The business amount includes both new and old car market, and excluding the two wheeler and commercial vehicle market
Indian automobile market is one of the fastest growing markets in the world. The automobile business in the country has flourished rapidly in recent few years. The Indian car market at present does a business amounting up to Rs. 3 lakhs crore per annum. This excludes the two wheelers and commercial vehicle market.
Reports suggest, the new car market does business of around 1.80 lakh crore per year in the country, while the used car market too is pretty large with a business amount of Rs. 1.20 lakh crore per year. While even a decade ago cars were something only available for the riches; now a days, more and more people from different socio economic segment are opting to purchase cars. Even the demand for premium and luxury cars is demanding in the country pretty rapidly.
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The Indian car market is expected to grow up to 15% this festive season comprising both new and used cars. In the first five months of this fiscal the growth has been around 12% including both new and old cars. Another interesting fact is that, a large number of customers are buying cars after gathering various informations from internet. This also marks the young urban customer’s attributes to the Indian car business.
While the new car industry in India is growing at a rate of 6% – 7% per year, the used car industry is growing more than double the speed, at around 15% – 16% per year. This has made the used car business a very profitable market in recent times in the country. Reports also suggest, the Indian car market is selling around 2.50 lakh new cars per annum at present.
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There are several automotive websites, which not only provide informations about the new and old used cars, but also help the customers in the buying process. Such websites brought in around 10% of the customers for dealerships, as the data suggests.
Source: ET Auto