“Improving Lifestyle, Perception of Premium Car as Social
Status, Rising number of HNIs Launch of New Models and Variants and Higher
Demand for New Premium Cars has Positively Driven the Market”.
Analysts
at Ken Research in their
latest publication “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” expect that with introduction of new technology and growing demand
from non metros will have positive impact on the market. The focus on improving
after sale service, easy finance and leasing will drive the demand for used car
sales. It is expected that India Used Luxury car market will register a five
year CAGR of 11.7% during the period 2018-2023.
Market Structure and Size: The Pre-owned Premium
Cars market has been observed to be at the growth stage, with the
competition been highly fragmented owing to the presence of unorganized sales
channel. The industry is booming with expanding sales volume owing to fall in
average ticket size, change in customer perception towards used premium cars,
expansion of online sales & lead generation by classified companies,
diversified sources to finance the vehicle and better certifications available
in the market. Majority of sourcing is done through trade-ins in organized
market while it is made through buy & sell/ park & sell channel in
unorganized segment.
Rising Number of HNIs: 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. India
has more than 300 thousand HNIs and their population is on constant increase.
Expats and NRIs returning to India have also created the demand.
Emergence of Non Metros as Potential Market: The expansion of business and SMEs in tier 2 and Tier 3
cities and expansion of IT and services
companies in these cities has attracted many high paid individuals to be posted
in these areas attracting the potential market for luxury used vehicles.
Improving the Service network has acted as key driver for attracting consumers
in these cities. Companies such as Mercedes have launched mobile service
centres to cater their customer servicing needs in remote areas of the country.
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 Premium Car Market
India
Pre Owned Used Car Market
India
Used Car Market
India
Pre Owned Premium Car Market Revenue
India
Pre Owned Premium Car Market Major Players
Used Car Demand In India
Premium Brands Used Car
Market India
Second Hand Luxury Cars
Market India
Number Of Premium Car
Dealers In India
Used Luxury Car Market
Sales India
Certified Pre Owned Luxury
Car Sales Market India
Number of Branches of Car
Trade India
Number of Branches of BBT
India
Used Car Finance By BMW
India
Used Car Finance By
Mercedes Benz 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
