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India Used Car Market Size, Trends and Insights By Sector (Organized, Unorganized), By Vehicle Type (Medium, Small, Large), By Sales Medium (Offline, Online), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032
Overview
India Used Car Market
India Used Car Market: Overview
India Used Car Market Size, Trends and Insights By Sector (Organized, Unorganized), By Vehicle Type (Medium, Small, Large), By Sales Medium (Offline, Online), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032
According to Custom Market Insights (CMI), The India Used Car Market (https://www.custommarketinsights.com/report/India Used Car-market/) size was estimated at USD 32.40 Billion in 2022 and is expected to hit around USD 138.95 Billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 17.60% from 2023 to 2032.
India used car market refers to the market for buying and selling pre-owned cars in India. In recent years, the market has seen significant growth due to various factors such as increasing disposable incomes, a shift in consumer preferences towards owning a car, and the availability of financing options for purchasing used cars.
The market includes various players such as online marketplaces, physical dealerships, and franchise networks, which offer a range of services to attract customers and differentiate themselves from competitors. The market is expected to witness continued growth in the coming years as the demand for affordable and reliable transportation options continues to rise in India.
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India Used Car Market: Growth Drivers
Increasing demand for luxury used cars: With increasing disposable income, there is a growing demand for high-end luxury used cars. This has increased the overall market demand. Growing financial penetration: The expanding reach of financial services, such as car loans and leasing options, has made it easier for customers to buy used cars. This has led to an increase in demand for used cars, particularly in the organized sector. Advancements in technology: The use of advanced technology such as online sales platforms and digital marketing has made it easier for customers to access and purchase used cars. This has led to an increase in the overall efficiency and growth of the market. Increasing focus of automakers: With automakers setting up used car networks, there has been a growth in the supply of used cars. This has made it easier for customers to access and purchase used cars. Government policies: Various government policies such as GST reduction and scrappage policy have had a significant impact on India Used Cars Market. These policies are expected to drive the growth of the market in the coming years.
Report URL: https://www.custommarketinsights.com/report/india-used-car-market/
India Used Car Market: Regional Analysis
The India used car market can be analyzed regionally, with major regions including North India, South India, East India, and West India. Among these, North India dominates the market, followed by South India. Increasing urbanization, rising disposable income, and changing consumer preferences are driving the growth of the used car market in these regions. Additionally, the presence of major cities such as Delhi-NCR, Mumbai, Chennai, and Bangalore in these regions contributes to the growth of the market, as these cities have a high demand for used cars due to their high population density and traffic congestion.
The East and West India markets are also expected to grow at a significant rate, with rising awareness and demand for used cars in these regions.
India Used Car Market: Recent Developments
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Mahindra First Choice Wheels Ltd (MFCWL) acquisition of Carandbike.com: In 2018, Mahindra First Choice Wheels Ltd (MFCWL), one of the largest players in the used car market in India, acquired Carandbike.com, an online automotive platform. The acquisition was aimed at strengthening MFCWL’s online presence and improving its customer experience.
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OLX acquisition of Aasaanjobs: In 2019, OLX, one of the leading online marketplaces in India, acquired Aasaanjobs, a recruitment platform. The acquisition was aimed at expanding OLX’s offerings in the used car market by providing customers with access to skilled professionals for car repairs and maintenance.
Key Players:
- Maruti True Value
- Mahindra First Choice Wheels
- Cars24
- OLX Autos
- Droom
- CarDekho
- Spinny
- CARS24 Services Private Limited
- Gaadi
- IndianBlueBook
- Others
Press Release: https://www.custommarketinsights.com/press-releases/india-used-cars-market/
The India Used Car Market is segmented as follows:
By Sector
- Organized
- Unorganized
By Vehicle Type
- Conventional
- Electric
- Hybrid
By Vendor Type
- Unorganized
- Organized
By Fuel Type
- Petrol
- Diesel
- Others
By Size
- Mid-Sized
- SUV
- Compact Car
By Sales Medium
- Offline
- Online
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