Report Code: CMI23940

Published Date: June 2023

Pages: 220+

Category: India

Report Snapshot

CAGR: 17.60%
32.40B
2022
43.05B
2023
138.95B
2032

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: India
Largest Market: India

Major Players

  • Maruti True Value
  • Mahindra First Choice Wheels
  • Cars24
  • OLX Autos
  • Droom
  • CarDekho
  • Spinny
  • Others

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Reports Description

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.

The market includes various players such as online marketplaces, physical dealerships, and franchise networks, which offer a range of services to attract customers and differentiate themselves from competitors. The market is expected to witness continued growth in the coming years as the demand for affordable and reliable transportation options continues to rise in India.

India Used Car Market – Significant Growth Factors

India used car market offers significant growth opportunities for various players in the industry. Some of the key growth opportunities in the market include:

  • Increasing demand: With rising disposable incomes and the growing need for personal transportation, the demand for used cars in India is increasing. This trend is expected to continue, providing a significant growth opportunity for market players.
  • Online marketplaces: The emergence of online marketplaces has made it easier for buyers and sellers to connect, making the process of buying and selling used cars more efficient. The growing popularity of online marketplaces is expected to drive growth in India used car market.
  • Financing options: The availability of financing options for purchasing used cars has made it easier for customers to buy pre-owned cars. The increasing availability of financing options is expected to drive growth in the market.
  • Expansion of dealership networks: The expansion of dealership networks by market players is expected to drive growth in the India used car market. With the establishment of more dealerships, it becomes easier for customers to access used cars, leading to an increase in sales.
  • Increased focus on customer experience: Market players are increasingly focusing on providing a better customer experience to attract and retain customers. This trend is expected to continue, providing growth opportunities for players who can differentiate themselves by offering a superior customer experience. Overall, the India used car market offers significant growth opportunities for market players who can adapt to changing customer preferences and leverage technology to provide a better buying and selling experience.

India Used Car Market – Mergers and Acquisitions

The India used car market has witnessed several mergers and acquisitions in recent years. Some of the notable mergers and acquisitions in the market include:

  • Mahindra First Choice Wheels Ltd (MFCWL) acquisition of Carandbike.com: In 2018, Mahindra First Choice Wheels Ltd (MFCWL), one of the largest players in the used car market in India, acquired Carandbike.com, an online automotive platform. The acquisition was aimed at strengthening MFCWL’s online presence and improving its customer experience.
  • OLX acquisition of Aasaanjobs: In 2019, OLX, one of the leading online marketplaces in India, acquired Aasaanjobs, a recruitment platform. The acquisition was aimed at expanding OLX’s offerings in the used car market by providing customers with access to skilled professionals for car repairs and maintenance.
  • Spinny acquisition of Truebil: In 2020, Spinny, a leading online platform for buying and selling used cars, acquired Truebil, another major player in the used car market. The acquisition was aimed at strengthening Spinny’s presence in the market and improving its supply chain management capabilities.
  • Cars24 acquisition of Truebil: In 2021, Cars24, a leading player in the used car market, acquired Truebil. The acquisition was aimed at expanding Cars24’s presence in the market and strengthening its position as a leader in the industry. Overall, the mergers and acquisitions in the India used car market reflect the growing competition in the industry and the need for market players to expand their offerings and strengthen their presence in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

India Used Car Market India ADAS Market Global Used Car Market
CAGR 17.60% (Approx) CAGR 18.80%

(Approx)

CAGR 6.2%

(Approx)

US$ 138.95 Billion by 2032 USD 9.98 billion by 2032 USD 20.96 Trillion by 2030

India Used Car Market – Significant Threats

Organized players such as Mahindra First Choice, Cars24, and Maruti True Value are gaining prominence in the used car market in India. These players offer various services like multi-brand used car showrooms, warranty-backed certified used cars, and easy financing options, thereby providing a hassle-free buying experience to customers. This has led to increased competition for traditionally used car dealerships, which may impact their growth.

Fluctuating fuel prices are another significant threat to the used car market in India. If fuel prices increase, customers may prefer fuel-efficient new cars over used cars, leading to a decline in demand for used cars. Moreover, there is a lack of trust among some buyers regarding the quality and condition of used cars. This distrust may prevent them from purchasing used cars, impacting the growth of the market.

To address this issue, players in the market need to focus on providing transparent information about the condition of the car, offering warranties, and ensuring high-quality customer service.

Finally, the availability of affordable financing options for new cars may also impact the growth of the used car market. With the availability of easy financing options, customers may prefer to purchase new cars instead of used cars, leading to a decline in demand for used cars.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 43.05 Billion
Projected Market Size in 2032 USD 138.95 Billion
Market Size in 2022 USD 32.40 Billion
CAGR Growth Rate 17.60% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Sector, Vehicle Type, Sales Medium and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
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Category-Wise Insights

By Sector:

The organized sector refers to the market of used cars that are sold through authorized dealerships or established online marketplaces. These dealerships often offer after-sales services and warranties, making the buying process more trustworthy and reliable for customers. The organized sector is expected to witness significant growth in the coming years as more and more automakers are establishing their own used car networks and online marketplaces to tap into the growing demand for pre-owned vehicles.

On the other hand, the unorganized sector refers to the market of used cars that are sold through individual sellers or small dealerships that are not authorized or established. This sector is often considered to be riskier and unreliable for customers as there is no guarantee of the quality or condition of the vehicle being sold. However, the unorganized sector still holds a significant share of the used car market in India, especially in smaller cities and rural areas where organized dealerships may not have a presence.

By Vehicle Type:

The medium car segment includes vehicles with engine displacements ranging from 1,200 cc to 1,500 cc, the small car segment includes vehicles with engine displacements less than 1,200 cc, and the large car segment includes vehicles with engine displacements greater than 1,500 cc. The small car segment is expected to hold the largest share of the India used car market due to the high demand for affordable and fuel-efficient vehicles in the country.

Additionally, the government’s initiatives to promote the adoption of electric vehicles in the small car segment are also expected to drive the growth of the used electric car market.

The medium and large car segments are also expected to witness significant growth due to the increasing disposable income and changing lifestyles of consumers, leading to higher demand for premium and luxury vehicles in the used car market.

By Sales Medium:

The India used car market can be segmented by sales medium into offline and online channels. Offline channels include used car dealerships, independent sellers, and auctions. Online channels involve sales through websites and mobile applications of online marketplaces and aggregators.

The offline segment dominates the market, but the online segment is expected to grow significantly due to the increasing penetration of the internet and smartphones, the convenience of online transactions, and the availability of a wider range of options. However, challenges such as lack of trust and transparency in online transactions and the need for physical inspection of the vehicle before purchase hinder the growth of the online segment.

India Used Car Market 2023–2032 (By Billion)

www.custommarketinsight.com

India Used Car Market – Regional Analysis

The India used car market can be analyzed regionally, with major regions including North India, South India, East India, and West India. Among these, North India dominates the market, followed by South India. Increasing urbanization, rising disposable income, and changing consumer preferences are driving the growth of the used car market in these regions. Additionally, the presence of major cities such as Delhi-NCR, Mumbai, Chennai, and Bangalore in these regions contributes to the growth of the market, as these cities have a high demand for used cars due to their high population density and traffic congestion.

The East and West India markets are also expected to grow at a significant rate, with rising awareness and demand for used cars in these regions.

India Used Car Market 2023–2032 (By Sector)

www.custommarketinsight.com

Competitive Landscape – India Used Car Market

The India used car market is highly competitive with the presence of both organized and unorganized players. Some of the key players in the market include

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

These players are focusing on expanding their market presence by increasing their number of dealerships and improving their online presence. Additionally, they are also offering various value-added services such as extended warranties, roadside assistance, and finance options to attract customers.

In recent years, there has also been an increasing trend of partnerships and collaborations between used car dealers and OEMs, which is further intensifying the competition in the market.

India Used Car Market 2023–2032 (By Sales Medium)

www.custommarketinsight.com

The India Used Car Market is segmented as follows:

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

On the basis of India Geography

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

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 India Used Car Market, (2024 – 2033) (USD Million)
    • 2.2 India Used Car Market : snapshot
  • Chapter 3. India Used Car Market – Industry Analysis
    • 3.1 India Used Car Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing demand
      • 3.2.2 Online marketplaces
      • 3.2.3 Financing options
      • 3.2.4 Expansion of dealership networks
      • 3.2.5 Increased focus on customer experience.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Sector
      • 3.7.2 Market attractiveness analysis By Vehicle Type
      • 3.7.3 Market attractiveness analysis By Sales Medium
  • Chapter 4. India Used Car Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 India Used Car Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. India Used Car Market – Sector Analysis
    • 5.1 India Used Car Market overview: By Sector
      • 5.1.1 India Used Car Market share, By Sector, 2022 and – 2033
    • 5.2 Organized
      • 5.2.1 India Used Car Market by Organized, 2024 – 2033 (USD Million)
    • 5.3 Unorganized
      • 5.3.1 India Used Car Market by Unorganized, 2024 – 2033 (USD Million)
  • Chapter 6. India Used Car Market – Vehicle Type Analysis
    • 6.1 India Used Car Market overview: By Vehicle Type
      • 6.1.1 India Used Car Market share, By Vehicle Type, 2022 and – 2033
    • 6.2 Medium
      • 6.2.1 India Used Car Market by Medium, 2024 – 2033 (USD Million)
    • 6.3 Small
      • 6.3.1 India Used Car Market by Small, 2024 – 2033 (USD Million)
    • 6.4 Large
      • 6.4.1 India Used Car Market by Large, 2024 – 2033 (USD Million)
  • Chapter 7. India Used Car Market – Sales Medium Analysis
    • 7.1 India Used Car Market overview: By Sales Medium
      • 7.1.1 India Used Car Market share, By Sales Medium, 2022 and – 2033
    • 7.2 Offline
      • 7.2.1 India Used Car Market by Offline , 2024 – 2033 (USD Million)
    • 7.3 Online
      • 7.3.1 India Used Car Market by Online, 2024 – 2033 (USD Million)
  • Chapter 8. India Used Car Market – Regional Analysis
    • 8.1 India Used Car Market Regional Overview
    • 8.2 India Used Car Market Share, by Region, 2022 & – 2033 (USD Million)
  • Chapter 9. Company Profiles
    • 9.1 Maruti True Value
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Mahindra First Choice Wheels
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Cars24
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 OLX Autos
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Droom
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 CarDekho
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Spinny
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 CARS24 Services Private Limited
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Gaadi
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 IndianBlueBook
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Others
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
List Of Figures

Figures No 1 to 18

List Of Tables

Tables No 1 to 2

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Players

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

FAQs

The key factors driving the Market are Increasing demand, Online marketplaces, Financing options, Expansion of dealership networks and Increased focus on customer experience.

The key players operating in the India Used Car Market are Maruti True Value, Mahindra First Choice Wheels, Cars24, OLX Autos, Droom, CarDekho, Spinny, CARS24 Services Private Limited, Gaadi, IndianBlueBook, Others.

The India Used Car Market is expanding growth with a CAGR of approximately 17.60% during the forecast period (2023 to 2032).

The India Used Car Market size was valued at USD 32,399.20 Million in 2022 and it is projected to reach around USD 1,38,950.78 Million by 2032.

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