Volkswagen India and Frost & Sullivan collaborate on developing Indian Pre-owned Car Market Study
Volkswagen India's strategic collaboration for its pre-owned car business (DWA): To better understand the customer requirements, behavior and changing buying patterns towards used car market, Volkswagen India through its pre-owned car business Das WeltAuto., is developing a study on 'Indian Pre-owned Car Market' in collaboration with Frost & Sullivan. The study will cover various demographics of the country over a varied sample size
Insights from the report: Study to provide insights on the growth trends of the pre-owned car market in India, region-wise preference of pre-owned car, consumer demographics, changing consumer behavior, key factors consumers consider while selecting a pre-owned vehicle, their requirements for service packages and other value added services and willingness to shift from offline to online purchase
PEST Analysis: The study will emphasize on PEST analysis; Political, Social, Economic and Technological aspects of the consumers
Volkswagen Passenger Cars India, through its pre-owned car business Das WeltAuto., today announced the collaboration with Frost & Sullivan for developing a detailed study on the 'Indian Pre-owned Car Market'. The report will emphasize on the importance of the growing used car market and the key indicators that drive the segment currently.
The study will provide insights on the following key topics:
- Growth trends of the used car market in India current and expected market offerings
- Consumer demographics and expectations
- Current ownership and usage patterns across age groups and cities, demographics
- Trust while selecting a pre-owned vehicle
- Usage of value added services such as certification, warranty, service packages and service support
- Choice of purchase via offline or online platforms
- Growing need to purchase pre-owned vehicles through established channels, and more
The analysis from the report will help organized pre-owned car businesses such as Das WeltAuto. to understand customer requirements, behavior and buying patterns, in-turn offering customers enhanced customization, transparency and affordable personal mobility solutions.
Commenting on the announcement, Mr. Ashish Gupta, Brand Director, Volkswagen Passenger Cars India said, "The used car business has immense growth potential in India and offer a strong value proposition for our consumers and business partners. In 2020, we observed an immediate shift in buying pattern of consumers, moving to affordable mobility solutions instead of a new car due to the pandemic situation. Even today, on a M-O-M basis, we're witnessing approximately 10% growth in our used car volumes. Through this collaborative study with Frost & Sullivan, we further intend to understand consumer requirements, in order to, offer them an enhanced value proposition and customized services under one roof."
"The organized sector of the pre-owned passenger vehicles business in India is expected to reach a market share of 25% in 2022 from 18% in 2016. This is because of a significant shift in focus, where customers are ready to pay more for getting reliable vehicles at a reasonable price, instead of opting for low-cost and unreliable deals," said Mr. Kaushik Madhavan, Vice President, Mobility (Automotive & Transportation) Practice, Frost & Sullivan.
Today, car buyers across segments are looking at differentiated and easy options of vehicle ownership. Volkswagen India's pre-owned car business Das WeltAuto. (DWA) is setting a benchmark in the organized used car business. The DWA facilities offer buying, selling and exchanging of multi-brand pre-owned cars and isn't restricted to customers looking to exchange their existing cars for a new Volkswagen.
The 105 DWA facilities across India are a one-stop solution that offers a strong value proposition in the affordable and organized pre-owned segment. The brand has enabled digitalization across the business with the introduction of DWA Valuator App and setting-up of DWA Excellence Centers for a seamless and contactless experience.
DISCLAIMER: This information is published as per the press release sent to us. It has not been verified or ratified by OVERDRIVE.
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