Preowned cars sales to reach 10.92 mn units by FY28 – Indian Blue Book Report 2023
The preowned cars sales market in India is set to reach 10.92 mn. units in FY28 as per the latest edition of Indian Blue Book (IBB) report by car&bike and Das WeltAuto. by Volkswagen. The Indian Used car industry was valued at $32.44B in FY23 and will more than double to $73B by FY28.
City Air News
May 23, 2024 05:57
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Mumbai, May 23, 2024: The preowned cars sales market in India is set to reach 10.92 mn. units in FY28 as per the latest edition of Indian Blue Book (IBB) report by car&bike and Das WeltAuto. by Volkswagen. The Indian Used car industry was valued at $32.44B in FY23 and will more than double to $73B by FY28.
Upgrading to a new pre-owned car is the top reason for owners to sell cars while budget buyers are predominantly looking for quality cars. Customers are also becoming more informed about car technicalities with 71% buyers looking at MMV (Make, Model & Variant) as a big consideration.
“The pre-owned car market is significantly growing with the potential of it being double by FY 2028. The growth primarily comes from the evolving trends and customer preferences while selecting a pre-owned vehicle. A notable shift is the top priority for safety features, a transition similar to the new car industry, enabling a brand like Volkswagen, to be more accessible and in-demand for customers with our 5-star GNCAP rated product portfolio – Taigun and Virtus. The high preference for safety features and standards among customers is positively impacting the residual value of Volkswagen cars, especially the Taigun. We are confident the Das WeltAuto. business, will continue to grow as one of the top certified pre-owned car brands in India for customers”, said Ashish Gupta, Brand Director, Volkswagen Passenger Cars India.
