'Bright future' for Indian used cars market in pandemic: RedSeer report

8.3 million units in sales expected by FY26 as people prefer to use their own vehicles for travel.

India’s used car market will grow at a compound annual growth rate (CAGR) of 11 per cent to log sales of up to 8.3 million units by FY26, according to consulting firm RedSeer, marking a trend of people preferring personal vehicles for travel in the coronavirus.

“This has paved the way for a bright future in the used car market,” said a report by the company.

Data monetization, in-vehicle connectivity, subscriptions, rental, charging, and long-term maintenance packages are expected to comprise a large share of profits in the used cars business. A reduced period of car ownership among the millennial