A
pre-owned vehicle is a vehicle which
has one or more retail owners. It is also known as used car or secondhand cars.
It is sold through various outlets such as rental car companies, franchise &
independent car dealers, leasing offices, buy here pay here dealerships,
auctions, and private party sales. Some car retailers provides "certified"
used cars, "no-haggle prices," and extended service plans or
warranties.
The
key benefits are lower customization costs, no exaggerated fees, and lower
insurance premiums.
According
to study, “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” some of the major companies that
are currently working in the India pre owned premium car
market are Cars 24, JLR, Cartrade, BBT, OLX, Maruti True Value, Mahindra First
Choice Wheels, Hyundai H Promise, Honda Auto Terrace, Toyota U Trust, Ford
Assured, BMW Premium Selection, Big Boy Toyz,, Mercedes-Benz Certified, OLX,
Car Trade, Audi Approved Plus. The key car manufacturers are focusing on
catering to the growing demands of specific demographic segments for instance
the millennials.
Based
on vehicle type, pre-owned premium car market
is segmented into sedan, hatchbacks and SUV. Based on structure type, market is
segmented into organized and unorganized. Based on vehicle age, market is
segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years. Based on fuel type,
market is segmented into diesel and petrol. Based on size of car, market is
segmented into compact size cars, mid-size cars and small size cars. Mid-size
cars holds major share in market due to increase in adoption & preference
of consumers to buy mid-size cars across both emerging and advanced economies. Based
on propulsion, market is segmented into and electric vehicle (EV) and internal
combustion engine (ICE). The electric vehicle segment is further sub-segmented
into plug-in EV, battery EV and hybrid EV. In addition, based on sales channel,
market is segmented into franchised, rental car companies, independent car
dealers, and others.
The
pre-owned premium car market is driven by increase in sales of used cars in
metro cities, followed by growth in demand for luxury cars, increase in young
population, shorter car ownership periods, rise in availability of credit
payment options, presence of several established & regionally popular
vendors, rise in digital literacy among car enthusiasts, increase in preference
of two-wheeler owners to upgrade to small & compact cars, growth in import
& export, rise in internet penetration in non-metro, growth in economy, increase
in disposable income of the consumers and rise in online sales platforms, for
instance Cars24, CarDekho and Droom. However, lack of financing & expensive
financing options and standardized dealership experience may impact the market.
Moreover, rise in organized & semi-organized sector is a key opportunity
for market.
The
India pre-owned premium car market
is expected to witness higher growth rate owing to stringent vehicular
emissions regulations, rise in demand for off-lease vehicle by franchise,
leasing offices & car dealers and growth in demand for car subscription
services over the forecast period. In near future, it is anticipated that
market will be reached at fast pace due to increase in production & sales
of SUV during the forecast period.
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 Used Car Market
Used Car Demand In India
Premium Brands Used Car Market India
India Used Car Market Sale By Dealership
BMW Car Market Sales By Dealership India
Number Of Premium Car Dealers In India
Second Hand Premium Cars Industry India
Luxury Ride Preowned Premium Cars India
Used Luxury Cars For Sale In Mumbai
Number of Branches of Cars 24 India
New And Used Car Market Ratio India
BBT Sales Luxury Cars Market India
For more information on the research
report, refer to below link:-
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
