Revving Up the Second-Hand Car Industry in India: A Comprehensive Analysis of the Used Car Market

1
Used Car Market To Reach USD 2,980.2 Billion by
2030
2
The total value of the used car market was USD
1,749.1 billion in 2021, and it will reach USD
2,980.2 billion by 2030, growing at a compound
annual growth rate of 6.10 during the course of
projection period, as stated in a report by PS
Intelligence. The organized category had a major
share of revenue in the past. Various new car
dealers are entering this sector and tempting
clients with different trade-in packages, because
of the frequently decreasing profitability in the
new car market and the vehicles aging on the
road. While, the unorganized category will grow
significantly at a rate, of about 5.7, in the
near future. This has a lot to do with the
presence of various unorganized players in
Thailand, India, Mexico, Brazil, and
China. Furthermore, because of the unstable
regulatory environment around sales and
purchases, these nations will see a continued
dominance of unorganized players. The offline
category had a larger share in the recent past.
This is mainly due to consumers' strong fondness
for buying used cars from trustworthy dealers.
Before buying a used car from a dealer, people
take test drive and accordingly make-up their
mind. So, offline category would dominate the
industry in the years to come.
3
The online category will experience a notable
growth in the years to come. The need for
initially contact dealers has reduced because of
digitization. Customers eagerly engage and get
info via numerous media and devices, such as
personal computers and smartphones. Thus, the
increased internet use and the simplicity of
conducting research and buying cars online will
further fuel the growth of the category in the
future. Consequently, the increased internet use
and the simplicity of conducting research and
buying cars online will further power the growth
of the online category in the years to
come. APAC used car market was the largest with
about 34, and it will have the fastest growth in
the forecast period. This is because of the
growing requirement for used cars in China,
India, and other Asian nations and the
increasing count of organized firms offering used
vehicle trading services. To receive free sample
pages of this report_at_ https//www.psmarketresearch
.com/market-analysis/used-car-market/report-sample

4
North America will grow significantly in the
future, thanks to the increasing sales of used
cars in the U.S. and Canada, and the new cars
being costly in this region. For reaching more
customers, companies are trying to expand their
dealership networks. Furthermore, the region
will grow considerably, because of increasing
usage, of internet, online tools for purchasing
or researching second-hand automobiles,
warranties given on pre-owned automobiles, and
numerous purchase alternatives. Because of the
high price of new cars, people are more and more
inclined toward purchasing used cars. This is
powering the sales of used cars all over the
world. Inquire before purchase_at_
https//www.psmarketresearch.com/send-enquiry?enqu
iry-urlused-car-market
5
Disclaimer PS Intelligence always keeps its
customers interests at the core while carrying
out research activities. PS Intelligence ensures
the reliability and accuracy of information and
data provided in its market research
publications. However, the information in
publications is subject to fluctuations, as it is
based on primary interviews of officials from
various companies or organizations. PS
Intelligence is not responsible for any incorrect
data provided by the key industry players of the
concerned domain. the information or analysis in
PS Intelligence publications represents opinions
based on research and should not be interpreted
as statements of fact. Information in this report
was believed to be correct at the time of
publication, but cannot be guaranteed. PS
Intelligence does not endorse any product,
service, or vendor depicted in its research
publications. All intellectual properties,
including trademarks and copyrights, belong to
their respective owners and may be protected by
copyright. Under no circumstance can these be
reproduced in any form without prior written
agreement of their owners. An order for market
research report is intended for internal use of
the company only and not for disclosure to third
parties or any other publication in general. No
service, report, or part thereof provided by PS
Intelligence can be reproduced, republished,
resold, revealed, distributed, circulated, or
sublicensed in any medium or form now realized or
hereafter become realized, including but not
limited to, all forms of optical-based media,
magnetic, electronic, or digital, without a
written permission from Prescient Strategic
Intelligence Pvt. Ltd.