Latest News- Used Car Market in India: Offline is expected to lead the Channel segment during 2025-2029

The Used Car Market in India is being driven by Excellent value for money proposition of used cars

The Used Car Market in India is expected to grow at a CAGR of 12.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 33434.3 million. In the burgeoning used car market in India, digital touchpoints play a pivotal role in the customer journey. Vehicle manufacturers and dealers have recognized the significance of online platforms, establishing websites to showcase their pre-owned offerings. These sites serve as a vital interface for potential buyers, who meticulously research car models before making a purchase decision. Customized research services are increasingly popular, making it essential for online used car dealers to create user-friendly and visually appealing websites. By optimizing these digital touchpoints with comprehensive information on models, features, prices, and locations, dealers can effectively engage and convert potential buyers. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Channel
  • Offline
  • Online
• Vehicle Type
  • Compact car
  • Mid size
  • SUV
• Type
  • Petrol
  • Diesel
  • Others
• Geography
  • India

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Excellent value for money proposition of used cars
• Reducing ownership cycle of cars
• Increasing technological innovations in passenger cars

However, the market also witnesses some limitations, which are as follows:

• Increasing preference for car subscription services
• Increase in number of on-demand taxi operators
• Stringent emission regulations to restrict sales of non-compliant used cars

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Market Scope in Used Car Market in India Research Report

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Research Analysis Overview

The used car market in India encompasses various aspects such as buying and selling pre-owned vehicles, utilizing car valuation tools for pricing, engaging in car auction services, accessing car repair services, staying informed about automotive technology trends, ensuring car safety features, and exploring used car technology, car connectivity, and data-driven car buying. The customer journey includes used car marketing and advertising, understanding car depreciation rates, and considering the car industry outlook. Additionally, hybrid car adoption, car sharing services, mobility solutions, autonomous vehicle development, and the connected car ecosystem are shaping the future of the used car market.

Market Research Overview

The used car market in India is a significant segment of the automobile industry, encompassing the trading of pre-owned passenger cars, commercial vehicles, and all-terrain vehicles. Key components of this market include used car inventory management, vehicle history reports, certified pre-owned programs, car loans, and auto financing. The demand for used cars is driven by various factors, including affordability, accessibility, and the availability of financing options. Technavio's market analysis identifies several growth drivers for the global automobile manufacturers market, which indirectly impacts the used car market. These include the integration of advanced features, such as electronic components, secured safety systems, autonomous capabilities, emission standardization, and electronic fuel control, leading to increased vehicle customization and customer attraction. Moreover, the availability of car loans and auto financing schemes facilitates the purchase of both new and used vehicles, further fueling market growth. Vehicle inspections ensure the quality and reliability of used cars, instilling confidence in potential buyers and contributing to the market's expansion. Overall, the used car market in India is poised for growth, driven by these market trends and the increasing demand for affordable, high-quality, and customizable vehicles.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/