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 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.
The rising availability as well as affordability of pre-owned vehicles are the factors responsible for the growth of the India used car market. Additionally, the market is escalating owing to the growing demand for certified used cars, which offer quality assurance and extended warranties, thereby instilling greater confidence among buyers. As the cost of new cars continues to escalate, many consumers are turning to the used car market as a cost-effective alternative. Moreover, the growth of organized dealerships and online platforms has revolutionized the buying process, making it more transparent and convenient. These platforms provide comprehensive vehicle histories, financing options, and after-sales services, enhancing the overall customer experience and driving market expansion.
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India Used Car Market Trends and Drivers:
Another significant driver of the used car market in India is the growing acceptance of vehicle financing for pre-owned cars. In addition to this, financial institutions and non-banking financial companies are increasingly offering attractive loan schemes with competitive interest rates for used cars, making them more accessible to a broader audience. The shift in consumer mindset, where owning a car is seen as a necessity rather than a luxury, is also contributing to market growth. Apart from this, urbanization and the increasing need for personal mobility, especially in the wake of the COVID-19 pandemic, have further boosted the demand for used cars. The rapid depreciation of new cars, which lose significant value within the first few years, makes used cars a more financially sensible choice and 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
- Other
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.
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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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