India Used Cars Market Share Likely to Grow at a CAGR of 17.60% By 2033

As per the current market research conducted by the CMI Team, India used car market is expected to record a CAGR of 17.60% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 43.05 Billion. By 2032, the valuation is anticipated to reach USD 138.95 Billion.

India used car market refers to the market for buying and selling pre-owned cars in India. In recent years, the market has seen significant growth due to various factors such as increasing disposable incomes, a shift in consumer preferences towards owning a car, and the availability of financing options for purchasing used cars.

India Used Cars Market: Growth Factors and Dynamics

The India Used Cars Market is influenced by various dynamics that impact its growth and development. Some of the key dynamics driving the market include:

• Increasing demand for luxury used cars: With increasing disposable income, there is a growing demand for high-end luxury used cars. This has increased the overall market demand.
• Growing financial penetration: The expanding reach of financial services, such as car loans and leasing options, has made it easier for customers to buy used cars. This has led to an increase in demand for used cars, particularly in the organized sector.
• Advancements in technology: The use of advanced technology such as online sales platforms and digital marketing has made it easier for customers to access and purchase used cars. This has led to an increase in the overall efficiency and growth of the market.
• Increasing focus of automakers: With automakers setting up used car networks, there has been a growth in the supply of used cars. This has made it easier for customers to access and purchase used cars.
• Government policies: Various government policies such as GST reduction and scrappage policy have had a significant impact on India Used Cars Market. These policies are expected to drive the growth of the market in the coming years.

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COVID-19 Analysis: India Used Cars Market

The COVID-19 pandemic had a significant impact on the India Used Cars Market. The market experienced a significant decline in sales during the initial stages of the pandemic due to the countrywide lockdowns and reduced economic activity. However, with the easing of restrictions and increasing preference for personal mobility, the demand for used cars started to pick up gradually. Additionally, the trend of social distancing and avoiding public transport further boosted the demand for used cars, especially in urban areas.

The online sales channel also gained significant traction during the pandemic as customers preferred contactless transactions. However, supply chain disruptions and restrictions on interstate movement posed challenges for the market during the pandemic. Overall, the India Used Car Market showed resilience and adaptability during the pandemic, and it is expected to continue its growth trajectory in the post-pandemic period.

List of the prominent players in the India Used Cars Market:

• Maruti True Value
• Mahindra First Choice Wheels
• Cars24
• OLX Autos
• Droom
• CarDekho
• Spinny
• CARS24 Services Private Limited
• Gaadi
• IndianBlueBook
• Others

The India Used Cars Market is segmented as follows:

By Sector

• Organized
• Unorganized

By Vehicle Type

• Conventional
• Electric
• Hybrid

By Vendor Type

• Unorganized
• Organized

By Fuel Type

• Petrol
• Diesel
• Others

By Size

• Mid-Sized
• SUV
• Compact Car

By Sales Medium

• Offline
• Online

Based on India Geography

• East India
• West India
• North India
• South India