Noida, India -- (SBWire) -- 04/21/2014 --Driven by improvement in the economy, social stature of the Indian population is rising with people having better spending power now. The growing wealthy population with the change in spending pattern is providing immense growth opportunities for used car market. Presently, in India the upward middle class is driven by the desire to own a luxury car at relatively lower price. This is leading to the rise in the ratio of people heading for the affordable pre-owned luxury cars instead of new small car. This trend is anticipated to continue in future and to propel India’s used car market.
According to our study “Booming Used Car Market in India Outlook 2017”, country’s used car market is expected to grow in tandem, owing to rising income levels, easy availability of finance and availability of a wide range for selection. Also, increase in the interest of more and more organized players in the industry and buyers’ response towards the organized second hand car market has been encouraging with the increasing awareness about the segment. Considering the above factors, the Indian used car market is projected to grow at a CAGR of around 16% during the forecast period 2013-2017.
Our report provides a comprehensive study of current present market set-up and future growth predictions of used car market in India. The report analyzes the Indian used car market broken down into three major basis viz. by segment, by players and by major cities along with the study of the consumer behavior towards used cars. The report also covers analysis of different trends & drivers along with the challenges to aid players in designing their business strategies and provide them with key insights that would help them enhance their takings. Additionally, the report studies regulatory environment pertinent to used cars trade in order to assist the clients to gain a profound insight of the used car market in the country.
Further, the report talks about the price analysis of the most preferred used car models in the country. Also, through the section of financing, we have tried to provide the knowledge of current market scenario to our customers. This section would also help the financiers to get an insight about the current practices in the financing market and prevailing interest rates for used car financing in the country. Besides that, the key players section covers detailed description of major used car players in the organized sector.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.
Growing Demand for Affordable Pre-Owned Luxury Cars Boosting India's Used Car Market
India used car market is anticipated to grow at a CAGR of around 16% during 2013-2017 says RNCOS in its latest research report.