The rise of online auto sales platforms like Droom and CarDekho, exceptionally high number of new car launches, fluctuations in fuel prices and increase in vehicle insurance rates is leading to a huge growth in the used car sales market. At 1.2 times the size of the new car market, the pre-owned car market is set to spiral to 7 million units a year with a market size worth $ 30 billion by 2023 from the 4 million units in 2018, according to Deloitte India.
“The drivers for this resurgence in used-car numbers include an expansion of the organised segment of the industry, a high number of new car launches and a rebound in fuel prices,” Rajeev Singh, Partner, Deloitte India, told BusinessLine.
