Millennials are leading the charge when it comes to buying pre-owned vehicles in the country, according to research report by online used car brand CARS24.
The company has collaborated with leading research firm IPSOS to come out with the report which focuses on the used car buyer trends and top category drivers.
The study highlights the most-compelling consumer trends and statistics with respect to the Indian used car industry.
Young buyers, who account for 80 per cent of buyers' base, are helping feed the growing field of app and web-based channels, the report stated.
The rise in new-vehicle prices and lifestyle changes due to the pandemic as well as emergence of online players are the major factors contributing to this shift, it added.
While the majority of buyers are young males, there has been an uptake in the number of women used car buyers, the report said.
From an industry average of 10 per cent last year, the number has increased by 50 per cent; and is likely to further amplify in the near future, it added.
The report also highlights that among used car buyers, the most-preferred body type is hatchbacks (43 per cent willing to buy) followed by SUVs (26 per cent willing to buy). Additionally, the demand for petrol engines is also high among buyers, as per the findings of the research report. Besides, the condition of the car remains the most important factor for the buyer.
Recently, the company announced the launch of seven company-owned refurbishment centres this year in India. The centres will be set up across Delhi-NCR, Mumbai, Bangalore, Ahmedabad, Chennai, Hyderabad, and Pune.
Currently, CARS24 is the market leader in the online used car segment with over 90 per cent market share, and has clocked over four lakh transactions to date.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.