Used Car Market in India: What are the Key Growth Factors?

The Indian used car market attained a value of $18.3 billion in 2020, and it is predicted to progress at a CAGR of 14.8% between 2021 and 2030. Furthermore, the market will generate a revenue of $70.8 billion by 2030. The factors driving the expansion of the market are the growing customer focus on premium automobiles that are available at affordable prices and the rising public preference for imported cars in the country.

In addition, the growing penetration of various organized players, original equipment manufacturers (OEMs), and large vehicle dealers such as OLX Autos by OLX Group, Quikr Cars by Quikr India Private Limited, and Cars24 Services Pvt. Ltd. in the industry is also fueling the expansion of the market. With the increasing involvement of these companies, the sales of second-hand vehicles will shoot up in the country in the coming years, primarily because of the higher reliability and trust offered by them. 

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Besides the aforementioned factors, the entry of several pre-owned luxury automobile dealers is also driving the progress of the Indian used car market. For example, Big Boy Toyz Pvt Ltd. (BBT) is a marketplace for imported and luxury vehicles in India. The organization buys a large number of vehicles from premium and luxury OEMs such as Toyota Motor Company (Lexus), General Motors (Cadillac), Tata Motors Limited (Land Rover and Jaguar), and BMW AG.

Depending on vehicle type, the market is classified into large, medium, and small categories. Out of these, the large category is predicted to lead the market in the coming years. This is ascribed to the mushrooming supply of good-quality and less-driven second-hand sports utility vehicles (SUVs) and the surging purchasing power of the people in the country. The market is also divided, on the basis of sales medium, into offline and online categories.

Between these two, the online category will register the faster growth in the forthcoming years. This is credited to the fact that the increasing digitalization has massively reduced the requirement for contacting the dealer initially. Nowadays, customers can easily and quickly get access to information through smartphones and computers. Hence, it is safe to say that the surging penetration of the internet and the higher ease of research and shopping provided by the online mode are fueling the market expansion. 

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The Indian used car market will exhibit the fastest growth in Delhi in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence. This is attributed to the fact that the average new vehicle ownership time duration is decreasing rapidly in the state. Additionally, used vehicles are sold at highly affordable rates in Delhi. Moreover, many retailers usually perform minor repair works such as painting and denting and then sell the vehicles at high profit margins.  

Hence, it can be safely said that the market will register huge expansion in the coming years, primarily because of the rising demand for second-hand luxury and premium vehicles and the growing public preference for imported cars in the country.