Used-car sales in India to cross one crore annual sales mark by 2030: Report

The Indian used-car market is expected to reach one crore annual sales by 2030, driven by increasing demand in both urban and smaller towns, according to a CARS24 report. The market is projected to grow from 4.6 million sales in 2023 to 10.8 million by 2030, with a compound annual growth rate (CAGR) of 13%. The key regions fuelling this growth are Maharashtra, Uttar Pradesh, and Delhi. The shift in consumer preferences toward more affordable and dependable vehicles contributes to the rise of the used-car market, which is outpacing the new car market. 

Thanks to their versatility and premium appeal, sport utility vehicles (SUV) are expected to maintain dominance, accounting for 16.7% of the used-car market share in 2024. The post-COVID era has seen a shift in consumer behavior, with 12% prioritizing personal mobility for convenience and safety. Popular models like the Maruti Suzuki Swift, Hyundai Santro, Tata Tiago NRG, and Maruti Wagon R are consistently favored for their resale value. Additionally, financing for new cars has grown significantly, with loan reliance rising from 60% in 2010 to 84% in 2024. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.