Press Release Description

A USD 35.1 Billion India Second Hand Car Market to Witness a CAGR of Around 14.87% During 2025-30

The Indian Second Hand Car Market size is valued at around USD 35.1 billion in 2024 and is anticipated to reach around 68.32 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 14.87% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in their recent research report. Although the industry has expanded significantly recently, it is still predicted to grow dynamically and quickly due to factors such as expanding urbanization, technological advancements, rising middle-class purchasing power, and the emergence of online platforms and channels. By meeting consumer demand, the companies can enhance their size & volume in the industry.

Moreover, there has been an increased demand for personal modes of transport which offers high growth potential for the second-hand car industry due to rapid urbanization in the Tier II and Tier III cities. Therefore, market players need to expand their operations in the form of local dealerships, more online channels, and service centers to cater to the needs of the customers and to extract maximum revenue growth from the available opportunities. Additionally, the available opportunity can also be grabbed by making unique strategies to cater preferences of customers from specific regions, providing services like customization based on regional needs. Hence, growing demand from developing cities is offering lucrative growth opportunities for the market players.

Moreover, regulatory compliance, economic volatility, fierce rivalry, and quality-related issues are a few of the important concerns that must be addressed to prevent growth-related obstacles. These are some important issues that need to be addressed in order to win over customers. For stakeholders to effectively manage these obstacles, ensuring transparency, adjusting to legislative changes, and raising standards will be essential, further states the research report, “India Second Hand Car Market Analysis, 2025.”

India Second Hand Car Market

Segmentation Analysis

The Hatchbacks Segment Holds the Largest Market Share

Based on vehicle type, the market is further bifurcated into hatchbacks, Sedans, and SUVs. The hatchbacks segment holds around 50% of the total market value with a current valuation of around USD 15 billion in 2023. For the forecast period 2025-2030, the expected CAGR of this segment is around 10%-12%. Hatchbacks are a popular option because of their low cost, ability to travel through cities, superior fuel economy over larger cars, and extensive styling selection. Due to their affordable price and small size, their demand is anticipated to increase in the future. Demand has also increased since hatchbacks are now more widely available to a wider audience due to flexible and reasonably priced financing alternatives offered by banks and non-banking financial corporations (NBFCs).

North India Leads the Second-Hand Car Industry

The North India Region leads the market by holding a major share of around 30% of the total Indian Second Hand Car Market.  The region has a high growth of urban centers which is responsible for the significant economic growth and high disposable income allowing consumers to spend on vehicles. Rapid urbanization creates a demand for personal transportation in metro cities and ultimately augments revenue growth of the North Region. The high population density in this region creates a higher demand for second-hand cars and with the help of online modes, it has become more easy and attainable. With an expected CAGR of around 10%-12%, the second-hand car industry in this region is anticipated to touch a remarkable size & volume during the forecast period.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Cars24 Services Private Limited, Maruti Suzuki True Value (Maruti Suzuki India Limited), Mahindra First Choice Wheels Limited, Hyundai Motor India, Honda Cars India Limited, Ford Assured (Ford Motor Company), Toyota U Trust, Big Boy Toyz, BMW AG, Audi Approved Plus, CarTrade Tech Limited, Droom Technology Pvt Ltd. and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the country?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across the country?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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