India Used Car Market Size and Forecast (2018-2030)
Description
Executive Summary
India Used Car Market Revenue
The India used car market has experienced steady revenue growth, achieving a compound annual growth rate (CAGR) of 9.7% from 2018 to 2023, reaching a total of USD 35.46 billion. The sales volume of pre-owned vehicles saw a notable increase, with approximately 4.6 million units sold in the first nine months of 2023, compared to 4.2 million units in 2022. Major regions such as Delhi-NCR, Bengaluru, and Hyderabad have emerged as key hubs for used car demand in 2023, highlighting the continued expansion of the second-hand car market in India. This growth reflects a broader trend across the India pre-owned car market, including key cities like Mumbai, Chennai, and Pune, driven by both traditional used car dealers and the rise of online used car sales platforms.
India Used Car Market Trends
The rise of digitization has played a crucial role in addressing persistent challenges in the India used car market. This digital transformation has enhanced business operations, increased transaction transparency, and boosted consumer trust. With the continuous rise in new car prices, the value of second-hand vehicles in India has also climbed. However, car ownership remains comparatively low in India, with only about 8% of the population owning a four-wheeler, in contrast to developed markets such as the US, China, and Europe, where ownership rates are significantly higher.
A key indicator of the growing demand for used cars in India is the shortening of the car ownership cycle. The younger demographic is increasingly selling their vehicles within 5-6 years of purchase, compared to the previous trend where cars were kept for 10-12 years. This shift in vehicle lifecycle patterns highlights the changing attitude toward car ownership in India.
Strategic mergers, acquisitions, and investments by major players are reshaping the used car market landscape in India, aimed at strengthening capabilities and offering more comprehensive solutions. The demand for pre-owned vehicles is higher in non-metro areas, although supply remains concentrated in urban centers. Small towns are anticipated to be the main drivers of growth in the used car sector, with companies that cater to these regions expected to gain a competitive edge. The market is evolving rapidly, with substantial growth projected due to the growing acceptance of pre-owned cars in India. Businesses embracing sustainability, affordability, and strategic partnerships are poised for success, particularly in regions like Delhi NCR, Mumbai, Bengaluru, Hyderabad, Chennai, and Pune, where used car dealerships are becoming increasingly prominent.
Scope of India Used Car Market Research Report
Makreo Research recently released a comprehensive report titled "India Used Car Market Size and Forecast (2018-2030) – Segmentation by Dealer Type, Sales Mode, Car Type, and Demand by Cities." The report offers a detailed analysis of key players in the Indian used car industry, including Cars24, Maruti Suzuki True Value, Mahindra First Choice Wheels Limited, OLX India, CarTradeTech, Car Dekho and Cholamandalam. It begins with a competitive analysis of these companies, focusing on their market shares, and then delves into detailed discussions about them, including insights into mergers, acquisitions, funding, and comprehensive company profiles with a specific focus on financial aspects. The report also examines the historical and current performance of the market and provides a comprehensive analysis of its future in India. This information equips stakeholders and industry experts with a deep understanding of the evolving dynamics of this rapidly growing and evolving market in India.
Period of Study:
2018 - 2022: Past and Present Scenario
2023: Base Year
2024 - 2030: Future Outlook of the Market
Market Assessment:
Market Size and Forecast
Used Car Market Volume Sales
Used Car Demand by Type of Cars
Used Car Demand by City
Used Car Demand by Fuel Type
Used Car Demand by Dealer Type
Companies Covered:
Cars 24
Maruti Suzuki True Value
Mahindra First Choice Wheels Limited
OLX India
CarTradeTech
Big Boy Toyz
Droom
Car Dekho
Spinny
Cholamandalam
India Used Car Market Revenue
The India used car market has experienced steady revenue growth, achieving a compound annual growth rate (CAGR) of 9.7% from 2018 to 2023, reaching a total of USD 35.46 billion. The sales volume of pre-owned vehicles saw a notable increase, with approximately 4.6 million units sold in the first nine months of 2023, compared to 4.2 million units in 2022. Major regions such as Delhi-NCR, Bengaluru, and Hyderabad have emerged as key hubs for used car demand in 2023, highlighting the continued expansion of the second-hand car market in India. This growth reflects a broader trend across the India pre-owned car market, including key cities like Mumbai, Chennai, and Pune, driven by both traditional used car dealers and the rise of online used car sales platforms.
India Used Car Market Trends
The rise of digitization has played a crucial role in addressing persistent challenges in the India used car market. This digital transformation has enhanced business operations, increased transaction transparency, and boosted consumer trust. With the continuous rise in new car prices, the value of second-hand vehicles in India has also climbed. However, car ownership remains comparatively low in India, with only about 8% of the population owning a four-wheeler, in contrast to developed markets such as the US, China, and Europe, where ownership rates are significantly higher.
A key indicator of the growing demand for used cars in India is the shortening of the car ownership cycle. The younger demographic is increasingly selling their vehicles within 5-6 years of purchase, compared to the previous trend where cars were kept for 10-12 years. This shift in vehicle lifecycle patterns highlights the changing attitude toward car ownership in India.
Strategic mergers, acquisitions, and investments by major players are reshaping the used car market landscape in India, aimed at strengthening capabilities and offering more comprehensive solutions. The demand for pre-owned vehicles is higher in non-metro areas, although supply remains concentrated in urban centers. Small towns are anticipated to be the main drivers of growth in the used car sector, with companies that cater to these regions expected to gain a competitive edge. The market is evolving rapidly, with substantial growth projected due to the growing acceptance of pre-owned cars in India. Businesses embracing sustainability, affordability, and strategic partnerships are poised for success, particularly in regions like Delhi NCR, Mumbai, Bengaluru, Hyderabad, Chennai, and Pune, where used car dealerships are becoming increasingly prominent.
Scope of India Used Car Market Research Report
Makreo Research recently released a comprehensive report titled "India Used Car Market Size and Forecast (2018-2030) – Segmentation by Dealer Type, Sales Mode, Car Type, and Demand by Cities." The report offers a detailed analysis of key players in the Indian used car industry, including Cars24, Maruti Suzuki True Value, Mahindra First Choice Wheels Limited, OLX India, CarTradeTech, Car Dekho and Cholamandalam. It begins with a competitive analysis of these companies, focusing on their market shares, and then delves into detailed discussions about them, including insights into mergers, acquisitions, funding, and comprehensive company profiles with a specific focus on financial aspects. The report also examines the historical and current performance of the market and provides a comprehensive analysis of its future in India. This information equips stakeholders and industry experts with a deep understanding of the evolving dynamics of this rapidly growing and evolving market in India.
Period of Study:
2018 - 2022: Past and Present Scenario
2023: Base Year
2024 - 2030: Future Outlook of the Market
Market Assessment:
Market Size and Forecast
Used Car Market Volume Sales
Used Car Demand by Type of Cars
Used Car Demand by City
Used Car Demand by Fuel Type
Used Car Demand by Dealer Type
Companies Covered:
Cars 24
Maruti Suzuki True Value
Mahindra First Choice Wheels Limited
OLX India
CarTradeTech
Big Boy Toyz
Droom
Car Dekho
Spinny
Cholamandalam
Table of Contents
100 Pages
- 1. Research Methodology
- 1.1. Objective of the Study
- 1.2. Research Process
- 1.3. Data Collection Methods
- 1.4. Analytical Framework
- 2. India Used Car Market Analysis
- 2.1. India Used Car Demand
- 2.1.1. India Used Cars vs. Passenger Vehicle's Demand
- 2.2. India Used Car Demand
- 2.3. India Used Car Market Revenue – Past & Present Performance
- 2.3.1. India Leading Used Car Dealers
- 2.3.2. India Leading Used Car Models
- 3. India Used Car Market Segmentation
- 3.1. India Used Car Market Segmentation
- 3.2. India Used Car Market Segmentation - Dealer Type
- 3.3. India Used Car Market Segmentation - Digital and Traditional Channels
- 3.4. India Used Car Market Segmentation - Car Type
- 3.5. India Used Car Market by Region – Metro and Non-Metro Cities
- 4. India Used Car Market - Competitive Landscape
- 4.1. India Used Car Market Competitive Analysis
- 4.1.1. Market Mergers /Acquisitions/Investments/Divestments
- 4.1.2. Funding Timeline
- 5. India Used Car Market - Company Profiles
- 5.1. Company Profile: Cars 24
- 5.2. Company Profile: Maruti Suzuki True Value
- 5.3. Company Profile: Mahindra First Choice Wheels Limited
- 5.4. Company Profile: OLX India
- 5.5. Company Profile: CarTradeTech
- 5.6. Company Profile: Big Boy Toyz
- 5.7. Company Profile: Droom
- 5.8. Company Profile: CarDekho Group
- 5.9. Company Profile: Spinny
- 5.10. Company Profile: Cholamandalam (Chola)
- 6. India Used Car Market Dynamics
- 6.1. India Used Car Market Threats
- 6.2. India Used Car Market Opportunities
- 7. India Used Car Future Outlook
- 7.1. India Used Cars Sales Volume Forecast, 2025F – 2028F
- 7.2. India vs USA/UK Comparison of Car Ownership Rates, 2023
- 7.3. India Used Car Market Best and Worst-Case Scenario, FY’2024E – FY’2030F
- 7.4. India Per Capita GDP vs. Other Developing Nations, 2022
- 7.5. India Used Car Market Moderate Case Scenario, FY’2024 – FY’2030
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