Driving India's Used Car Market: Economic Surge, Online Shifts, and Industry Innovations

India's Economic Boom Spurs Used Car Demand: Online Shifts & Industry Innovations Drive Growth Amid Rising Middle Class.
By: Makreo Research and Consulting
 
MUMBAI, India - April 1, 2024 - PRLog -- India's Economic Boom Fuels Used Car Market
India is currently experiencing an economic renaissance, characterized by rapid development, a growing workforce, and rising disposable incomes nationwide. This surge in economic growth has led to the emergence of a burgeoning middle class with increased purchasing power, particularly evident in their growing preference for used cars. This shift in consumer behavior is reshaping India's used car market, driving substantial growth and innovation.

Rapid Economic Growth Drives Used Car Demand
India's economic prosperity drives used car demand, propelled by the expanding middle class and higher consumer power. Recent data shows significant growth, notably in urban centers like Bengaluru, Delhi-NCR, and Hyderabad. Consumers favor used cars for affordability, availability, and sustainability.

Online Purchasing and Luxury Segment Transform the Market
The rise of e-commerce and increasing internet penetration has facilitated a notable shift towards online purchasing of used cars in India. Additionally, there's a growing demand for luxury vehicles in the used car market, with premium automobiles gaining popularity among consumers seeking affordable yet high-quality options.

Competition and Business Developments
Intensifying competition from new vehicles poses challenges for the used car market, as buyers weigh their options between new and used vehicles. Major players in the market, such as CARS24, Maruti Suzuki True Value, Mahindra Finance, CarTrade Tech, Droom, CarDekho, and Spinny, have been making strategic moves to adapt to this changing landscape.
  • CARS24: Introduced a vehicle scrapping scheme in Delhi-NCR, offering returns up to INR 1 lakh. Also, onboarded 100 technical experts to enhance R&D and product development.
  • Maruti Suzuki True Value: Surpassed 50 lakh units in used car sales, reinforcing its strong market position.
  • Mahindra Finance: Launched 'Used Car Digi Loans' in collaboration with Car&Bike and Rupyy, streamlining the buying process.
  • CarTrade Tech: Completed the 100% acquisition of OLX's classified and auto business in India, expanding its market presence.
  • Droom: Strategically reduced its mass-market business by 90% to enhance profitability, resulting in notable profit increases per car sale.
  • CarDekho: Opened its first used car mega refurbishment center in Gurugram, enhancing its service offerings.
  • Spinny: Reported considerable growth in demand for used cars, especially from Tier 1 and Tier 2 cities, citing a 65% increase in first-time car buyers.

Conclusion
India's thriving economy fuels used car market transformation, driven by middle-class preferences and online advancements. Sector sees unprecedented growth, promising future opportunities.

Need more information on the Research Study:
India Used Car Market Size and Forecast (2018-2030) – Segmentation by Dealer Type, Sales Mode, Car Type, and Demand by Cities (https://www.makreo.com/report/india-used-car-market-size-...)


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Location:Mumbai - Maharashtra - India
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