to own a car to maintain
government regulated instruction of social distancing. Pandemic affected the
used car market in India positively. While in the FY2021, industry saw only 77%
growth in the new car market, used car market in India registered a whooping
growth of 99%. Safety, growing urge of self-mobility, and demand of simply
owning a car is driving the market toward the expected growth in the forecast years.
Based on the
market segmentation by sector, used car market in India is further fragmented
into organized, and semiorganized /unorganized sector. The market sees quite a
customer inclination toward unorganized or semi-organized distributors because
of the convenience of sale, further reduction in sale prices and an unsaid
faith of customers toward them. But a shift of market can be experienced with
the introduction of digital aggregators since they allow the wider visual and
comparison of product and pricing at a single platform and saves time.
Major
players operating in India Used car Market include CARS24 India Pvt Ltd.,
Maruti True Value (Maruti Suzuki India Limited), Mahindra First Choice Wheels
Limited, Hyundai H Promise (Hyundai Motor India Ltd), Honda Auto Terrace (Honda
Cars India Limited), Ford Assured (Ford India Pvt Ltd.), Toyota U Trust (Toyota
Kirloskar Motors Pvt Ltd.), Big Boy Toyz Private Limited, CarDekho.com (Girnar
Software Private Limited), CarWale.com (MXC Solutions India Pvt Ltd.), among
others. The companies are focussing on competitive strategies that include
formation of alliances and partnerships.
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“India used car market is expected to witness significant growth during
the forecast period. Moreover, improvisations in the digital platforms with
wider range of comparison among product and market will influence Indian used
car market toward growth. New investors may explore these online platforms and their
safety concerns to influence their businesses,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“India Used Car Market By
Vehicle Type (Hatchbacks, Sedans, SUV/ MPV), By Sector (Organized Vs.
Semi-Organized /Unorganized), By Sales Channel (Dealerships /Broker Vs. C2C),
By Fuel Type (Petrol, Diesel & CNG), By Region (South, West, North, East),
Competition Forecast & Opportunities, FY2027” 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 India Used car market.
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