New Delhi
India used car
market has been growing at a good pace and is expected to grow in the upcoming
forecast years FY2022 to FY2027, according to TechSci report. In the automobile
industry, the used car market saw a rising in digital aggregators with the help
of online platforms like Cars24 and CarDekho. Consumers can now simply download
these applications and enjoy a swift business experience with quality
assurances and complete security.
The report generated is segmented according to vehicle type, sector,
sales channel, and fuel type. Further on vehicle type the market is categorized
under hatchbacks, sedans, and SUV/MPVs. It is seen that SUVs are experiencing a
new trend in their sales due to the high rate of depreciation value of the
luxury cars, growing internet penetration in non-metro cities, and increasing
disposable income of the consumers. Based on ‘by sector’ market segmentation,
the used car market is further categorized under organized and unorganized
sectors. Because of the convenience of sale and reduction in price, the
response from unorganised sector is also good.
It has also been observed that the pandemic had a positive effect on
the used car market in India. As per the data, the new car market saw a growth
of 77% while on the other hand, the used car market saw a growth of 99%. Some
of the growth factors are safety, demand of simply owning a car, and the
growing urge for self-mobility. As per the TechSci report, India used car
market is expected to witness significant growth during the forecast period
because of the influence of the market and a wider range of comparisons among
products.
According to Karan Chechi, Research Director, TechSci Research, new
investors will explore the online platforms and their safety concerns to
influence their businesses. Other than this, the report also identifies and
analyzes the emerging trends catering to the challenges, essential drivers, and
opportunities in India’s used car market.
Source – Press release of
"TechSci"
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