Executive Summary
The Indian used car industry is currently witnessing a dynamic transformation and growth driven by evolving consumer preferences, technological advancements, and a growing working-age population. India ranks as the fourth-largest automobile market globally, and in recent years, the country has emerged as a prominent and rapidly expanding automotive market. Although the used car market in India is thriving, there remains significant untapped potential within the used car market. Due to factors such as the rising middle class, a shorter vehicle replacement cycle, and accessibility to used car financing, the used car market in the country is reaching new heights.
The recent surge in digitization in the country has played a vital role in addressing longstanding challenges within the market. The digital revolution has played a vital role in transforming how businesses operate in the market, fostering transparency in transactions, and enhancing consumer confidence in the used car industry.
Mergers, acquisitions, and strategic investments among key players are transforming the competitive environment in the country. These collaborations aim to harness each other's strengths, enhance market capabilities, and provide comprehensive solutions to customers. In India, there is a higher demand for used cars in non-metro areas, while the majority of the supply is concentrated in urban areas like Mumbai, Delhi NCR, Pune, Bangalore, Chennai, and Hyderabad. The small towns will drive considerable growth, with the share of used vehicle sales in non-metropolitan cities expected to increase in the upcoming years. Companies that can adjust to the needs and demands of these small towns in the country, are poised to gain a competitive advantage.
Overall, the used car market is a dynamic and competitive sector and is expected to grow rapidly in a country like India where there is a growing willingness to consider used cars as a feasible option compared to new vehicles. Companies that embrace affordability, sustainability, and strategic partnerships are well-positioned to capitalize on emerging opportunities and gain a competitive edge in this evolving landscape.
Scope of Work
Makreo Research has released a competitive study on the "India Used Car Competitive Landscape—Edition 2024" report, providing comprehensive coverage of key players operating within the used car market in India, with a particular focus on Cars24, Maruti Suzuki True Value, Mahindra First Choice Wheels Limited, OLX India, CarTradeTech, and Car Dekho Group. The companies represent a broad spectrum of players in the market. The report delves into different aspects concerning these companies and the overall aspects of the industry, such as mergers, acquisitions, funding and investments, and company profiles. Thus, in brief, the report offers a comprehensive and insightful analysis of the competitive environment in the Indian used car industry, covering established companies, key business highlights, and their recent financial activities. This information empowers stakeholders and industry experts with a thorough grasp of the evolving dynamics in this fast-growing and evolving market in India.
Competitive Landscape
Companies Covered
Key Questions Answered
Table of Content
Report Synopsis
Competition Overview
Objectives of the Study
1. India Used Car Industry - Competitive Landscape
1.1. Competitive Landscape of the Indian Used Cars Market
2. India Used Car Industry - Market Mergers, Acquisitions, Investments, and Divestments
3. India Used Car Industry - Funding Timeline
3.1. Funding Timeline
4. India Used Car Industry - Company Profiles
4.1. Company Profile: Cars 24
4.2. Company Profile: Maruti Suzuki True Value
4.3. Company Profile: Mahindra First Choice Wheels Limited
4.4. Company Profile: OLX India
4.5. Company Profile: CarTradeTech
4.6. Company Profile: Big Boy Toyz
4.7. Company Profile: Droom
4.8. Company Profile: CarDeko Group
4.9. Company Profile: Spinny
4.10. Company Profile: Quikr
4.11. Company Profile: GaadiBazaar Cholamandalam Investment and Finance Company Limited (Chola)
List of Figures & Tables
Sales Revenue of Top India Used Car Market Companies, 2022, 2023
Cars24 Revenue, FY 2018-2023
Cars24 Car Sales Revenue FY’22- FY’23
Cars24 Financial Services Private Limited Revenue for FY’22-FY’23
Maruti True Value, Loss Incurred in FY ’18 to FY’23
Maruti True Value, Used Car sales in FY’18–FY’23
Maruti Suzuki’s Sales Channels in FY’23
Maruti True Value Key Indicators FY’21-FY’23 ( INR )
Maruti True Value Financial Ratios, FY’21-FY’23
Mahindra First Choice Wheels Limited, Total Income in FY’18-FY’22
Mahindra First Choice Wheels Limited, Revenue Breakdown in FY’18-FY’22
Mahindra First Choice Wheels Limited, Financial Ratios for FY’21-FY’22
Prosus Global Revenue of Classified Segment of FY’2021 & FY’2022
OLX Revenue in FY’18-FY’23
OLX Autos Number of cars transacted (‘000) in FY’21 & FY’22
CarTradeTech Financial Highlights in FY’22 & FY’23
CarTradeTech Financial Ratios in FY ‘22 & FY’23
CarTradeTech Financial Parametres in FY’18- FY’23
CarTradeTech Average Monthly Unique Visitors FY’18-FY’23
Big Boy Toyz Operating Income FY’19-FY’20
Droom Key Performace Indicators FY’22-FY’23
Droom Operating Revenue FY’ 19 - FY’23
CarDeko Group Revenue & Losses in FY’ 22-FY’23
CarDekho Y-o-Y Expense Breakdown in FY’20-FY’22
CarDekho Y-o-Y Revenue Breakdown in FY’20-FY’22
CarDekho Y-o-Y Revenue Breakdown in FY’18-FY’22
Spinny Key Financial Indicators in FY’22-FY’23
Spinny Key Financial Indicators in FY’21-FY’22
Spinny Number of Cars Sold in FY’18-FY’23
Quikr Key Financial Indicators in FY’22
Quikr Revenue Breakdown in FY’21-FY’22
Quikr Expense Breakdown in FY’21-FY’22
Quikr Key Financial Indicators in FY’18- FY’22
GaadiBazaar Total Registered Sellers and Listing on the Platform in FY’22-FY’23
GaadiBazaar Key Financial Indicators in FY’22 – FY’23
Chola Asset Portfolio in FY’23