New Delhi: India's pre-owned car sales market is expected to reach 10.9 million units by FY 2028, with the value more than doubling to US$73 billion, according to the latest report by Indian Blue Book (IBB).
In FY23, used car sales in India stood at around 51 lakh units. According to IB reports by 'Car & Bike' and 'Das WeltAuto by Volkswagen', the domestic used car industry was valued at US$32.44 billion in FY2023.
“Apart from the growing preference for personal mobility, other key factors such as rising disposable income and shorter vehicle replacement cycles are also encouraging,” the report said. All these factors will only increase the demand for pre-owned cars.Post COVID-19, demand for used cars remains high globally among new-age buyers. The story is no different in India also. It said that the Indian market for used cars will grow rapidly as social taboos regarding used cars are fast disappearing.
“Therefore, the growth story of the used car industry is an irrefutable reality. The used car industry in India, which is currently valued at around US$32.44 billion, is expected to reach around US$73 billion by FY2028. In the interim in five years, India's used car industry will see a major transformation.It pointed out that there is immense untapped potential in the country's used car market.
“Already dynamic and attractive, this market, however, remains untapped in myriad ways. Currently (FY23), it stands at 5.1 million units. By FY 2026-27, I expect it to grow to an astonishing 8 million units is expected to reach, and in FY2027-28, I have projected to cross the magic figure of 10 million units,” the report said, adding that the pre-owned car market is considered a thriving segment of the automotive industry. Is.It said upgrading to a new pre-owned car is the main reason for owners to sell a car, while budget buyers are mainly looking for quality cars. Indian Blue Book is endorsed by Mahindra First Choice Wheels. From 2022, 'Car & Bike', the 100 per cent arm of Volkswagen's former owned car brand Da WeltAuto and Mahindra First Choice Wheels have co-curated this research report.
Commenting on the findings, Ashish Gupta, Brand Directo, Volkswagen Passenger Cars India, said, “The pre-owned car market is growing significantly with the potential to double by FY2028. The growth is mainly due to the factors that are driving the growth comes from trends and customer preferences while making selections."Pre-Owned Vehicle.,
According to the report, the majority of buyers (63 percent) are highly bike-conscious and are looking for quality cars.
Ashutosh Pandey, CEO & MD, Mahindra First Choice, said, “The increasing participation of organized players is bringing stability and confidence to this market; Achieving consistent profitability and providing excellent customer experience remains the top priority for organized players."
In FY23, used car sales in India stood at around 51 lakh units. According to IB reports by 'Car & Bike' and 'Das WeltAuto by Volkswagen', the domestic used car industry was valued at US$32.44 billion in FY2023.
“Apart from the growing preference for personal mobility, other key factors such as rising disposable income and shorter vehicle replacement cycles are also encouraging,” the report said. All these factors will only increase the demand for pre-owned cars.Post COVID-19, demand for used cars remains high globally among new-age buyers. The story is no different in India also. It said that the Indian market for used cars will grow rapidly as social taboos regarding used cars are fast disappearing.
“Therefore, the growth story of the used car industry is an irrefutable reality. The used car industry in India, which is currently valued at around US$32.44 billion, is expected to reach around US$73 billion by FY2028. In the interim in five years, India's used car industry will see a major transformation.It pointed out that there is immense untapped potential in the country's used car market.
“Already dynamic and attractive, this market, however, remains untapped in myriad ways. Currently (FY23), it stands at 5.1 million units. By FY 2026-27, I expect it to grow to an astonishing 8 million units is expected to reach, and in FY2027-28, I have projected to cross the magic figure of 10 million units,” the report said, adding that the pre-owned car market is considered a thriving segment of the automotive industry. Is.It said upgrading to a new pre-owned car is the main reason for owners to sell a car, while budget buyers are mainly looking for quality cars. Indian Blue Book is endorsed by Mahindra First Choice Wheels. From 2022, 'Car & Bike', the 100 per cent arm of Volkswagen's former owned car brand Da WeltAuto and Mahindra First Choice Wheels have co-curated this research report.
Commenting on the findings, Ashish Gupta, Brand Directo, Volkswagen Passenger Cars India, said, “The pre-owned car market is growing significantly with the potential to double by FY2028. The growth is mainly due to the factors that are driving the growth comes from trends and customer preferences while making selections."Pre-Owned Vehicle.,
According to the report, the majority of buyers (63 percent) are highly bike-conscious and are looking for quality cars.
Ashutosh Pandey, CEO & MD, Mahindra First Choice, said, “The increasing participation of organized players is bringing stability and confidence to this market; Achieving consistent profitability and providing excellent customer experience remains the top priority for organized players."