- The key vendors in the Used Cars Market in India 2014-2018 are Hyundai H PROMISE, Mahindra First Choice Wheels Ltd., Maruti True Value and Tata Motors Assured
London, 02 December 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Used Cars Market in India 2014-2018. Increase in online auto portals is one of the major emerging trends in this market. There has been a steady rise in the number of automotive portals such as Gaadi.com, Autoportal.com, and Carwale.com. These portals provide relevant information about cars, both new and used, as well as a platform for buying and selling. These portals assist consumers in comparing the various prices and models of used cars and give car financing options. The Used Cars market in India is expected to grow at a CAGR of 23.46 percent during the forecast period of 2013-2018.
A rise in purchasing power of consumers, rapid economic growth, and increased consumer demand are some of the reasons for such high demand. In India, the Used Cars market is more prevalent in cities than in small towns and rural areas. Most buyers of used cars are from urban areas of India. Moreover, . Organized players have made the process of buying and selling simpler, easier, and transparent.
“The entry of OEMs into this market has ensured transparency and has been successful in building trust among a large consumer base,” says Faisal Ghaus, Vice President of TechNavio Research.
“OEMs have developed their own method of ensuring the quality of a car, and invest time and resources to rectify any issues or concerns about a car.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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