India Used Car Loan Market Growth Factors: Percentage Sanctioned and Tenure
India used car loan market is forecast to grow at a CAGR of over 11% in value terms and to reach around USD16 billion by FY2027F.
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“IndiaUsed Car Loan Market.”
The TechSci Research report on the "India Used Car Loan Market" forecasts a robust growth trajectory, anticipating a CAGR of over 11% in value terms, reaching approximately USD16 billion by FY2027F. This growth is propelled by several factors, including lower interest rates, increased ownership of used cars, and rising disposable income. The market has witnessed a surge in demand for used car loans, driven by consumers' preferences to upgrade to newer car models amidst rising urbanization and disposable income levels.
The COVID-19 pandemic, which began in the second half of March FY2020, led to increased demand for personal vehicles like used cars due to restrictions on public transportation. However, supply constraints emerged in the used car market as people refrained from selling their vehicles during the pandemic, affecting exchanges and the demand for used car loans. Small-scale fleet management companies and drivers sought cost-effective investments amidst the economic downturn, resulting in increased preference for purchasing used cars through loans.
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The India used car loan market is segmented by vehicle type, financier, percentage of amount sanctioned, tenure, region, and company. Hatchbacks dominate the market, holding over 49% market share in FY2021, owing to their benefits such as riding comfort, safety, budget-friendliness, and lower noise and vibration levels compared to competitors.
Report Scope:
In this report, the India used car loan market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
o India Used Car Loan Market, By Vehicle Type:
o Hatchback
o SUVs
o Sedans
o India Used Car Loan Market, By Financier:
o Banks
o Non-Banking Financial Companies (NBFCs)
o OEM
o India Used Car Loan Market, By Percentage of Amount Sanctioned:
o Upto 25%
o 25-50%
o 51-75%
o Above 75%
o India Used Car Loan Market, By Tenure:
o Less than 3 years
o 3-5 Years
o More than 5 Years
o India Used Car Loan Market, By Region:
o North
o West
o South
o East
Regionally, the North region is expected to witness the fastest growth, with Punjab, Chandigarh, Haryana, Himachal Pradesh, J&K, Delhi, Uttar Pradesh, and Rajasthan collectively contributing around 33-35% of total used car sales in India in FY2020.
Major players in the market include:
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HDFC Bank Ltd.
-
State Bank of India
-
ICICI Bank Ltd.
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Shriram Transport Finance Co. Ltd.
-
Mahindra & Mahindra Financial Services Limited
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These players are focusing on expanding their product portfolios and geographical reach through acquisitions and mergers to sustain growth.
The industry is undergoing digitalization, with companies like Big Boy Toyz introducing smartphone apps that provide customers with a seamless virtual experience to browse, book appointments, make payments, and apply for loans within seconds.
The report aims to provide comprehensive market intelligence to assist decision-makers in making informed investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the India used car loan market.
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