The Thriving India Used Car Market and Sustainable Mobility Solutions

The Indian used car market was valued at $23,355.3 million in 2021, and it is set to reach $99,707 million by 2030, growing at a CAGR of 17.50% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.

The growth of this industry is mainly ascribed to the growing internet usage, which makes information about used cars easily available. Furthermore, the increasing need for off-lease vehicles amid car dealers, franchises, and leasing offices and the surging demand for car subscription services are major factors responsible for increasing the demand for used cars in India.

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India is among the fastest-growing industry for large and premium vehicles, which is appealing to many organized second-hand automobile companies. For example, CarDekho.com, OLX Group, and Quikr India Private Limited for comparing the price and availability of used cars. This helps in formulating the whole process of purchasing quick and simple.

Based on sales medium, the offline category held a considerable share in the Indian used car market in 2021. This is mainly due to the high consumer preference for buying a used car from a known dealer.

The online category is projected to grow at the fastest in the years to come. This can be accounted to the fact that the need for the dealer has reduced after digitalization. Customers can now swiftly interact with the dealers and access information about used cars via computers and smartphones.

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Furthermore, the increasing usage of the internet and ease of research and shopping through the online method is projected to drive the category in the future.

Unorganized businesses in India are dominating the industry. The majority of transactions are done by people trying to buy and sell cars. As the involved parties are individuals and not organizations, sometimes it is hard to build trust among the parties involved. This raises the need for organized players, including large companies and OEMs.
As their participation surges, consumers will be motivated to purchase second-hand cars, because of the snowballing trust and reliability.

The high depreciation rate of luxury vehicles impacts the market positively. The drop in the resale value of a vehicle increases its demand, because of an inverse relationship between demand and price. The increase in the car's depreciation value is a reason for a drop in resale value, therefore encouraging the car owner to sell it sooner, which decreases the average age of owning the car.

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The research offers market size of the India used car market for the period 2017-2030.

Market Segmentation by Sector

Organized
Unorganized
Market Segmentation by Vehicle Type

Medium
Small
Large
Market Segmentation by Sales Medium

Offline
Online
Market Segmentation by State

Maharashtra Used Car Market
By sector
By vehicle type
Uttar Pradesh Used Car Market
By sector
By vehicle type
Karnataka Used Car Market
By sector
By vehicle type
Tamil Nadu Used Car Market
By sector
By vehicle type
Delhi Used Car Market
By sector
By vehicle type

About P&S Intelligence
P&S Intelligence is a market research and consulting firm shaping growth strategies for enterprises with a global as well as niche presence. We specialize in both syndicate and custom market research, creating insight-laden reports that allow customers to stay ahead at every curve. Our clients range from multi-billion-dollar behemoths across industries to up and coming MSMEs and startups. Moreover, with our new offering, government, and public sector advisory services, we continue to trudge ahead in our quest for revolutionizing the way economies shape themselves in these ever-changing times.

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This release was published on openPR.