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How Big Is The Used Car Market in India? – Cars360

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May 31, 2022
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Market Overview

The Indian used car market was valued at USD 32.14 billion in 2021, and is expected to reach USD 74.70 billion in 2027, registering a CAGR of 15.1% during the forecast period (2022-2027).

The COVID-19 pandemic had minimal impact on the industry. With the increasing number of people preferring personal mobility and more finance options available in the used car market, the market is bound to grow significantly.

The low cash flow due to the pandemic has forced buyers to look for options other than new cars, and the used car industry has high growth potential in these terms. As the sales and production of new vehicles have been hampered due to the pandemic, the used car market is gaining traction among buyers.

However, with the development of organized and semi-organized sales segments, the used car market in the country developed. The pre-owned car market recorded sales of 4.4 million units in FY20, while new passenger vehicles sold only 2.8 million units in the same year.

Standardized dealership experience, high pricing experience, and high financing costs for used cars can hinder the growth of the used car market. With the new BS-VI emission norms implemented by the Government of India, the technical cost of the cars to meet the standards will be borne by the consumers. The focus of the companies on reducing the production of diesel cars is also expected to increase the demand for compact diesel cars in the price and mileage sensitive Indian market.

Scope of Report

The Indian Used Car Market report covers the latest trends, COVID-19 impact and technological developments. The scope of the report includes segmentation by vehicle type, vendor type and fuel type. By vehicle type, the market has been segmented into hatchbacks, sedans and sports utility vehicles.

By seller type, the market is divided into organized and unorganized. By fuel type, the market has been segmented into petrol and diesel. For each segment, the market size and forecast is made by value (billion USD).

Major Market Trends

The unorganized channel is expected to hold the major share in the market

The used car industry in India is in its infancy. The market is dominated by the unorganized sector, where there is little scope for consumer protection. The unorganized sales channel is classified into semi-organized, unorganized and customer-2-customer. Semi-organized dealers operate from a physical store, such as a garage or a mechanical shop. On the other hand, unorganized sales take place through brokers or commissions.

Unorganized dealers gain the trust of buyers by eliminating subjective bias about sellers (including particular vehicle brands and models) while easing overall transactions. However, unorganized/independent dealers usually have a limited inventory, which includes uncertified cars that are sometimes not warranted. While local independent dealers may have more inventory, the ease of RC (certificate of registration) transfer and the reliability of these vehicles remain a concern.

OLX has been a leader in this segment. In 2019, OLX tied up with Frontier Group to launch an offline store for used cars (Cash My Car). Cash My Car stores are currently available in 10 cities. By 2021, OLX plans to expand its footprint to 40 cities and 150 stores. Thus, players aiming to open offline stores are expected to boost the market for unorganized sales of used cars in the forecast period.

Increasing demand for luxury used cars to play an important role in the market

The Indian pre-owned car market is growing due to the continuous increase in the demand for luxury cars. The sales of used luxury cars saw an increase of 20%.

Till a few years back, buying a luxury car was not easy due to its high cost. However, this trend is slowly changing as consumers can now buy pre-owned luxury vehicles. The market is becoming more organized, with easy access to financing options, annual maintenance contracts and low entry prices. Also, the average age of older luxury vehicles that hit the market is between 2 to 3 years, as compared to 5-6 years for a medium-sized or small-scale vehicle, which makes them a better option in some cases.

According to auto dealers, the demand for pre-owned luxury cars is growing at a rate of ~35-40% on a year-on-year basis, as luxury car owners usually sell their vehicles after a year or two And get upgraded to a better model.

Initially, the market for pre-owned luxury vehicles attracted traction only in metro cities. However, local dealers and online players have expanded the market. Presently, interested customers spread across Tier-1 and Tier-2 cities can also inquire about and buy these vehicles. According to Big Boy Toys, over 33% of inquiries for purchase of used luxury vehicles come from areas other than the hometown.

Factors such as the increasing consumer preference for luxury cars and the inclination of the country’s youth towards top brands in the market are expected to come down live the demand for used cars in India during the forecast period.

Competitive Landscape

The market for used cars in India is consolidated, with significant players holding the largest market share due to their business models and increased number of pre-owned car retail outlets. The major players include OLX, Mahindra First Choice Wheels, CARS24, Maruti True Value, and Hyundai H Promise. These players are adopting various growth strategies to stabilize their position in the market. For instance,

  • In January 2020, Mahindra First Choice Wheels Limited invested in CarandBike.com, a popular automotive portal in India.
  • In October 2019, Cars24 closed an equity financing of around USD 100 million from new and existing investors in series D funding.
  • In February 2019, Maruti Suzuki India re-introduced its True Value brand with a new identity and benefits.

While OLX has a monopoly over this market, Mahindra, Maruti, and Hyundai are the major players in the organized sector. CARS24 is a major company in the semi-organized sector, with a unique C2B business model, ‘Supply First’. Car owners can sell their cars in less than two hours by driving down to the nearest branch. The company instantly transfers the amount to the owner’s bank account and takes responsibility for all the paperwork, including the RC transfer.

Note – Sale and Buy Old (Used) Car on www.cars360.co

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Reviews

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Akash PalAkash Pal
09:19 21 Nov 19
I think dealing with cash is an old way of selling a car. Cars360 transfers payment in my bank within an hour. That’s why I loved their services.
deepsraj1deepsraj1
16:10 31 Aug 19
They gave me an averagely good 2nd hand car but i wont recommend rc transfer to be done by them..coz they said i wud get RC after 15 days which i got after 45 days n yet they give some faulty details in RC n now they r refusing to correct it by their own..
Mr PrintingMr Printing
13:03 11 Jun 19
The best cars dealing company, I sold out my used car on cars360. They gave me a much price and save my precious time by providing me with doorstep facilities.
Chhotu KumarChhotu Kumar
09:12 27 May 19
I loved cars360 services they gave the best price for my old car; they avail instant transfer of money on your account and will save your time.
Mohd Azam KhanMohd Azam Khan
15:08 18 Oct 18
Absolutely fraud person, he sells you pathetic cars at sky high prices by externally washing and polishing it, from inside the car has numerous problems. He also promises to do RC transfer but denies afterwards.Overall he is cheating people and looting their hardly earned money by selling defective cars. Horrible experience, beware of MSD Auto
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