NEW DELHI: The Indian used car market is expected to reach a size of over 70 lakh vehicles.
The pre-owned car industry is expected to clock a growth rate of 15 per cent in FY22 as the COVID-19.
“The pre-owned market has been outpacing the new car market, and the industry is expected to clock a healthy growth.
The prospects continue to be bright on the longer horizon, with a 12-14 per cent CAGR expected over the next few years.
Taking the size of the market to more than 7 million vehicles by FY26, from 3.8 million units in FY21.
The study found that with many people preferring socially-distanced personal mobility due to covid.
The pre-owned car market is expected to continue to be a sunrise sector.
Industry is expected to clock a healthy growth rate
The digital switch has been highly transformative, bringing in its wake increased.
According to the study, the pandemic has had an impact on the market.
bringing back the interest for owning personal vehicles and this trend is unlikely to abate in the near term.
The study also found that there is a rise in preference for utility vehicles with its share.