IMARC Group, a leading market research company, has recently releases report titled “India Used Car Market Report by Vehicle Type (Hatchbacks, Sedan, Sports Utility Vehicle, and Others), Vendor Type (Organized, Unorganized), Fuel Type (Gasoline, Diesel, and Others), Sales Channel (Online, Offline), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the India used car market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the India Used Car Market?
The India used car market size reached US$ 31.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 93.2 Billion by 2032, exhibiting a growth rate (CAGR) of 12.78% during 2024-2032.
India Used Car Market Overview:
Consumers are increasingly inclined towards the adoption of used cars as a more attractive option compared to new vehicles, which is one of the factors responsible for the growth of the India used car market. Additionally, the demand for used cars is accelerating owing to their cost-effectiveness, which is fueling the market.
Besides this, the increased availability of organized and reliable platforms for buying and selling used cars has enhanced consumer trust, which is bolstering the market. These platforms not only provide a wide array of choices but also offer certified pre-owned programs that involve warranties and service packages, further escalating the appeal of used cars.
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India Used Car Market Trends:
Emerging trends in the India used car market include the growing influence of digital platforms and technological integration, which are transforming the way consumers buy and sell used cars. In addition to this, online marketplaces and car-selling apps equipped with advanced tech features like virtual showrooms, detailed car inspections through augmented reality, and algorithm-based pricing tools are gaining popularity, which is acting as another growth-inducing factor.
These innovations enhance the customer experience by making the process more transparent, efficient, and user-friendly. Furthermore, the increased focus on sustainability and environmental concerns is prompting consumers to opt for used cars to reduce the environmental impact associated with manufacturing new vehicles, which is positively impacting the market. This shift is supported by broader economic and social trends towards more sustainable consumption practices, which is anticipated to drive the India used car market over the forecasted period.
India Used Car Market Segmentation:
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
Competitive Landscape:
The competitive landscape of the India used car market has been studied in the report with the detailed profiles of the key players operating in the market.
Big Boy Toyz Ltd
BMW India Private Limited (Bayerische Motoren Werke AG)
Cars24
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)
Toyota Kirloskar Motor Private Limited (Toyota Motor Corporation).
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Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• 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.
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