India Used Car Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 12.78% (2024-2032)
The second-hand cars industry is experiencing significant growth in India due to a combination of economic, technological, and social factors. According to the latest report by IMARC Group, The India used car market size reached US$ 31.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 93.2 Billion by 2032, exhibiting a growth rate (CAGR) of 12.78% during 2024-2032.
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India Used Car Industry Trends and Drivers:
The India used car market is expanding rapidly, owing to several interconnected factors. Primarily, the market is driven by rising middle-class ambitions, easier access to financing choices, and growing affordability. Besides this, the market for used cars has increased as more buyers choose less expensive options over brand-new cars because they provide affordable options without sacrificing quality. Additionally, the rising popularity of certified pre-owned cars that offer reliability and assurance is significantly enhancing consumer confidence in the India used car market. In line with these factors, the growth of organized dealerships and online platforms has further streamlined the buying and selling process, ensuring transparency, competitive pricing, and warranty options, which appeal to a wider audience.
A prominent trend in the India used car market is the rising adoption of digital technologies and online marketplaces. These platforms enable buyers and sellers to connect seamlessly, offering detailed vehicle histories, inspection reports, and financing options. Furthermore, the shift toward greener mobility is influencing the used car market, with increasing demand for second-hand electric and hybrid vehicles as consumers seek highly sustainable choices. In addition to these factors, the availability of diverse models, flexible ownership plans, and growing urbanization are thereby fueling market expansion. Moreover, the integration of advanced analytics, AI-driven customer support, and evolving consumer preferences is anticipated to redefine the market, making it dynamic and consumer-centric. Consequently, the combination of these factors is expected to propel the expansion of the India used car market in the coming years.
Our comprehensive India used car market outlook reflects both short-term tactical and long-term strategic planning. This analysis is essential for stakeholders aiming to navigate the complexities of the market and capitalize on emerging opportunities.
India Used Car Industry 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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 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)
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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