Research the car market size in India.
The car market size in India and the data for the number of new vehicle transactions, number of used vehicle transactions, average price for each, and total size in USD in India was compiled into this spreadsheet.
To provide the car market size in India, we obtained prices for the Suzuki Alto because it is the most popular car in the country.
For the fiscal year, which ended in March 2017, domestic passenger vehicle sales were 30,46,727 units and growth is at 9.23%. Based on this data, the 2018 market size is:
=3,327,940 units (new).
The number of used vehicles in the country was 3,300,000 units, reported in 2017. Based on this data, and the same growth as new vehicles, the 2018 market size is:
=3,604,590 units (used).
The price of new Suzuki Alto ranges between ₹3.00 -5.00 Lakh (₹300,000-500,000), which is on average ₹400,000.
The price of used Suzuki Alto ranges between ₹160,000-310,000, which is on average, ₹235,000.
In India, one Lakh = 100,000 Indian Rupees. Therefore, we used this currency converter to determine the prices of both new and used vehicles in USD.
Average new car price-₹400,000
Average used car price-₹235,000
Therefore, the market size for both new and used vehicles is calculated by multiplying the number of units by the average car price, then adding together:
Market size (new and used)-(3,327,940*$6,248.11)+(3,660,734 *$3,670.74) =$34,230,937,917.
The car market size in India can be found in this spreadsheet.