One of the used car platforms in India, Spinny has registered a significant surge in the demand for pre-owned vehicles. The emerging economy and increasing incomes of individuals have contributed to the rise in demand for vehicles in a few years. The demand for vehicles has witnessed a drastic surge in the Tier 1 and Tier 2 cities of the country.
- Increment of 70% in Home Deliveries
- Increment of 36% in Women Car buyers
- Increment of 65% in new Car Buyers
- Increment of 30% in Hub deliveries
- Increment of 71% in Online purchases
Growth of Used Cars Market in India
The overall valuation of the Indian Used Car Market stands at $23 billion in FY 2022-23. However, the brand predicts that the valuation of this market will rise at a CAGR of 19.5% till FY 2026-2027. The demand for used cars has registered a significant growth in popular cities of India including Bengaluru, Delhi NCR, and Hyderabad. Approx. 70% of the customers prefer Home Delivery and 36% increment of women buyers.
As per Spinny, the most demanded used cars are Maruti Baleno, Hyundai i20, Renault Kwid, Hyundai Creta and Maruti Ciaz. Meanwhile, the preferred colour options of the customers are Silver, Red and Grey. And the brand says that the most popular car brands are Maruti Suzuki, Hyundai and Renault.
Factors increasing demand for vehicles
As per Spinny, 67% of corporate professionals brought used cars in the Q1 of 2023. Some of the important factors have contributed to the growth of demand for used cars in India. The factors are easy financing options, rapid digitalization, an increased need for personal mobility, lesser cost of ownership, etc.
As per the brand, the demand for hatchbacks remains consistent. However, the demand for compact SUVs has registered a notable surge in the market. In colour options, Delhi NCR region people prefer white, silver, and grey. While other cities like Mumbai, Kolkata, Bangalore, and Chennai, red is a popular choice along with white, silver, and grey.
Demand for Luxury Cars
The demand for luxury cars in India has registered a high demand from cities like Delhi NCR, Mumbai, and Bengaluru. Popular brands like Audi, BMW and Mercedes-Benz have remained consistent in the luxury car segment. However, car models like Mercedes-Benz C-Class, Audi Q3, and BMW X1 are popular among buyers. In terms of colour options, luxury car buyers prefer the White, Blue and Black colours.
Official Statement
Commenting on the rise in demand for used cars on its platform, Niraj Singh, Founder & CEO, Spinny, said: “Serving a delightful car-buying and selling experience to every customer will always be our topmost priority. The used-cars market is growing at a steady rate and this marked shift in customer behaviour can be sizably attributed to the trust customers have in Spinny’s offerings and services. We know that a car is a special purchase for a home and our endeavour is to go far and make it special for each customer.’”