The India used car market size reached US$ 31.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 93.2 Billion by 2032, exhibiting a growth rate (CAGR) of 12.78% during 2024-2032.
Report Attribute
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Key Statistics
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 31.6 Billion |
Market Forecast in 2032
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US$ 93.2 Billion |
Market Growth Rate (2024-2032) | 12.78% |
A used car refers to a second-hand vehicle that is available for resale. These cars are generally repaired and refurbished to working conditions, following which they are listed for sale. They are usually sold through independent automobile dealerships, walk-in used-car showrooms, and online platforms using organized or unorganized channels. Sedans, hatchbacks, and sports utility vehicles are some of the commonly preferred used cars. The process of purchasing an old vehicle involves checking tire conditions, upholstery, mileage, test drive, and mechanical inspection. Used cars assist in minimizing the depreciation of the vehicle, improving cost-effectiveness, maximizing savings, and providing full assurance and warranty of the car and facilities.
The increasing consumer demand for cost-effective and affordable vehicles with enhanced mobility, convenience, and safety is primarily driving the used car market in India. In line with this, the lower rate of personal car ownership by millennials due to the high cost of maintenance is positively impacting the market growth. Moreover, the constant model upgrades and the electrification of vehicles are acting as other growth-inducing factors. Manufacturers are increasingly incorporating advanced technologies and features, such as power steering systems, climate control systems, and anti-lock braking systems in the latest models, which, in turn, is facilitating their demand in the country. Apart front this, the utilization of e-commerce sites and applications to purchase and sell used cars with complete transparency and ease of operations is providing an impetus to the market growth. Additionally, the increasing number of organized and semi-organized sales across the country and the shifting consumer preference towards private cars to maintain social distancing amidst the COVID-19 pandemic is supporting the market growth. Other factors, including rising expenditure capacities of consumers, large-scale integration of blockchain technologies, and growing environmental consciousness, are anticipated to drive the market toward growth.
IMARC Group provides an analysis of the key trends in each segment of the India used car market report, along with forecasts at the country and regional levels from 2024-2032. Our report has categorized the market based on vehicle type, vendor type, fuel type and sales channel.
Breakup by Vehicle Type:
Breakup by Vendor Type:
Breakup by Fuel Type:
Breakup by Sales Channel:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Big Boy Toyz Ltd, BMW India Private Limited (Bayerische Motoren Werke AG), Cars24, CarTrade.com, Honda Cars India Limited (Honda Motor Co. Ltd.), Mahindra First Choice Wheels (Mahindra & Mahindra Limited), Maruti Suzuki India Limited (Suzuki Motor Corporation), OLX (OLX Group), Quikr India Private Limited, Spinny (Valuedrive Technologies Private Limited) and Toyota Kirloskar Motor Private Limited (Toyota Motor Corporation).
Report Features | Details |
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Base Year of the Analysis | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Units | US$ Billion |
Segment Coverage | Vehicle Type, Vendor Type, Fuel Type, Sales Channel, Region |
Region Covered | North India, West and Central India, South India, East India |
Companies Covered | Big Boy Toyz Ltd, BMW India Private Limited (Bayerische Motoren Werke AG), Cars24, CarTrade.com, Honda Cars India Limited (Honda Motor Co. Ltd.), Mahindra First Choice Wheels (Mahindra & Mahindra Limited), Maruti Suzuki India Limited (Suzuki Motor Corporation), OLX (OLX Group), Quikr India Private Limited, Spinny (Valuedrive Technologies Private Limited) and Toyota Kirloskar Motor Private Limited (Toyota Motor Corporation) |
Customization Scope | 10% Free Customization |
Report Price and Purchase Option | Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699 |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The India used car market was valued at US$ 31.6 Billion in 2023.
We expect the India used car market to exhibit a CAGR of 12.78% during 2024-2032.
The increasing demand for used cars as they assist in minimizing the depreciation of the vehicle and improving cost-effectiveness, is primarily driving the India used car market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation resulting in temporary halt in the refurbishment activities and sales of the used cars, thereby negatively impacting the regional market growth.
Based on the vehicle type, the India used car market has been segmented into hatchbacks, sedan, sports utility vehicle, and others, where hatchbacks hold the majority of the total market share.
Based on the vendor type, the India used car market can be bifurcated into organized and unorganized. Currently, unorganized exhibits a clear dominance in the market.
Based on the fuel type, the India used car market has been divided into gasoline, diesel, and others. Among these, gasoline accounts for the largest market share.
Based on the sales channel, the India used car market can be segregated into online and offline. Currently, offline exhibits a clear dominance in the market.
On a regional level, the market has been classified into North India, West and Central India, South India, and East India.
Some of the major players in the India used car market include Big Boy Toyz Ltd, BMW India Private Limited (Bayerische Motoren Werke AG), Cars24, CarTrade.com, Honda Cars India Limited (Honda Motor Co. Ltd.), Mahindra First Choice Wheels (Mahindra & Mahindra Limited), Maruti Suzuki India Limited (Suzuki Motor Corporation), OLX (OLX Group), Quikr India Private Limited, Spinny (Valuedrive Technologies Private Limited), and Toyota Kirloskar Motor Private Limited (Toyota Motor Corporation).