Mexican Media Brands
India’s Used-Car Market to Grow 50% by 2023
India’s used-car market will expand to 6.6 million vehicles per year by 2023 from 4.4 million in the current fiscal year, predicts online marketplace OLX.
#economics
Share
India’s used-car market will expand to 6.6 million vehicles per year by 2023 from 4.4 million in the current fiscal year, predicts online marketplace OLX.
Demand for used cars, already greater than India’s new-car market, should reach 5 million units in 2020, the online service says. The market’s value is expected to balloon from $14 billion this year to $25 billion by 2023.
OLX says Indian consumers under the age of 38, which represent about one-third of India’s population, are driving used-car sales.
More than half of those it polled believe they get a better price by selling their used cars online. One-third use the proceeds of a sale to buy a new car, and 17% apply the funds to purchase a better-used car.
RELATED CONTENT
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.