Increasing Popularity of Online Retailing Propelling Used Car Demand in India
Moreover, the accelerating digitization rate in India will also propel the adoption of used cars in the upcoming years. The digital revolution in the country has led to the rapid penetration of online retailing, which assists buyers in conveniently searching for pricing and vehicle details on such platforms. Additionally, used car dealers are making hefty investments to expand their presence and have an online retailing and classifieds presence. For example, in August 2020, OLX Group launched OLX Autos, a new franchisee-led pre-owned car retail offering in India.
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The sector segment of the Indian used car market is divided into organized and unorganized. Under this segment, the organized sector is expected to demonstrate the faster growth during the forecast period. This will be due to the higher propensity of customers to purchase certified vehicles from established dealers. Moreover, the surging shift toward online portals of sellers and buyers in the country will also augment the growth of the organized sector in the future.
Large, medium, and small-sized used cars offered by Cars 24 Services Pvt. Ltd., Mahindra & Mahindra Ltd., Big Boy Toyz Pvt. Ltd., Ford Motor Company, CarDekho.com, Tata Motors Ltd., Droom Technologies Pvt. Ltd., Truebil, Quikr India Private Ltd., Honda Motor Co. Ltd., OLX Group, and Maruti Suzuki India Ltd. can be availed through offline and online stores. In the coming years, large-sized used cars will be adopted in the highest number due to the expanding purchasing power of customers and increasing availability of good quality and less driven second-hand sports utility vehicles (SUVs).
According to P&S Intelligence, Maharashtra accounted for the largest share in the Indian used car market in 2020, due to the swift urbanization, high depreciation value of luxury vehicles, presence of favorable business environment, strong growth opportunities and rapid surge in the state’s young population. Additionally, the soaring disposable income of customers and increasing internet penetration are also augmenting the demand for used cars in the state. Moreover, the easy availability and lower prices of used cars also contribute toward the expansion of the market in the state.
Whereas, Delhi is expected to adopt used cars at the highest rate in the forthcoming years, due to the decreasing average ownership duration rate of new cars in the state. Delhi offers a wide range of old cars at the lowest price in the country. The used car retailers of the state often resell the vehicles at affordable prices after performing minor repairs, such as denting and painting. Besides, the mounting disposable income of people and burgeoning population of young people will also fuel the adoption of used cars in the state in the near future.
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Therefore, the soaring demand for luxury cars and the accelerating digitalization rate will fuel the adoption of used cars in India in the forthcoming years.
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