The pre-owned car market to surge in the next five years
It is predicted to grow 2x in volume and 2.5x in value
It would grow at a compound annual growth rate (CAGR) of 16 per cent from FY22-FY27
Meanwhile, the new car market would grow at a CAGR of 10 per cent
Return to near-normalcy, increase in mobility and revival of travel are a few reasons behind this surge
Small cars have more demand in the pre-owned car market
Maruti is the major player in this segment
Maruti Baleno, Hyundai Elite i20, Renault KWID, and Maruti Suzuki Dzire are some of the popular cars
However, this demand might contract by 2 per cent by FY27
The UV car segment may grow three times more than now
