India Used Car Market Share, Size, Demand, Trends, Top Companies and Forecast 2023-2028

IMARC Group has recently released a new research study titled “India Used Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the India used car market?

The India used car market size reached US$ 27.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 62.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.2% during 2023-2028.

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Indutsry Overview: 

A used car refers to a previously owned vehicle that has been reconditioned and put up for sale. These cars are typically sold through both organized and unorganized channels, which may involve independent car dealers, franchise outlets, rental car companies, private individual sales, auctions, physical used-car showrooms, and leasing offices. The most commonly sought-after used car types include sedans, hatchbacks, and sports utility vehicles.

In India, there is a substantial demand for used cars due to their ability to mitigate the depreciation of the vehicle, enhance cost-effectiveness, maximize savings, and provide assurances and warranties along with associated facilities.


India Used Car Industry Report 2023-2028

India Used Car Industry Growth Drivers and Trends:

Several factors are driving the growth of the Indian market. These include the increasing presence of organized and semi-organized sales, a rising demand for car-sharing services, and a notable uptick in product adoption among millennials due to the high maintenance costs and affordability concerns. Additionally, the expanding working population in the country has created a need for used cars, offering improved mobility, convenience, and safety, which is further fueling market growth.

Moreover, there is a growing consumer preference for used luxury cars, supported by an increase in consumer spending power, which is creating a favorable market outlook. The market is also benefiting from the shift towards vehicle electrification driven by environmental concerns, the introduction of newer used car models with advanced technologies, and the increasing use of e-commerce platforms to buy and sell used cars.

India Used Car Market Leaders:

Some of the companies covered include Big Boy Toyz Ltd, BMW India Private Limited (Bayerische Motoren Werke AG), Cars24, CarTrade.com, Honda Cars India Limited (Honda Motor Co. Ltd.), Mahindra First Choice Wheels (Mahindra & Mahindra Limited), Maruti Suzuki India Limited (Suzuki Motor Corporation), OLX (OLX Group), Quikr India Private Limited, Spinny (Valuedrive Technologies Private Limited) and Toyota Kirloskar Motor Private Limited (Toyota Motor Corporation).

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Market Segmentation of the India Used Car Industry:

The report has segmented the India used car market on the basis of vehicle type, vendor type, fuel type, sales channel and region. 

Breakup by Vehicle Type:

  • Hatchbacks
  • Sedan
  • Sports Utility Vehicle
  • Others

Breakup by Vendor Type:

  • Organized
  • Unorganized

Breakup by Fuel Type:

  • Gasoline
  • Diesel
  • Others 

Breakup by Sales Channel:

  • Online
  • Offline

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India

Key Highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com

 

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