Revving Up: Unlocking The Potential Of The Used Car Market In India

By Author: Pramod Kumar
Total Articles: 97
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The offline category had a considerable share in the industry in the recent past. This is mostly as a result of the high consumer preference for purchasing a used car from an acknowledged dealer.
The online category will grow at higher rate in the years to come. This can be credited to the fact that digitalization has decreased the requirement to contact the dealer at the first instance.

Customers can quickly interact and simply access info through their personal smartphones and computers. So, the increasing use of internet and ease of shopping and research through the online mode will also power the growth of the industry in this category in the years to come.
The Indian used car market is observing the increasing acceptance of online retailing. Urbanization, Internet access, and development of the telecom infra have all contributed to an enhanced flow of knowledge amongst customers.

Also, used car buyers frequently sell vehicles online, to make the entire process quicker and simpler, as both the buyers and sellers complete most of the paperwork and negotiations through the online mode.
With ...
... the growing online industry, it has turned out to be more suitable for buyers to research pricing and details of the vehicle online.
In India, unorganized businesses have conquered the industry. The main portion of the transactions are made by people trying to buy and sell cars. Since the parties are persons and not organizations, it is hard to build trust between the involved parties.

This powers the penetration of organized players, as well as OEMs and large businesses. As their involvement surges, customers will be fortified to buy second-hand cars, as a result of the growing sense of reliability and trust.
Consequently, the organized sector will have a faster growth, of 19.6%, in the years to come.

These companies bid free towing and other services at the dealership, to lure other customers. These value-added services and assistances are helping the organized players in the industry increase their share and win the trust of the customers, which will boost the demand in the industry.

The high depreciation rate of luxury vehicles has a twofold positive impact on the industry. The reduction of the resale value of a vehicle surges the requirement for it, as a result of the inverse relationship between demand and price.

The rise in the depreciation value of a car decreases its resale value and, therefore, encourages the car holder to sell it sooner, which has brought down the average age of the car ownership.
It is because of the rising internet penetration in the world, the demand for used cars in India will be on the rise in the years to come.

India Used Car Market Size and Share Analysis@ https://www.psmarketresearch.com/market-analysis/india-used-car-market

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.