Rise in Demand for Off-Lease Vehicle Expected to Drive India Pre Owned Premium Car Market over the Forecast Period: Ken Research

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:-

India Pre Owned Premium Car Market

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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

Increasing Trends In The India Pre Owned Premium Car Market Outlook: Ken Research

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

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 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:-

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

India Pre Owned Premium Car Market Outlook to 2023: Ken Research

The report titled “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” provides a comprehensive analysis of the Used Premium brands car market in India. The report also covers the overview of US, Japan and Europe Premium Brands used car market, Indian market size in terms of revenue and volume sales, segmentation on the basis of brand category and market structure, sourcing methods, regional analysis by each brand. Pricing analysis, dealership network analysis, used car sales by each dealership, trends and developments, issues and challenges, competitive scenario and company profiles. It also includes detailed Analysis of MB Certified, Audi Approved Plus, BMW Premium Selection, and Jaguar Approved-Dealer Network across various regions in India, Customer Profiling and Marketing and Re-marketing trends. The report concludes with snapshot on resale value analysis, Finance Support and market projection and analyst recommendations highlighting the major opportunities and cautions.

Market Size and Growth: India Premium used car market is on constant rise registering robust growth in the last few years. Prime reason for this double digit growth has been expansion of new car sales, launch of new models/variants/colors/ customizations, decline in average ticket size, introduction of new sales channels and others.  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. In 2017, sales volume and GTV generated from premium used car sales witnessed major decline in growth rate owing to the implication of GST and demonetization. All the cities witnessed cash crunch especially in cities such as Surat, NCR, Mumbai and Bangalore.

Market Segmentation by Market Structure: India’s organized premium pre owned car market is a micro segment that witnesses cut throat competition amongst OEM certified dealers and large semi-organized players. Prices of the cars sold through such dealers are higher owing to numerous value added services offered alongside. These include OEM warranty, road side assistance, certified refurbishment & others. Online websites contribute more than 80% in lead generation for the sales made by the organized sector. Average margins charged & average ticket size is usually higher.

Market Segmentation by Car Brand: Mercedes Benz is the biggest premium used car seller. It has highest number of used car sales outlets. BMW has an average first ownership period of around 3-4 years and is popular in West, Central and South India. For Audi Q5, A7, A8, R8, RS7, RS5, A5 are most popular brand and has lowest ownership period for new cars. Significant decline was registered for new car sales which has negatively impacted the demand for used car sales. JLR is relatively new player in the Indian market but is fast gaining popularity.

Market Segmentation by Region: Northern India with Delhi NCR, Ludhiana, Chandigarh, Dehradun, Karnal, Indore, Lucknow and Mohali are the prime demand pockets. India had more than three hundred thousand HNWI’s in 2018. Southern cities mainly Bangalore, Hyderabad and Chennai had the highest demand in the region. Bangalore has shown the highest growth potential. Other major cities include Kochi, Chennai, Coimbatore, Hyderabad, Vijayawada, Mangalore, Calicut, Trivandrum, and Madurai. High concentration of foreign returned executives are key target customers.

Market Segmentation by Sourcing Channel: Trade-ins is the major way of sourcing the premium pre-owned cars in India. It is more popular in organized method of sourcing an inventory as compared to unorganized sector. Top three major premium cars sold in India have nearly the same percentage range in Trade in mode for sourcing the inventory. Demo cars are mostly sourced in organized and semi organized sector. Buy and sell/Park sell is the most popular method of sourcing in unorganized sector but commands lower value for all major brands.

Marketing Strategy: Improved marketing initiatives such as increased presence and regular surveys to gauge consumer perception to plan their strategies have positively impacted the market. These are achieved by organizing events inviting current and prospective clients and collecting their feedback over the course of activities and engagements. As the luxury car market gets more lucrative, other foreign players are expected to enter the market. Existing companies needs to work on maintaining its reach so that the impact of market entry by other major known brands such as Mustang, Tesla, MG Hector, and Acura may not impact its market.

International Influence: Leasing is an emerging trend in Indian market just like in the US. A lot of traction can be given to promote the lease for new cars for commercial as well as personal use. This will boost the sale of both new and used cars in the long run. Majority of the premium used cars in India are of the European origin. They can form a group or lobby to push for the reduction in import duty of used cars in India. Traditionally the market for pre-owned luxury cars was in large metros, but owing to online classified platforms, the market has expanded. The supply comes heavily from metros while demand is spread across mini metros and metros.

Pricing and Demand Analysis: Average ticket size is usually higher in the organized market for all major brands owing to certifications offered, better after sales services, trusted financing options and guarantee offered. Usually, the difference is observed to be of INR 2 Lakhs for top 5 brands. The ratio declined as compared to 2016 owing to huge marketing discounts for both new and used cars, also termed as the “year of discounts”. GST and demonetization however, negatively impacted the market creating severe cash crunch. GST raised compliance making the dealers obey with the Unification of taxation (GST). Availability of demo cars and lower turnaround time has also been responsible for the growth. Mercedes Benz & BMW are most popular brands and demand is very high in Mumbai, NCR, Bangalore, and Pune. Red & Black-MB, Blue & White-BMW are in highest demand.

Future Outlook: Future for premium used car in India looks compelling and replicating of consumer preference from the western economies is expected. Leasing of cars and lower ownership period are expected to have positive impact on demand as quality products will be available at affordable value. Audi’s market share has declined considerably is expected to gain some market. New entrants in the electric car segments and implementation of Bharat-VI norms may cause many existing car owner to sell their cars causing decline in the average ticket size.

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:-

Used Car Industry Movement

India Premium Used Car Market Size By Sales Volume and GTV, 2013-2023

International Market Study: Overview of United States, Japan & Europe Pre Owned Premium Car Market, 2013-2018

Detailed Analysis of MB Certified, Audi Approved Plus, BMW Premium Selection, Jaguar Approved-Dealer Network across various Regions in India

Customer Profiling-Know your Target Audience

Sourcing Network and Process Adopted by Premium Car Brands

Premium Car Exchange

Marketing and Re-marketing Trends in India Pre Owned Premium Car Market, 2018

Resale Value analysis

Finance Support

Snapshot on Cars24.com and Other Digital Used Car Aggregator (Business Model, Operating Model, Company Profile, Key Performance Indicator)

Company Profiles (Company Establishment, Journey, Offices, Showrooms, Management, Certifications & Others, Company Business/Operating Model, Sourcing of Inventory, Marketing & Business Strategies , Customer Acquisition Process,  Financials & Others

Analyst Recommendation

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