Expansion of Dealerships into Non Metro cities and Declining Ownership Period for Used Luxury Cars has increased Sales for Pre-Owned Premium Cars: Ken Research
“Improving Lifestyle, Perception of Premium Car as Social Status, Rising number of HNIs Launch of New Models and Variants and Higher Demand for New Premium Cars has Positively Driven the Market”.
Analysts at Ken Research in their latest publication “India Pre Owned Premium Car Market Outlook to 2023 – Growth Propelled by Traction from Digital Platforms, Surge in Certified Dealership, Decline in Average Car Price and Faster Launch of New Models” expect that with introduction of new technology and growing demand from non metros will have positive impact on the market. The focus on improving after sale service, easy finance and leasing will drive the demand for used car sales. It is expected that India Used Luxury car market will register a five year CAGR of 11.7% during the period 2018-2023.
Market Structure and Size: The Pre-owned Premium Cars market has been observed to be at the growth stage, with the competition been highly fragmented owing to the presence of unorganized sales channel. The industry is booming with expanding sales volume owing to fall in average ticket size, change in customer perception towards used premium cars, expansion of online sales & lead generation by classified companies, diversified sources to finance the vehicle and better certifications available in the market. Majority of sourcing is done through trade-ins in organized market while it is made through buy & sell/ park & sell channel in unorganized segment.
Rising Number of HNIs: Demand expanded primarily owing to rise in the number of HNI’s & per capita disposable income. Change in mindset of domestic population for favoring used cars over new cars also facilitated the shift. India has more than 300 thousand HNIs and their population is on constant increase. Expats and NRIs returning to India have also created the demand.
Emergence of Non Metros as Potential Market: The expansion of business and SMEs in tier 2 and Tier 3 cities and expansion of IT and services companies in these cities has attracted many high paid individuals to be posted in these areas attracting the potential market for luxury used vehicles. Improving the Service network has acted as key driver for attracting consumers in these cities. Companies such as Mercedes have launched mobile service centres to cater their customer servicing needs in remote areas of the country.
Key Segments Covered:-
India Premium Used Car Market Segmentation by Market Structure (Organized/Unorganized & C2C),
India Premium Used Car Market Segmentation by Car Made/Brand (BMW, Mercedes Benz, Audi, JLR and Other)
Premium Pre-Owned Car Dealers (MB Certified, Audi Approved plus, BMW Premium Selection and Jaguar Approved) in India
India Premium Used Car Market Segmentation by Sourcing Channel (Buy Sell, park Sell and Trade Ins)
Key Target Audience:-
Online Auto Listing Websites
Premium Car Companies
NBFCs, Insurance Companies and Banks
Used Car Dealers
New Market Entrants
Time Period Captured in the Report:-
Historical Period: 2013- 2018
Forecast Period: 2019 – 2023
Key Topics Covered:-
India Pre Owned Premium Car Market
India Pre Owned Used Car Market
India Used Car Market
India Pre Owned Premium Car Market Revenue
India Pre Owned Premium Car Market Major Players
Used Car Demand In India
Premium Brands Used Car Market India
Second Hand Luxury Cars Market India
Number Of Premium Car Dealers In India
Used Luxury Car Market Sales India
Certified Pre Owned Luxury Car Sales Market India
Number of Branches of Car Trade India
Number of Branches of BBT India
Used Car Finance By BMW India
Used Car Finance By Mercedes Benz India
For more information on the research report, refer to below link:-
US Vehicle Finance Market Outlook to 2023 –By Banks and Non Bank Entities including Captives and Credit Unions and Finance Companies (Auto Loan Portfolio), By New and Used Vehicles, By Type of Vehicle Financed (Passenger Cars and Light Trucks), By Loan Time Period and By Risk Category
Ankur Gupta, Head Marketing & Communications