The recent release of the Indian Blue Book (IBB) report 2022 estimates the used car market at USD 23 billion in FY22 and speculates it to grow at a double rate of 19.5 per cent CAGR till FY27.

The Indian Blue Book (IBB) report reveals that pre-owned car retailers, like Spinny, will now stand a chance to further elevate and expand their enterprises following the numerous factors contributing to the growth of used car selling businesses.

According to the report, the second-hand car industry is transitioning into an organized setup because of the presence of trustworthy players like Spinny, the leading pre-owned vehicle platform.

The report also stated the factors contributing to this massive growth in the upcoming five years, which are listed below:

• Technology-driven transparency
• Ease of transaction
• Rising middle-class and young population
• Availability of certified vehicles
• Decrease in the average tenure of ownership for automobiles and two-wheeler vehicles
• Increase in disposable incomes
• Launch of new models within the shorter time frame

Further, the report proclaimed that the demand for second-hand cars in smaller towns is expected to grow at a 30 per cent CAGR by 2026 and a 10 per cent CAGR in the top 40 cities.

The India Blue Book Report will help used car giants, like Spinny, to get an insight into the evolving dynamics of the used car segment to understand the mindset of customers, trends, and developments.

About 3.5+ million used cars were sold in India in the financial year 2022, which breaks the record for the year 2021. Since the pandemic, the industry has witnessed positive growth. This will continue due to the emergence of organized online-offline used car models and personal mobility picking up. Not just that, the government is showing immense support to the dealers in regulating the sales of second-hand vehicles.

To sum up, the Indian Blue Book (IBB) report 2022 will surely give used car retailers a direction as to what are the expectations of the consumer, the factors influencing their behavior, and how companies can level up and meet those demands. This will create a win-win situation for both used car platforms and consumers.