Used cars market in India, Used cars in Bengalore, Used cars in Delhi
Used vehicle market in India: If India is a huge market for new cars, then it has also become a big market for used cars i.e. second hand cars. According to a report, the market of used vehicles in the country can reach 82 lakh units by the year 2026. According to the news of PTI, this figure is 40 lakh in the financial year ending in March 2021.
Used vehicle market size by 2030
It has been told in the report that behind the increase in the market of used vehicles, there is more demand for these vehicles in smaller cities, rising prices of new vehicles and changing preferences of customers. According to the news, the Grant Thornton India report said that the size of the used vehicle market is expected to increase to $ 70.8 billion by 2030 with a compound annual growth rate of 14.8 percent between 2021 and 2030.
[the_ad id=”64987″]Used vehicles can become the preferred option
Older vehicles are expected to become the preferred option for Indian consumers due to the increase in the prices of new vehicles. According to the report, the used vehicle market in India may double to 82 lakh units by the financial year 2025-26, which was about 40 lakh units in the financial year 2020-21.
Giving more preference to old vehicle
Saket Mehra, Partner and Head of Auto Sector, Grant Thornton India, said that customers are now preferring more than ever to buy used car market in India. The report said that more demand for old vehicles is expected from smaller cities and the used vehicle market is expected to increase from 55 per cent at present to about 70 per cent in the next four years.