Used Car Market In Country Crosses ₹ 1.80 Lakh Crore

Used Car Market: Expected to grow at 19.5% annually, 10% in big cities and 30% in small cities every year
Used Car Market In Country Crosses ₹ 1.80 Lakh Crore
The used (used) car market in India has crossed Rs 1.80 lakh crore ($23 billion).

The used (used) car market in India has crossed Rs 1.80 lakh crore ($23 billion). At the same time, the used car market is expected to grow at a rate of 19.5% annually in the next five years. According to the Indian Blue Book (IBB) report, the business of buying and selling used vehicles is dominated by the unorganized sector. Most deals for used cars take place between roadside garage mechanics, petty brokers, and vehicle owners.

Organized sector share

The organized sector's share in the used car market is currently around 20%, which is expected to reach 45% by 2026. This business is growing rapidly with the disposable income of the youth and middle-income group. The used car market will get a boost in the next five years.

Difference between sales

Ashutosh Pandey, the CEO, of Mahindra First Choice, said, “There is a preference for used cars among middle-income people in the country. On the other hand, Ashish Gupta, Brand Director, Volkswagen Passenger Cars India said, “The gap between the sales of new and used cars has reduced.

Used Car Market In Country Crosses ₹ 1.80 Lakh Crore
Ethereum Merge Is Finally Done, What's New In This Merge? Know Here

Related Stories

No stories found.
Since independence
www.sinceindependence.com