Dublin, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The "India Second-Hand Cars Market (2024 Edition): Market Size, Trends, Opportunities and Forecast 2020-2030" report has been added to ResearchAndMarkets.com's offering.
According to the report, India's Second-Hand Cars Market was valued at USD 30.1 billion in 2023, and is expected to grow at a CAGR of 16.2% during 2025-2030.
This report explores a multi-faceted opportunity landscape in terms of market segmentation by Vehicle Type (Sedans, SUVs, Hatchbacks, MPVs and Other Vehicle Types), by Propulsion (Petrol, Diesel, CNG and EVs) and by Vendor Type (Pureplay Companies and Automotive OEMs).
The report assesses the competitive developments, strategies, mergers and acquisitions and new product development and market share portfolio of top 15 companies. Key companies in the market include:
- CARS24
- Mercedes-Benz Certified
- Car Trade
- Maruti True Value
- Mahindra First Choice Wheels
- Hyundai H Promise
- Big Boy Toyz
- BMW Premium Selection
- Spinny
- Other Leading Companies
Market Overview
The second-hand cars market in India has experienced remarkable growth over the past decade, emerging as a significant component of the automotive sector. This surge is attributed to a confluence of economic, social, and technological factors that have transformed consumer behavior and market dynamics. As a pivotal segment within the broader automotive industry, the pre-owned car market offers insights into the changing landscape of mobility in India.
The primary driver of this market is the increased affordability and accessibility of used cars compared to new vehicles. For many middle-income consumers in India, second-hand cars provide an economical entry point into vehicle ownership, circumventing the hefty price tags and depreciation costs associated with new cars. This economic advantage is crucial in a market characterized by price sensitivity and a burgeoning middle class. Additionally, the rapid pace of urbanization has propelled the demand for personal mobility solutions. Urban centers in India are expanding, and with public transport infrastructure struggling to keep up, many individuals turn to personal vehicles for daily commutes and transportation needs.
Financial institutions and automotive dealerships have played a significant role in facilitating the market's expansion by offering tailored financing options for second-hand cars. These financial products have lowered the barrier to entry for many potential buyers, who might have found the upfront costs of vehicle ownership prohibitive. The availability of reliable and affordable financing has thus been a critical enabler for the market's growth.
Another significant trend is the increasing organization of the market. Historically dominated by unorganized players and individual transactions, the Indian second-hand cars market is witnessing a shift towards more organized channels. Established automotive brands and new entrants have begun to capitalize on this segment by setting up certified pre-owned (CPO) programs. These programs offer consumers a level of assurance with certified quality checks, warranties, and after-sales support, addressing the traditional concerns about the reliability of used cars. The rise of digital platforms has further transformed the marketplace, providing a transparent, convenient, and extensive array of options for potential buyers. Online marketplaces and automotive portals leverage technology to facilitate price comparisons, feature checks, and ownership history, enhancing consumer trust and smoothing the purchasing process.
Consumer preferences have also evolved, with an increasing number of buyers valuing sustainability and economic efficiency over the prestige of owning a new car. The stigma associated with owning a second-hand cars has diminished significantly as buyers recognize the value proposition these vehicles offer. Environmental consciousness also plays a role as more consumers opt for used cars to reduce the carbon footprint associated with manufacturing new vehicles.
Moreover, the regulatory environment in India has indirectly favored the growth of the used car market. With cities like Delhi implementing policies like the odd-even rule to combat pollution, consumers are incentivized to consider cost-effective secondary vehicles. Additionally, frequent changes in automotive regulations, such as the Bharat Stage (BS) emission standards, can make new cars obsolete faster, prompting consumers to consider second-hand models as a viable alternative.
Market Segmentation
Vehicle Type:
- Sedans
- SUVs
- Hatchbacks
- MPVs
- Other Vehicle Types
By Propulsion:
- Petrol
- Diesel
- CNG
- EVs
By Vendor Type:
- Pureplay Companies
- Automotive OEMs
By Geography:
- South (Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Rest of South)
- North (Chandigarh, Haryana, Uttar Pradesh, Punjab, Delhi, Himachal Pradesh, Uttarakhand, Rest of North)
- West and Central (Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Chhattisgarh, Goa, Rest of West and Central)
- East (Bihar, West Bengal, Odisha, Rest of East)
For more information about this report visit https://www.researchandmarkets.com/r/g2w6mk
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