According to the UnivDatos, growing demand for economical cars will drive the growth scenario of Pre-Owned Cars and as per their “Pre-Owned Car Market” report, the India market was valued at USD 30,500 million in 2023, growing at a CAGR of 13.95% during the forecast period from 2024 – 2032 to reach USD million by 2032.
India Pre-owned cars market has shown a robust growth in the recent years. Pre-Owned cars are second-hand cars with some usage by the first buyers and are listed on the market for further purchase. These vehicles due to the depreciation and launch of new models of later generations are quite affordable and provide a value-for-money option for buyers. Some of the key factors attributed to the growth are higher demand for second-hand cars due to their economical pricing as well as a year-on-year increase in the prices of cars across the country. Additionally, the pre-owned car market has also benefitted from the standardization and online emergence of platforms with comprehensive checks for vehicles to reduce fraudulent activities.
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Rising Sales of Passenger Cars:
One of the key factors that has supported the demand for pre-owned cars in India is the higher number of cars being sold in the country and people changing their cars in fewer years. With the ease of loan disbursal and the launch of new models with upgraded functions, people are often buying new vehicles making a huge number of vehicles to be added in the second-hand cars market. According to Auto Punditz, the total sales of cars in India during September 2024 was 3,58,879. The sales of cars across the country have grown year by year further resulting in the rise of second-hand cars.
In line with this many of the companies have entered into the Indian market in order to tap the growth potential of the India used car market. Furthermore, the buyers and sellers both have benefitted from the online listing of vehicles with comprehensive checking of the vehicle reducing the cases of fraud and improving customer confidence in the pre-owned vehicles.
Additionally, the demand pricing for cars in recent years has exponentially increased due to the increase in the cost of manufacturing vehicles. This phenomenon has impacted the new car purchasing ability of price-sensitive buyers and forced a large set of buyers to move towards pre-owned vehicles. Considering the shifts in the Indian market the demand for pre-owned cars is further anticipated to grow during 2024-2032.
Demand for Certified & Warranty Backed Sales:
The pre-owned car companies have readily become organized and therefore lead to better standardization in quality and prices for the customers. With the old cars, often the OEM-based warranty is expired due to which the car buyers are often skeptical to the purchase. In order to reduce these issues many of the pre-owned car companies have started providing car warranty for one to two years on their own after having a comprehensive check of the vehicle.
This phenomenon has induced confidence among buyers to opt for a good-condition pre-owned vehicle and reduce the cost required for the purchase of new cars. Additionally, these certified and warranty-backed sales have also reduced fraudulent activities and standardized market operations. Considering the changes the demand for certified & warranty-backed sales is further anticipated to emerge as a key trend in the pre-owned cars market during 2024-2032.
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Conclusion:
The India Pre-Owned Car market is experiencing a transformative phase driven by technological advancements, sustainable vehicle production and operations, digitalization, market dynamics, and implementation of government policies. Stakeholders across the industry are embracing these trends to enhance operational efficiency, etc.
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