DUBLIN--(BUSINESS WIRE)--The "India Used Car Market Research Report: By Sector (Organized, Unorganized), Vehicle Type (Medium, Small, Large), Sales Medium (Offline, Online) - Industry Trends and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Indian used car market size is expected to rise from $18.3 billion in 2020 to $70.8 billion in 2030, at a 14.8% CAGR between 2021 and 2030
With the growing influence of the Western culture, particularly the hip-hop culture, through TV, magazines, and social media, the demand for luxury cars is rising in India, especially among the youth. However, most of the people of the country are still not able to purchase new luxury vehicles, which is why they are looking at pre-owned automobiles.
In this regard, the emergence of organized used car dealers is proving hugely beneficial. For instance, Big Boy Toyz Pvt Ltd. (BBT) offers used cars of various luxury brands, including BMW AG, Cadillac, Lexus, Land Rover, and Jaguar. As it is easier for customers to trust organized dealerships than individual vehicle sellers, the proliferation of more established players is acting as a key driver for the Indian used car market advance.
During the COVID-19 pandemic, the sales of vehicles, used and brand new, almost reduced to zero in 2020. The negative impact of the pandemic on the Indian used car market is because of the social distancing measures and lockdowns implemented in the country.
The lockdowns have further rendered a large number of people unemployed, while many more are working on substantially reduced salaries. This has led to a decrease in the purchasing powers, which is why people are mostly spending on essential items, such as medicines and ration.
In the coming years, the organized bifurcation will witness the faster growth in the Indian used car market, on the basis of sector. As most of the vehicle sellers are individual owners, customers do not generally trust them. Therefore, buyers are now shifting to the organized sector, which offers cars after rigorous quality checks and certification.
Throughout this decade, the Indian used car market is predicted to be dominated by the large category, under segmentation by vehicle type. Around the country, the demand for good-quality sports utility vehicles (SUVs) that are less driven is rising. Moreover, the increasing disposable income of people is allowing them to spend on second-hand SUVs.
Maharashtra is the largest contributor to the Indian used car market presently on account of the high depreciation value of second-hand automobiles. Moreover, the increasing population of the youth, rising disposable income, surging internet penetration in tier II and III cities, and rapid urbanization are driving the demand for used cars in Maharashtra. Additionally, the state offers a supportive business environment to used car dealers and the vehicles themselves at low costs.
In the years to come, Delhi will be the fastest-growing state in the Indian used car market as a result of the decreasing average ownership duration of automobiles. Further, due to the high demand for such vehicles and intense competition in the market, automobile dealers often slash the prices massively and perform minor repairs, which increases the interest of people in used cars.
Key established players in the Indian used car market are
- Cars24 Services Private Ltd.
- OLX Group
- Big Boy Toyz Pvt. Ltd.
- Quikr India Private Limited
- Droom Technologies Pvt. Ltd.
- Maruti Suzuki India Limited
- Honda Motor Co. Ltd.
- Ford Motor Company
- Toyota Motor Corporation
- Tata Motors Limited
- Daimler AG
- Hyundai Motor Company
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/KOLs
Chapter 5. Market Indicators
5.1 India New Car Sales
5.2 Internet Penetration Rate
5.3 Number of Estimated Internet Users
Chapter 6. Definition of Market Segments
6.1 Definition of Market Segments
6.1.1 By Sector
6.1.2 By Vehicle Type
6.1.3 By Sales Medium
Chapter 7. Industry Outlook
7.1 Market Dynamics
184.108.40.206 Rising adoption of online retailing
220.127.116.11 Shift toward organized sector
18.104.22.168 High rate of depreciation and reduction in average age of ownership
22.214.171.124 Growing demand for used luxury cars
7.1.3 Impact Analysis of Drivers on Market Forecast
126.96.36.199 Stringent government regulations
7.1.5 Impact Analysis of Restraints on Market Forecast
7.2 Impact of COVID-19
7.3 Value Chain Analysis
7.4 Porter's Five Forces Analysis
Chapter 8. Global Market Size and Forecast
8.2 Market Volume, by Region (2015-2030)
8.3 Market Revenue, by Region (2015-2030)
Chapter 9. India Market Size and Forecast
9.2 Market Volume, by Sector (2015-2030)
9.3 Market Revenue, by Sector (2015-2030)
9.4 Market Volume, by Vehicle Type (2015-2030)
9.5 Market Revenue, by Vehicle Type (2015-2030)
9.6 Market Volume, by Sales Medium (2015-2030)
9.7 Market Revenue, by Sales Medium (2015-2030)
9.8 Market Volume, by State (2015-2030)
9.9 Market Revenue, by State (2015-2030)
Chapter 10. Maharashtra Market Size and Forecast
10.1 Market Volume, by Sector (2015-2030)
10.2 Market Revenue, by Sector (2015-2030)
10.3 Market Volume, by Vehicle Type (2015-2030)
10.4 Market Revenue, by Vehicle Type (2015-2030)
Chapter 11. Uttar Pradesh Market Size and Forecast
Chapter 12. Karnataka Market Size and Forecast
Chapter 13. Tamil Nadu Market Size and Forecast
Chapter 14. Delhi Market Size and Forecast
Chapter 15. Competitive Landscape
15.1 List of Market Players and Their Offerings
15.2 Competitive Analysis of Key Players
15.3 Recent Strategic Developments of Players
15.3.1 Product and Service Launches
15.3.2 Facility Expansions
15.3.3 Other Developments
Chapter 16. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ezd9qj
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