NEW YORK, April 11, 2016 /PRNewswire/ -- The India Used Car Market is expected to grow at a CAGR of 14.58% and grow to a market size of $ X.XX billion by the year 2020. The used car market in India has grown at a tremendous pace since the start of the 20th century. The main reason for the same has been the advent of organized players in the market, which have taken care of the trust deficit, plaguing the Indian Used Car Market for Ages. Even a decade back, almost all of the sales in the Indian Used Car Market took place in the unorganized sector. Sellers would palm off substandard products to the buyers, so most people preferred to buy cars in the circle of family, friends and acquaintance.
For every new car sold In India, a used car is sold. When compared to matured markets like United States of America, this figure is extremely low. This figure also indicates that despite the high growth rates seen in the market, there is room still for growth.
Lack of Financing or very expensive financing options for used cars are a very major drawback in the space. While the finance for new cars is easy to get, used car finance attracts a higher rate of interest and is not given so easily. But the rise of the organized sector has taken care of that aspect. Major players like Toyota, Maruti Suzuki dealing in the used car space have tie ups with financial agencies that give out loans for used cars. Leasing option is a concept, which has not taken off in India and is offered by very limited outlets. But this financing option has massive growth potential in the market as the burden on the consumer comes drastically down. Due to taxes, Indian cars are one of the most expensive in the world, which influences the consumers to go in for used cars. With the prices of diesel cars increased further in the latest budget, there are becoming increasingly expensive, which means their sales in the used car market will get a boost.
Small SUV'S have registered tremendous rate of growth in recent years, and will show the highest rates of growth in sales in the used car market till 2020. Organized space will rapidly gain market share in the next 5 years and control more than 3/10th of the market by 2020.
Maruti True Value, Mahindra First Choice, Carnation are some of the important players in the market. Used Car Market in India has been segmented by Vehicle Type (Hatchbacks, Sedans, SUV'S, others), Vendor Type (Organized, Unorganized), by Fuel Type (Petrol, Diesel, Others).
WHAT THE REPORT OFFERS
Market analysis for the India Used Car Market specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect India Used Car Market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries in which this industry is blooming and to also identify the regions that are still untapped
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