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Rise in pre-owned vehicle sales
The pre-owned vehicle market in India is expected to reach 8.2 million units by FY26, a two-fold increase from approximate 4 million units in FY21. India recorded a total sale of 4.4 million used vehicles as compared to 2.7 million new vehicles in FY20. However, the used vehicle market growth was only marginal as against 4 million sold in FY19, on the back of short supply.
- Indian used vehicle market size is expected to rise to USD 70.8 billion by 2030 at a 14.8% CAGR between 2021 and 2030.
- Small towns are expected to fuel the demand for used vehicles as the share of non-metro cities in used vehicle sales is expected to rise to nearly 70% from the current 55% in the next 4 years.
- The Indian market possesses tremendous potential for the four-wheeler passenger segment, particularly pre-owned cars.
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Auto Bytes December 2021
With increased new vehicle prices, pre-owned/used vehicles are expected to become a more popular choice among Indian consumers.