indian-used-car-market-to-generate-revenue-worth-$70.8-billion-by-2030,-says-p&s-intelligence

Indian Used Car Market to Generate Revenue Worth $70.8 Billion by 2030, says P&S Intelligence

 

With the growing influence of the Western culture, particularly the hip-hop culture, through TV, magazines, and social media, the demand for luxury cars is rising in India, especially among the youth. However, most of the people of the country are still not able to purchase new luxury vehicles, which is why they are looking at pre-owned automobiles. As a result, the Indian used car market size is expected to rise from $18.3 billion in 2020 to $70.8 billion in 2030, at a 14.8% CAGR between 2021 and 2030, according to P&S Intelligence.

In this regard, the emergence of organized used car dealers is proving hugely beneficial. For instance, Big Boy Toyz Pvt Ltd. (BBT) offers used cars of various luxury brands, including BMW AG, Cadillac, Lexus, Land Rover, and Jaguar. As it is easier for customers to trust organized dealerships than individual vehicle sellers, the proliferation of more established players is acting as a key driver for the Indian used car market advance.

Key Findings of Indian Used Car Market

  • Unorganized sector accounts for higher vehicle sales
  • Indians rapidly purchasing used cars online
  • Large cars continue to be most popular
  • Market fragmented in nature
  • Increasing demand for luxury cars key industry growth driver
  • Organized auto dealers expanding their presence in India

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During the COVID-19 pandemic, the sales of vehicles, used and brand new, almost reduced to zero in 2020. The negative impact of the pandemic on the Indian used car market is because of the social distancing measures and lockdowns implemented in the country. The lockdowns have further rendered a large number of people unemployed, while many more are working on substantially reduced salaries. This has led to a decrease in the purchasing powers, which is why people are mostly spending on essential items, such as medicines and ration.

In the coming years, the organized bifurcation will witness the faster growth in the Indian used car market, on the basis of sector. As most of the vehicle sellers are individual owners, customers do not generally trust them. Therefore, buyers are now shifting to the organized sector, which offers cars after rigorous quality checks and certification.

Throughout this decade, the Indian used car market is predicted to be dominated by the large category, under segmentation by vehicle type. Around the country, the demand for good-quality sports utility vehicles (SUVs) that are less driven is rising. Moreover, the increasing disposable income of people is allowing them to spend on second-hand SUVs.

Browse detailed report with COVID-19 impact analysis on India Used Car Market Research Report: By Sector (Organized, Unorganized), Vehicle Type (Medium, Small, Large), Sales Medium (Offline, Online) – Industry Trends and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/india-used-car-market

Maharashtra is the largest contributor to the Indian used car market presently on account of the high depreciation value of second-hand automobiles. Moreover, the increasing population of the youth, rising disposable income, surging internet penetration in tier II and III cities, and rapid urbanization are driving the demand for used cars in Maharashtra. Additionally, the state offers a supportive business environment to used car dealers and the vehicles themselves at low costs.

In the years to come, Delhi will be the fastest-growing state in the Indian used car market as a result of the decreasing average ownership duration of automobiles. Further, due to the high demand for such vehicles and intense competition in the market, automobile dealers often slash the prices massively and perform minor repairs, which increases the interest of people in used cars.

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Key established players in the Indian used car market are Cars 24 Services Pvt. Ltd., Big Boy Toyz Pvt. Ltd., OLX Group, Quikr India Private Limited, Truebil, CarDekho.com, Droom Technologies Pvt. Ltd., Mahindra & Mahindra Limited, Maruti Suzuki India Limited, Honda Motor Co. Ltd., Toyota Motor Corporation, Ford Motor Company, and Tata Motors Limited.

Browse More Reports:

Global Used Car Market Revenue Forecast – The major factors driving the progress of the used car market are the growing requirement for off-lease vehicles and the rising demand for car subscription services across the world.

Global Car Rental Market Revenue Forecast – Geographically, the car rental market is predicted to register the highest growth in the North American region in the upcoming years.

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