Press release
Driving India's Economic Renaissance: The Thriving Used Car Market
India's Economic Renaissance Fuels Surge in Pre-Owned Car MarketIndia is in the midst of an economic renaissance, marked by rapid development, an expanding workforce, and an increase in disposable income across the nation. This surge in economic growth has given rise to a burgeoning middle class, armed with greater purchasing power and a penchant for personal vehicles, particularly pre-owned cars. This shift in consumer behavior is poised to reshape the India used car market landscape, driving significant growth and innovation in the foreseeable future.
► Rapid Economic Growth Fuels Surge in India's Pre-Owned Car Market
The economic prosperity sweeping across India has ushered in a new era of consumerism, fueling a surge in demand for pre-owned vehicles. The burgeoning middle-class population, coupled with escalating consumer power, serves as a catalyst for this growth, as more individuals seek to fulfill their mobility needs with affordable and reliable transportation options.
Recent data underscores the trajectory of this trend, with India witnessing a notable surge in the sales of used cars. In the first nine months of 2023 alone, approximately 4.6 million units of pre-owned vehicles were sold, marking a substantial increase from the 4.2 million units sold in the preceding year of 2022. Notable urban centers such as Bengaluru, Delhi-NCR, and Hyderabad have emerged as focal points, exhibiting significant demand for used cars during this period.
This surge in demand reflects a fundamental shift in consumer preferences, driven by factors such as affordability, availability, and an increasing inclination towards sustainable consumption practices. As India continues its trajectory of economic growth and urbanization, the India used car market is poised to play an increasingly pivotal role in fulfilling the evolving mobility needs of its populace.
Makreo Research is a leading research firm specializing in market analysis and industry insights. With a team of seasoned professionals, we aim to provide comprehensive reports and strategic recommendations to empower businesses and stakeholders in navigating complex market dynamics.
For more information on the India used car market and insights into emerging trends, visit www.makreo.com or contact us at sales@makreo.com to access our detailed research reports.
► Need more information on the Research Study:
India Used Car Market Size and Forecast (2018-2030) - Segmentation by Dealer Type, Sales Mode, Car Type, and Demand by Cities
https://www.makreo.com/report/india-used-car-market-size-and-forecast-2018-2030
► Evolution of Online Purchasing in India Used Car Market:
The Indian demographic stands out as one of the most diverse and youthful populations globally. Over recent years, there has been a discernible shift in the preferences of Indian consumers. Propelled by the rise of e-commerce and increasing internet penetration throughout the country, the allure of online purchasing for used cars has experienced a significant upsurge.
► Luxury Segment Propels Growth in India's Used Car Market:
The Indian used car market is undergoing a notable transformation, driven by a burgeoning demand for luxury vehicles. These premium automobiles, typically entering the market at an average age of 2-3 years, present an enticing alternative to mid-size or small-scale vehicles, which usually debut at 5-6 years old.
► Intensifying Competition in the Automotive Sector:
The escalating competition from new vehicles in India has the potential to impact the India used car market, posing challenges for consumers in making decisions between purchasing new or pre-owned vehicles. As new cars become more financially accessible or offer attractive payment schemes, many buyers may opt for them over used alternatives.
► Business Developments of Major Players in the Used Car Market:
■ On Nov 22, 2023, CARS24 launched a vehicle scrapping scheme in Delhi-NCR, offering returns up to INR 1 lakh.
■ On Oct 25, 2023, CARS24 announced a strategic move to redefine the customer experience by onboarding 100 technical experts specializing in key areas of R&D, data science, and product development.
■ On August 10, 2023, Maruti Suzuki True Value achieved a significant milestone by surpassing 50 lakh units in pre-owned car sales, reinforcing its strong position in the India used car market.
■ March 3, 2023: Mahindra Finance launched 'Used Car Digi Loans' in collaboration with Car&Bike and Rupyy, streamlining the buying process and enabling quick decisions.
■ On July 14, 2023, CarTrade Tech completed the 100% acquisition of OLX's classified and auto business in India, expanding its market presence.
■ April 4, 2023: Droom strategically reduces its mass-market business by 90% to enhance unit economics and profitability, resulting in notable profit increases per car sale.
■ On December 1, 2021, CarDekho opened its first used car mega refurbishment center in Gurugram, enhancing its service offerings.
■ May 25, 2023: Spinny reports considerable growth in demand for used cars, especially from Tier 1 and Tier 2 cities, citing a 65% increase in first-time car buyers from January 2023 to April 2023.
► Scope of the India Used Car Market Report:
The research report titled "India Used Car Market Size and Forecast (2018-2030) - Segmentation by Dealer Type, Sales Mode, Car Type, and Demand by Cities" by Makreo Research aims to conduct a thorough analysis of the India used car market's performance and future growth potential. The report seeks to provide stakeholders with valuable insights into market dynamics, growth prospects, and investment opportunities. Key areas of focus include market performance analysis, future growth prospects, segmentation analysis, comprehensive insights, and strategic decision-making opportunities.
► Key Inquiries Addressed:
■ Who are the predominant players influencing the Indian used car market?
■ What factors contribute to shaping the investment landscape among primary participants in the Indian pre-owned vehicle market?
■ How do regulatory shifts influence the operational strategies and growth agendas of key stakeholders within the Indian pre-owned vehicle market?
■ What notable business milestones have been accomplished by key stakeholders in the Indian used car market?
■ What technological advancements are reshaping the landscape of the Indian used car market?
■ What challenges are confronted by major players in the Indian used car sector, and how are they navigating through them?
► Conclusion:
As India's economy continues to surge forward, driven by a burgeoning middle class and increasing consumer power, the used car market stands as a testament to the nation's evolving preferences and aspirations. With innovative players shaping the industry landscape and online purchasing gaining traction, the future of India's used car market is poised for unprecedented growth and transformation.
Check out our other research report:
https://www.makreo.com/report/india-used-car-financing-market-competitive-landscape-edition-2024
Makreo Research and Consulting
801, Trishul Goldmine, Palm Beach, Sector 15, Belapur, Navi Mumbai, Maharashtra 400614
Contact us at:
Meetu Bhasin, Director of Research and Operations
Phone Number
+91-9619699069
Email Address
info@makreo.com
Makreo Research, a dynamic full-service research and consulting firm located in Mumbai, is dedicated to reshaping the research landscape and delivering comprehensive solutions to intricate business challenges.
Our mission is to streamline the ever-changing economic landscape and intricate market dynamics, leveraging brilliant minds and cutting-edge technology to make a substantial difference in the realm of business and decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Driving India's Economic Renaissance: The Thriving Used Car Market here
News-ID: 3447623 • Views: …
More Releases from Makreo Research And Consulting

Global Food Packaging Market Poised to Surpass USD 460 Billion by 2030 Amid Surg …
The global food trade landscape has undergone seismic shifts, with trade values soaring by 350% between 2000 and 2021 to USD 1.7 trillion, driven by evolving production, consumption patterns, and geopolitical policies. In 2022, the global food import bill surged to a historic USD 1.94 trillion, fueled by rising prices and supply chain complexities. Amid this growth, the Global Food Packaging Market has emerged as a linchpin for ensuring food…

Vietnam Auto Finance Market to Reach USD 12.82 Billion by 2030, Driven by Econom …
The Vietnam auto finance market, a vital component of the nation's financial ecosystem, has faced notable volatility in recent years. In 2023, the market experienced a sharp decline as the automotive sector struggled. Vehicle sales dropped by -25.37%, while motorcycle and scooter sales fell by -16.21%. High bank interest rates and economic difficulties in the real estate and securities markets played a significant role in this downturn.
Despite these challenges, the…
India's Warehousing Market Poised for Remarkable Growth with 30 Million Sq. Ft. …
The demand for warehousing space in Asia has been on a steady upward trajectory, fueled by key factors such as the e-commerce surge, supply chain diversification, rapid urbanization, population growth, infrastructure enhancements, and cutting-edge technological innovations. Leading markets, including China, India, Japan, and Southeast Asia (spanning Singapore, Vietnam, and Malaysia), are experiencing unprecedented growth in warehousing demand, supported by these transformative trends.
► Asia-Pacific Logistics Rentals on the Rise:
Makreo Research reports…

What's Driving the Global Sustainable Packaging Market Projected to 7.73% CAGR b …
According to Makreo Research, the Global Sustainable Packaging Market is witnessing robust growth, fueled by the escalating demand for eco-friendly packaging solutions. In 2023, the market recorded a remarkable year-on-year growth rate of 7.91%. Over the period from 2019 to 2023, the market maintained a compound annual growth rate (CAGR) of 6.52%. This surge reflects a global shift toward sustainability as businesses and consumers respond to mounting environmental concerns.
The COVID-19…
More Releases for India
Ayurvedic Service Market is Flourishing Like Never Before | Patanjali Ayurved Li …
RnM newly added a research report on the Ayurvedic Service market, which represents a study for the period from 2020 to 2026.
The research study provides a near look at the market scenario and dynamics impacting its growth. This report highlights the crucial developments along with other events happening in the market which are marking on the growth and opening doors for future growth in the coming years. Additionally, the…
Pasta Market Report 2019 Companies included Bambino (India), Nestle (USA), Field …
We have recently published this report and it is available for immediate purchase. For inquiry Email us on: jasonsmith@marketreportscompany.com
This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2019 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2019 to 2025, etc. The report also provides detailed segmentation on the…
Pasta Market Report 2018 Companies included Bambino (India), Nestle (USA), Field …
We have recently published this report and it is available for immediate purchase. For inquiry Email us on: jasonsmith@marketreportscompany.com *********
This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2018 to 2025, etc. The report also provides…
Interior Designers India, Designers and Architects India, Interior Design Consul …
Synergy Corporate Interiors Pvt. Ltd. are offer Designers and Architects India Our architects, designers are working an national and international client base. The final design output is then integrated with the various technical and engineering aspects and taken into production. The expression is also individualistic, based on the communication of the correct corporate identity. Our designers, engineers and architects perform any plan successfully combine handy knowledge with creative ideas into…
Domain Registration India, Web Hosting India, VPS Hosting India , SSL Certificat …
All the Domain Registration services are at affordable price and assure you for the 100% quality.
India Internet offers cheap domain name registration for many domain extensions available. We are a full-service web site solutions provider. We offer a full range of web services including domain registration India, Web Hosting India, Web design, SEO marketing and etc.
We offer different standard and different Windows .NET low-cost, full-featured, all-inclusive web hosting and domain…
Domain Registration India, Web Hosting India, Payment Gateway India
Indiainternet.in is a Quality Web Hosting Company India, provide all web related support and Web hosting services like linux web hosting, windows web hosting, web hosting packages, domain registration in india, Corporate email solution, business email hosting, payment gateway integration, SSL with supports like free php, cgi, asp, free msaccess, free cdonts, free webmail, web based control panel, unlimited ftp access, unlimited data transfer.
During the domain registration process, you will…