The burgeoning demand for used luxury cars and the increasing shift of buyers toward organized dealers will drive the Indian used car market at a healthy CAGR of 14.8% during the forecast period (2021–2030). The market was valued at $18.3 billion in 2020 and it is projected to generate $70.8 billion revenue by 2030. At present, India is witnessing a low penetration of luxury cars. To accelerate the adoption of these vehicles, leading luxury car manufacturers and used car dealers are expanding their operations in the country.
Moreover, the accelerating digitization rate in India will also propel the adoption of used cars in the upcoming years. The digital revolution in the country has led to the rapid penetration of online retailing, which assists buyers in conveniently searching for pricing and vehicle details on such platforms. Additionally, used car dealers are making hefty investments to expand their presence and have an online retailing and classifieds presence. For example, in August 2020, OLX Group launched OLX Autos, a new franchisee-led pre-owned car retail offering in India.
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Large, medium, and small-sized used cars offered by Cars 24 Services Pvt. Ltd., Mahindra & Mahindra Ltd., Big Boy Toyz Pvt. Ltd., Ford Motor Company, CarDekho.com, Tata Motors Ltd., Droom Technologies Pvt. Ltd., Truebil, Quikr India Private Ltd., Honda Motor Co. Ltd., OLX Group, and Maruti Suzuki India Ltd. can be availed through offline and online stores. In the coming years, large-sized used cars will be adopted in the highest number due to the expanding purchasing power of customers and increasing availability of good quality and less driven second-hand sports utility vehicles (SUVs).
According to P&S Intelligence, Maharashtra accounted for the largest share in the Indian used car market in 2020, due to the swift urbanization, high depreciation value of luxury vehicles, presence of favorable business environment, strong growth opportunities and rapid surge in the state’s young population. Additionally, the soaring disposable income of customers and increasing internet penetration are also augmenting the demand for used cars in the state. Moreover, the easy availability and lower prices of used cars also contribute toward the expansion of the market in the state.
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Whereas, Delhi is expected to adopt used cars at the highest rate in the forthcoming years, due to the decreasing average ownership duration rate of new cars in the state. Delhi offers a wide range of old cars at the lowest price in the country. The used car retailers of the state often resell the vehicles at affordable prices after performing minor repairs, such as denting and painting. Besides, the mounting disposable income of people and burgeoning population of young people will also fuel the adoption of used cars in the state in the near future.
Therefore, the soaring demand for luxury cars and the accelerating digitalization rate will fuel the adoption of used cars in India in the forthcoming years.
Market Size Breakdown by Segments
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