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 (2021-26). The growth of the market is attributed to rising in the organized market and growing 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 growth of the market.
Key questions answered in the study
Offline sales channel grabbed highest market share
Based on the sales channel, as of now offline channel dominates the India second-hand car market owing to consumer preference to choose a more conventional and transparent mode of buying. However, the rising trend of online platforms, their consumer-focused service, and easy availability of all the information such as price, reviews specification, etc. is leading to proliferate the growth of the market in the forthcoming timeline.
“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 the 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 their offerings.
Mid-Sized Cars Exhibit Fastest Growth
Based on the car size, the mid-sized car segment is anticipated to grow at a considerable rate during the forecast period. This is due to changing lifestyles and an increase in consumer’s purchasing power. A mid-sized car is an economical upgrade for compact car owners. Further, a rising inclination towards safety features and comfort offered by a car leads to an increase in the demand for mid-sized cars 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