Expansion of Dealerships into Non Metro cities and Declining Ownership Period for Used Luxury Cars has increased Sales for Pre-Owned Premium Cars: Ken Research

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“Improving Lifestyle, Perception of Premium Car as Social Status, Rising number of HNIs Launch of New Models and Variants and Higher Demand for New Premium Cars has Positively Driven the Market”.

Analysts at Ken Research in their latest publication “India Pre Owned Premium Car Market Outlook to 2023 – Growth Propelled by Traction from Digital Platforms, Surge in Certified Dealership, Decline in Average Car Price and Faster Launch of New Modelsexpect that with introduction of new technology and growing demand from non metros will have positive impact on the market. The focus on improving after sale service, easy finance and leasing will drive the demand for used car sales. It is expected that India Used Luxury car market will register a five year CAGR of 11.7% during the period 2018-2023.

Market Structure and Size: The Pre-owned Premium Cars market has been observed to be at the growth stage, with the competition been highly fragmented owing to the presence of unorganized sales channel. The industry is booming with expanding sales volume owing to fall in average ticket size, change in customer perception towards used premium cars, expansion of online sales & lead generation by classified companies, diversified sources to finance the vehicle and better certifications available in the market. Majority of sourcing is done through trade-ins in organized market while it is made through buy & sell/ park & sell channel in unorganized segment.

Rising Number of HNIs: Demand expanded primarily owing to rise in the number of HNI’s & per capita disposable income. Change in mindset of domestic population for favoring used cars over new cars also facilitated the shift. India has more than 300 thousand HNIs and their population is on constant increase. Expats and NRIs returning to India have also created the demand.

Emergence of Non Metros as Potential Market: The expansion of business and SMEs in tier 2 and Tier 3 cities  and expansion of IT and services companies in these cities has attracted many high paid individuals to be posted in these areas attracting the potential market for luxury used vehicles. Improving the Service network has acted as key driver for attracting consumers in these cities. Companies such as Mercedes have launched mobile service centres to cater their customer servicing needs in remote areas of the country.

Key Segments Covered:-

India Premium Used Car Market Segmentation by Market Structure (Organized/Unorganized & C2C),

India Premium Used Car Market Segmentation by Car Made/Brand (BMW, Mercedes Benz, Audi, JLR and Other)

Premium Pre-Owned Car Dealers (MB Certified, Audi Approved plus, BMW Premium Selection and Jaguar Approved) in India

India Premium Used Car Market Segmentation by Sourcing Channel (Buy Sell, park Sell and Trade Ins)

Key Target Audience:-

Online Auto Listing Websites

Premium Car Companies

NBFCs, Insurance Companies and Banks

Used Car Dealers

New Market Entrants

Time Period Captured in the Report:-

Historical Period: 2013- 2018

Forecast Period: 2019 – 2023

Companies:-

BMW

Mercedes Benz

Audi

JLR

BBT

Cars 24

Cartrade

Key Topics Covered:-

India Pre Owned Premium Car Market

India Pre Owned Used Car Market

India Used Car Market

India Pre Owned Premium Car Market Revenue

India Pre Owned Premium Car Market Major Players

Used Car Demand In India

Premium Brands Used Car Market India

Second Hand Luxury Cars Market India

Number Of Premium Car Dealers In India

Used Luxury Car Market Sales India

Certified Pre Owned Luxury Car Sales Market India

Number of Branches of Car Trade India

Number of Branches of BBT India

Used Car Finance By BMW India

Used Car Finance By Mercedes Benz India

For more information on the research report, refer to below link:-

India Pre Owned Premium Car Market

Related Reports:-

US Vehicle Finance Market Outlook to 2023 –By Banks and Non Bank Entities including Captives and Credit Unions and Finance Companies (Auto Loan Portfolio), By New and Used Vehicles, By Type of Vehicle Financed (Passenger Cars and Light Trucks), By Loan Time Period and By Risk Category

Indonesia Used Car Market Outlook to 2023 – Rising Popularity of Online Platforms and Reduction in Average Ownership Period to Drive Used Car Sales

UAE Used Car and Auto Classified Market Outlook to 2022 – By Revenue Streams (Commission, Paid Listings, Banner Advertisement), By Export and Domestic Sales

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249

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