India Used Car Market To Have US$ 62.4 Billion Size and 14.2% CAGR by 2028 | Big Boy Toyz Ltd, BMW India Private Limited,, Cars24, CarTrade, Honda Cars India Limited

According to IMARC Group latest report titled" India Used Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on India used car market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

How big is the India used car market?

The India used car market size reached US$ 27.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 62.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.2% during 2023-2028.A used car or second-hand car refers to a car that has been owned previously and is refurbished and repaired to recover working conditions before the sale. These cars are much more affordable as compared to buying a new car and do not need registration fees and other charges. These cars provide better reliability and value for the amount paid. Used cars are typically available at several outlets, including rental car companies, private party sales, and independent car stores.

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What are the growth prospects and trends in the industry?

The steadily rising middle-income group and young population in India represent one of the significant factors driving the market growth across the country. In line with this, the increasing preference for personal vehicles among people over using the public commutation services, primarily due to the associated convenience of traveling and daily commutation, is another factor inducing the market growth.

The market is also driven by the rise in the demand for affordable and cost-effective vehicles. Other factors, such as the rising demand for pre-owned luxury cars, flexible payment options offered by the dealers, facility expansions are the major strategic developments by the key players, and proliferating online refurbished car retail channels, are creating a positive outlook for the market across the India.

Who are the key players operating in the industry?

The report covers the major market players including: 

India Used Car Companies:

• Big Boy Toyz Ltd
• BMW India Private Limited (Bayerische Motoren Werke AG)
• Cars24
• CarTrade
• 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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Market Segmentation:

The report has segmented the market into the following categories:

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

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• 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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This release was published on openPR.