Second Hand Car market in India is expected to grow at a CAGR of 15.6% during 2021-2026

According to the MarkNtel Advisors’ research report, “India Second Hand Car Market Analysis, 2021”, the market is expected to grow at a CAGR of 15.6% during 2021-2026. The growth of the market is complemented by the investments made by the major market players to establish their dealership network in the market, thereby, encouraging the industry participants to brand and make second-hand car option feasible. Further, Price competitiveness among the new players is one of the bright spot in the second hand car market.

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Key questions answered in the study
1. What are the current and future trends in India Second Hand Car market?
2. How the market has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the regions followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for India Second Hand Car market?
5. What are the customer orientation, purchase behavior, and expectations from the India Second Hand Car market service provider across various region?

Unorganized Sector Grabbed highest market share

Based on vendor type, the market is classified into organized and unorganized sectors. In 2019, the unorganized segment accounted for the largest share in the India second-hand car market owing to the presence of excess of unorganized players in the market and sheer lack of organized players. In India, the unorganized and semi-organized sector occupies more than 50% market share of the secondhand car market. The unorganized market player offers reference of less-aged and popular brands with a good resale value which makes buyer’s end a dominating side as they provide a limited range of option to choose from.

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“India Second Hand Car Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting market growth, hotspots and opportunities available for second hand car providers across the Country. Moreover, the report also encompasses the key strategic imperatives for success of competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This would further help the companies to formulate its Go to Market Strategy and identifying the blue ocean for its offerings.

Electric Vehicle Exhibits Fastest Growth

Due to the alarming air pollution, the government of India is dead set on encouraging the use of electric vehicles instead of conventional cars. The rising inclination towards the adoption of green and electric mobility is leading to surge the demand for electric vehicles. Further, the government of India is highly concerned about initiatives to reduce the amount of money spent on crude oil imports. Thus, the market for an electric vehicle is expected to grow significantly during the forecast period as revealed by MarkNtel Advisors’ research report “India Second Hand Car Market Analysis, 2021”.

According to MarkNtel Advisors, the major leading players in the India Second Hand Car market are CARS24, Maruti True Value, Mahindra First Choice Wheels, Hyundai H Promise, Honda Auto Terrace, Ford Assured, Toyota U Trust, Big Boy Toyz, BMW Premium Selection, Audi Approved Plus, Mercedes-Benz Certified, Car Trade, OLX

Market Segmentation:
1. By Vehicle Type (Hatchbacks, Sedans, Hybrid, Electric, Others (Sports Utility Vehicles, Multi Utility Vehicles))
2. By Vendor Type/ Sector (Organized, Unorganized)
3. By Fuel Type (Petrol, Diesel, Others)
4. By Car size (Compact car, Mid-sized car, Large-size car (SUV))
5. By Sales Channel (Online, offline)
6. By Region (North, East, West, South, North-East)
7. By Competitors (CARS24, Maruti True Value, Mahindra First Choice Wheels, Hyundai H Promise, Honda Auto Terrace, Ford Assured, Toyota U Trust, Big Boy Toyz, BMW Premium Selection, Audi Approved Plus, Mercedes-Benz Certified, Car Trade, OLX)

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