Used Car Retailers to Witness Growth at a CAGR of 19.5% till FY27
MUMBAI, India, Oct. 13, 2022 /PRNewswire/ — The recent release of the Indian Blue Book (IBB) report 2022 estimates the used car market at $23 billion in FY22 and speculates it to grow at a double rate of 19.5% CAGR till FY27.
According to the report, the second hand car industry is transitioning into an organised setup because of the presence of trustworthy players like Spinny, the leading pre-owned vehicle platform. The report also stated the factors contributing to this massive growth in the upcoming five years, which are listed below:
* Technology-driven transparency
* Ease of transaction
* Rising middle-class and young population
* Availability of certified vehicles
* Decrease in the average tenure of ownership for automobiles and two-wheeler vehicles
* Increase in disposable incomes
* Launch of new models within shorter time frames
Further, the report proclaimed that the demand for second hand cars in smaller towns is expected to grow at a 30% CAGR by 2026 and a 10% CAGR in the top 40 cities.
The India Blue Book Report will help used car giants, like Spinny, to get an insight into the evolving dynamics of the used car segment to understand the mindset of customers, trends and developments.
About 3.5+ million used cars were sold in India in the financial year 2022, which breaks the record of the year 2021. Since the pandemic, the industry has witnessed positive growth. This will continue due to the emergence of organised online-offline used car models and personal mobility picking up. Not just that, the government is showing immense support to the dealers in regulating the sales of second hand vehicles.
Spinny is one of the pioneers in redefining the pre-owned car segment through its platform. Their assurance of top quality cars and curation of an end-to-end customer experience is drawing the consumer’s trust, leading to an increase in growth and revenue. Whether a customer wishes to buy second hand cars in Kochi, Surat, Chandigarh, Mumbai or other metro or non-metro cities, their extensive range in the Indian market is a confirmation of their successful growth.
To sum up, the Indian Blue Book (IBB) report 2022 will surely give used car retailers a direction as to what are the expectations of the consumer, factors influencing their behaviour and how companies can level up and meet those demands. This will create a win-win situation for both used car platforms and consumers.
Founded in 2015, Spinny is a used car retailing platform that aims to bring about transparency and convenience in buying and selling pre-owned cars. As a testimony of Spinny’s commitment to transparency and quality, every vehicle on their platform comes with a 200-point inspection checklist, 5-day money-back guarantee, and 1-year after-sales warranty. Spinny has about 36 car hubs operating across 22 cities in India. Last year, Indian cricket legend Sachin Tendulkar partnered with Spinny as a strategic investor and a lead brand ambassador. Sports icon, PV Sindhu, a believer and customer of Spinny, is also a part of a series of marketing initiatives focused on realizing the aspirations of a billion car dreams.
For more information visit our website: https://www.spinny.com/ or click here to download the app.
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