According to the MarkNtel Advisors' research report, "India Second-Hand Car Market Analysis, 2021," the market is likely to grow at a CAGR of 15.6% during 2021-26. The market growth attributes to the soaring organized markets and digitalization. The inability of the customer to buy a brand new expensive car has become a critical growth factor for the growth of the market. However, the higher depreciation rate of the vehicle and rising demand for public car-sharing options are the challenge in retraining from the market growth.
Key questions answered in the study
Offline Sales Channel Grabs Highest Market Share
Based on the sales channel, the offline channel dominates the Indian Second-Hand Car market due to the increasing preferences of consumers toward choosing a more conventional & transparent mode of buying. However, the rising trend of online platforms, their consumer-focused services, and the easy availability of all the information, such as price, reviews specification, etc., further propel the market growth in the forecast period.
“India Second-Hand Car Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for second-hand car providers across the regions. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which would further help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Mid-Sized Cars Exhibit Fastest Growth
Based on the car size, the mid-sized car segment is likely to grow considerably during the forecast period due to changing lifestyles and increasing purchase power of consumers. A mid-sized car is an economical upgrade for compact car owners. Further, a rising inclination towards safety features and comfort leads to increasing demand for mid-sized cars, reveals MarkNtel Advisors in their 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.