Pre-owned car market in India expected to grow at 19.5% till FY27: Report
Pre-owned car market in India, pegged at USD 23 billion in FY22, is expected to grow at a Compounded Annual Growth Rate (CAGR) of 19.5 per cent till FY27, a report said on Monday.
It also said that the demand in smaller towns is expected to grow at a 30 per cent CAGR by 2026 as compared to a 10 per cent CAGR in the top 40 cities.
The surge in growth is likely to be driven by a host of factors, including availability of certified cars; decrease in the average tenure of ownership for cars and two-wheelers due to larger disposable incomes; launch of new models within shorter time frames and buyback assurances, among others, it said.
The growth is also expected to be driven by the emergence of organised online and phygital used car platforms amid a surge in the demand for personal mobility, according to the 5th edition of the FY22 car & bike pre-owned car industry report, produced by a collaboration of the Indian Bluebook and Das WeltAuto.
Das WeltAuto is the pre-owned car business of