India Used Car Market Revenue
India's used car market witnessed consistent revenue growth, achieving a CAGR of 9.7% from 2018 to 2023, totaling USD 35.46 billion. Sales of pre-owned vehicles surged notably, with around 4.6 million units sold in the first nine months of 2023, a significant rise from 4.2 million units in 2022. Key urban areas such as Bengaluru, Delhi-NCR, and Hyderabad emerged as hotspots for used car demand in 2023.
India Used Car Market Trends
The recent surge in digitization in India has been instrumental in addressing longstanding challenges in the used car market. This digital revolution has transformed business operations, promoting transparency in transactions and bolstering consumer confidence. In tandem with the steady increase in new car prices, the value of used cars has also risen. Despite this trend, car ownership rates in India remain relatively low compared to developed regions like the US, China, and Europe, where ownership rates are in double digits. In India, only around 8% of the population owns a four-wheeler.
A notable trend indicating the growing popularity of used cars in India is the decreasing car ownership cycle. The younger generation tends to sell their vehicles within 5-6 years of purchase, a significant shift from the longer ownership patterns observed two decades ago when cars were typically kept for 10-12 years.
Mergers, acquisitions, and strategic investments among key players are reshaping India's used car market, aiming to enhance capabilities and provide comprehensive solutions. While there is a higher demand for used cars in non-metro areas, supply is concentrated in urban centers. Small towns are expected to drive significant growth, with companies catering to their needs gaining a competitive advantage. The market is dynamic and competitive, with rapid growth expected due to increasing acceptance of used cars. Companies embracing affordability, sustainability, and partnerships are well-positioned to succeed
Competitive Landscape in the India Used Car Industry
The report covers a range of companies in the used car market, including prominent names such as Cars24, Maruti Suzuki True Value, Mahindra First Choice Wheels Limited, OLX India, CarTradeTech, Big Boy Toyz, Droom, Car Dekho, Spinny, and Cholamandalam. These companies represent various segments of the market, from online platforms like OLX India and Droom to established dealerships like Maruti Suzuki True Value and Mahindra First Choice Wheels Limited. Their inclusion in the report provides a comprehensive view of the industry's key players and their impact on the market.
Online Surge in India's Used Car Market
The Indian demographic stands out as one of the most diverse and youthful worldwide. Recent trends reflect a notable shift in preferences among Indians, driven by the increasing prevalence of e-commerce and expanding internet access. This has led to a significant uptick in the popularity of online used car purchases within the India used car market.
Future Growth Outlook
The growth of India's used car market is poised to accelerate due to the country's robust economic growth and increasing middle-income population. A significant shift in consumer perception has occurred, with used cars no longer being seen purely as status symbols. Compared to developed nations, India has substantial untapped potential in the used car market, driven partly by the growing preference for certified pre-owned vehicles, which are refurbished to nearly new condition. With a population exceeding 1.4 billion, India offers a vast customer base for the used car market to tap into in the coming years. The report not only evaluates the historical and current performance of the India used car market but also identifies crucial factors that will influence its future growth. This analysis is designed to offer stakeholders valuable insights into potential opportunities and challenges within the market.
Scope of India Used Car Market Research Report
Makreo Research recently released a comprehensive report titled "India Used Car Market Size and Forecast (2018-2030) – Segmentation by Dealer Type, Sales Mode, Car Type, and Demand by Cities." The report offers a detailed analysis of key players in the Indian used car industry, including Cars24, Maruti Suzuki True Value, Mahindra First Choice Wheels Limited, OLX India, CarTradeTech, Car Dekho and Cholamandalam. It begins with a competitive analysis of these companies, focusing on their market shares, and then delves into detailed discussions about them, including insights into mergers, acquisitions, funding, and comprehensive company profiles with a specific focus on financial aspects. The report also examines the historical and current performance of the market and provides a comprehensive analysis of its future in India. This information equips stakeholders and industry experts with a deep understanding of the evolving dynamics of this rapidly growing and evolving market in India.
How is the current used car market in India performing?
Who are the key players dominating the India Used Car Market?
How does the market capitalization of major players in the Indian used car sector relate to their revenue?
What factors influence investment decisions among the primary players in the India pre-owned vehicle market?
What significant milestones have key players in the Indian used car market achieved in their business?
Which major mergers and acquisitions have had a significant impact on the history of the Indian pre-owned car market?
How is the current funding landscape distributed among various participants in the sector?
What emerging trends and innovations are driving growth in the Indian used car sector?
How do regulatory changes affect the operational strategies and growth plans of key players in the Indian pre-owned vehicle market?
What technological advancements are reshaping the India used car market?
What challenges are key players in the Indian used car sector facing, and how are they addressing them?
What role do marketing and branding play in the success of major players in the Indian used car market?
What are the growth prospects and future outlook for the Indian used car market?
1.1. Objective of the Study
1.2. Research Process
1.3. Data Collection Methods
1.4. Analytical Framework
2.1. India Used Car Demand
2.1.1. India Used Cars vs. Passenger Vehicle's Demand
2.2. India Used Car Demand
2.3. India Used Car Market Revenue – Past & Present Performance
2.3.1. India Leading Used Car Dealers
2.3.2. India Leading Used Car Models
3.1. India Used Car Market Segmentation
3.2. India Used Car Market Segmentation - Dealer Type
3.3. India Used Car Market Segmentation - Digital and Traditional Channels
3.4. India Used Car Market Segmentation - Car Type
3.5. India Used Car Market by Region – Metro and Non-Metro Cities
4.1. India Used Car Market Competitive Analysis
4.1.1. Market Mergers /Acquisitions/Investments/Divestments
4.1.2. Funding Timeline
5.1. Company Profile: Cars 24
5.2. Company Profile: Maruti Suzuki True Value
5.3. Company Profile: Mahindra First Choice Wheels Limited
5.4. Company Profile: OLX India
5.5. Company Profile: CarTradeTech
5.6. Company Profile: Big Boy Toyz
5.7. Company Profile: Droom
5.8. Company Profile: CarDekho Group
5.9. Company Profile: Spinny
5.10. Company Profile: Cholamandalam (Chola)
6.1. India Used Car Market Threats
6.2. India Used Car Market Opportunities
7.1. India Used Cars Sales Volume Forecast, 2025F – 2028F
7.2. India vs USA/UK Comparison of Car Ownership Rates, 2023
7.3. India Used Car Market Best and Worst-Case Scenario, FY’2024E – FY’2030F
7.4. India Per Capita GDP vs. Other Developing Nations, 2022
7.5. India Used Car Market Moderate Case Scenario, FY’2024 – FY’2030
Limitations of the Study