The premium used car market in India is on the continuous increase dominating the robust growth in the last few years. The foremost cause for this double digit growth has been enlargement of the fresh car sales, inauguration of the fresh models/variants/colors/personalization, decrease in the average ticket size, establishment of the fresh sales channels and several others. Requirement enlarged principally due to the increase in the number of HNI’s & per capita disposable income. Shift in the mindset of the domestic populace for favoring utilized cars over fresh cars simplified the movement. Moreover, in 2017, the sales volume and GTV produced from premium used car sales observed foremost reduction in the growth rate due to the implication of the GST and demonetization. All the cities observed cash crunch particularly Surat, NCR, Mumbai and Bangalore.
According to the report analysis, ‘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 Models’ states that in the India Pre Owned Premium Car market, there are numerous key players which presently functioning more positively for leading the fastest market growth and dominating the high value of market share during the forecasted period while effectively determining the specifications of the used cars, effectively analyzing the price, increase the applications of the used cars and studying the competitors profile, key strategy and several other things includes BMW, Mercedes Benz, Audi, JLR, BBT, Cars 24, Cartrade and several others.
Moreover, based on the car brands, the Mercedes Benz is the principal premium used car seller. It has uppermost number of used car sales passages. BMW has average foremost ownership duration of around 3-4 years and is widespread in West, Central and South India. For Audi Q5, A7, A8, R8, RS7, RS5, A5 are maximum prevalent brand and has lowest ownership duration for fresh cars. Noteworthy deterioration was accounted for original car sales which has destructively squeezed the requirement for used car sales. JLR is comparatively new player in the Indian market but is debauched attaining popularity.
However, on the basis of region, the Northern India with Delhi NCR, Ludhiana, Chandigarh, Dehradun, Karnal, Indore, Lucknow and Mohali are the principal requirement pockets. In 2018, India had more than three hundred thousand HNWI’s. Southern cities principally Bangalore, Hyderabad and Chennai had the uppermost requirement in the economy. Bangalore has presented the uppermost growth potential. Other foremost regions include Kochi, Chennai, Coimbatore, Hyderabad, Vijayawada, Mangalore, Calicut, Trivandrum, and Madurai. Great concentration of foreign reimbursed executives is foremost target consumers.
In India the forthcoming for premium used car looks convincing and reproducing of customer predilection from the western regions is predicted. Leasing of cars and lower ownership duration are anticipated to have positive impression on requirement as the quality products will be obtainable at inexpensive value. Audi’s market share has deteriorated substantially is anticipated to attain some market. Fresh contestants in the electric car sectors and employment of Bharat-VI norms may reason many prevailing car owner to sell their cars affecting weakening in the average ticket size. Therefore, in the coming years, it is anticipated that the market of India Pre Owned Premium car will increase more significantly over the coming years.
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
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 Major Players
India Used Car Market Sale By Dealership
Audi Car Market Sales By Dealership India
Second Hand Luxury Cars Market India
Luxury Ride Preowned Premium Cars India
Sales Of Big Boy Toyz Used Car Market India
Star Carz Premium Car Sales Market India
Used Car Finance By Audi India
Resale Value Analysis Of Used Car India
For more information on the research report, refer to below link:-
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
Ankur Gupta, Head Marketing & Communications