According to the latest report by IMARC Group, titled “India Used Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the India used car market is expected to exhibit a growth rate (CAGR) of 14.2% during 2023-2028.
India Used Car Market Trends 2023-2028
- The increasing number of organized and semi-organized sales and the surging demand for car-sharing services are some of the key factors accelerating the market growth in India. Additionally, the widespread product adoption among millennials due to the high cost of maintenance and concerns regarding affordability are bolstering the market growth.
- Furthermore, the increasing working populace in the country has facilitated the need for used cars for easy commuting and enhanced mobility, convenience, and safety, which, in turn, is providing an impetus to the market growth. Besides this, the shifting consumer inclination toward used luxury cars and the inflating consumer expenditure power are creating a positive outlook for the market.
- Other factors, such as the electrification of vehicles on account of rising environmental concerns, the advent of newer used car models equipped with advanced technologies, and the surging use of e-commerce sites and applications to sell and purchase used cars, are positively contributing to the market growth.
Used Car Market Outlook for India:
A used car is a pre-owned vehicle that is refurbished and made available for resale. They are usually sold using organized or unorganized channels through independent car dealers and franchises, rental car companies, private party sales, auctions, walk-in used-car showrooms, and leasing offices. The commonly preferred used cars include sedans, hatchbacks, and sports utility vehicles. In India, used cars are witnessing massive demand as they help minimize the depreciation of the vehicle, improve cost-effectiveness, maximize savings, and provide full assurance and warranty of the car and facilities.
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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
Explore Report Description with TOC & List of Figure: https://www.imarcgroup.com/india-used-car-market
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.
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