With the growing economy and steady growth in disposable incomes, full stack used car retailing platform, Spinny has reported a sizable growth in demand for used cars, especially from metropolitan cities. As per the year-end report, it witnessed a 60% increase in first-time car buyers across India in 2022 as compared to 57% in 2021.Business Wire India
- Maruti, Hyundai and Honda remain the three most in-demand car brands among buyers
- Bengaluru, Delhi-NCR and Hyderabad generate significant demand, with 71% of buyers opting for petrol cars
- Increase in demand for airbags, sunroofs and automatic transmissions in used cars
- Increase in the demand for automatic compact SUVs
|Spinny Insights 2022|
|First-time car buyers||60%|
|Women car buyers||32%|
|Top three car-buying cities||Bengaluru, Delhi-NCR and Hyderabad|
|Top three preferred car brands||Maruti Suzuki, Hyundai and Honda|
|Top three preferred car models||Hyundai Grand i10, Hyundai Elite i20 and Renault Kwid|
|Top three preferred colours||White, Silver and Grey|
With the growing economy and steady growth in disposable incomes, full stack used car retailing platform, Spinny has reported a sizable growth in demand for used cars, especially from metropolitan cities. As per the year-end report, it witnessed a 60% increase in first-time car buyers across India in 2022 as compared to 57% in 2021.
Valued at $23 billion in FY 2021-2022, the used-car market is projected to grow double the rate, at a CAGR of 19.5% till FY 2026-2027. As per data from Spinny, cities that saw the maximum demand for used vehicles in 2022 was Bengaluru, followed by second hand cars in Delhi NCR and Hyderabad. In addition, Spinny saw an increase of 32% in women buyers compared to 28% in 2021.
The online purchases were highest for used cars in Bangalore with 68%, followed by Delhi NCR with 63% and Hyderabad with 62%. In terms of favored brands, the country's most popular brands that still hold sway on spinny.com are Maruti, Hyundai, Honda & Tata cars and Grand i10, Elite i20, Kwid & Ecosport topping the chart for top 4 car models. Colors like white, Silver and grey specifically in that order, take the top favorite spots among Spinny buyers.
With factors such as financing options, digitalisation, increased need for personal mobility, lesser cost of ownership, etc. acting as growth drivers, Spinny noted that 64% of corporate professionals bought used cars in 2022. Among model categories, hatchbacks remained the most preferred option for Spinny buyers, followed by sedans and SUVs. While buyers preferred second hand cars in Mumbai and Delhi NCR in white, silver and grey colors. While, in Bangalore and Chennai, red cars saw a great uptick, along with the white and Grey as preferences.
Commenting on the rise in demand for used cars on its platform, Niraj Singh, Founder & CEO, Spinny, said: “At Spinny, providing a unique and seamless car-buying experience has always been at the core of our commitment. The market for used cars 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 understand that a car is a special purchase for a home and our endeavour is to make it extra special for each of our customers. We will always keep going the extra mile to ensure that.”
As 2022 comes to a close, the months that witnessed major sales were December followed by October, August and May. Moreover, 85% of Spinny buyers opted for home deliveries and home test drives & 48% were completely online purchases.
Over the last couple of years, Spinny has had a cumulative customer base of over two lakh, operating more than 57 car hubs, including Spinny Max and Spinny Park experiential spaces across the country with a total parking capacity of over 10,000 cars.
The growth rate in Q4 was 1.5X that of Q3. The Spinny platform also saw a spike in demand during the festive season. On the 1st Day of Navaratri, Spinny made sales of 307 cars, followed by 204 on the 10th Day (Dussehra). In addition, 65% of Q4 buyers were first-time buyers.
In terms of luxury used car trends, Spinny Max has witnessed a high demand from Delhi NCR followed by Bangalore & Mumbai. The demand is constant for brands like BMW, Audi and Mercedes, with Mercedes-Benz C-Class, Audi Q3 & BMW X1 Series being the most sought after car models. White, Black and Blue remain the top favourite among the buyers.This feed is automatically published via businesswireindia.com