USED CAR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In June 2023, Jardine Cycle & Carriage Limited, an investment company linked to Hong Kong's Jardine Matheson, teamed up with Southeast Asian car marketplace, Carro. Together, they plan to expand Carro's range of quality used cars and enhance the digital services offered by Republic Auto, as stated in a joint announcement. This partnership aims to strengthen both companies' market positions and improve customer experiences.
• In August 2022, Lexus, a subsidiary of TOYOTA MOTOR CORPORATION is a global automotive manufacturer headquartered in Toyota City, Japan, introduced the Lexus Certified Programme in India. This strategic move is designed to help current Lexus vehicle owners receive better resale values for their cars. Additionally, it aims to make Lexus models more accessible and affordable for potential buyers. By introducing this certified program, Lexus hopes to increase customer satisfaction and enhance the brand's presence in the Indian automotive market.
• In August 2021, Audi is a subsidiary of Audi AG, a German automobile manufacturer, specializing in luxury vehicles. revealed its intention to double the number of Audi Approved Plus showrooms from seven to 14 by the year's end, supporting the sale of pre-owned vehicles, alongside its existing network of over 40 workshops nationwide
• In August 2021, Mahindra First Choice Wheels (MFCW) is a subsidiary of Mahindra Group, one of India's leading multinational conglomerates. collaborated with CamCom, a company specializing in Artificial Intelligence (AI)-powered visual inspection solutions, to introduce AI-enabled car inspection services. This partnership allows Mahindra to assess vehicles and identify damages using advanced technology.