Accelerating Revolution: India's Used-Car Market on Track to Cross 1 Crore Sales by 2030

The Indian used-car market is predicted to surpass 1 crore in annual sales by 2030, driven by increased demand in both urban and smaller towns. SUVs dominate the segment, and consumer preferences are shifting towards personal mobility. Financing for vehicles is also on the rise.

The Indian used-car market is on the brink of a transformative decade, with sales anticipated to exceed 1 crore annually by 2030, according to a report by CARS24. Both urban and smaller towns are showing a robust increase in demand, positioning states like Maharashtra, Uttar Pradesh, and Delhi at the forefront of this expanding sector.

CARS24 Co-Founder Gajendra Jangid highlighted the market's projected growth from 4.6 million sales in 2023 to an impressive 10.8 million by 2030, with a compound annual growth rate of 13%. The shift in consumer preference towards more affordable and reliable options has spurred this surge, favoring the used-car market over new vehicles.

SUVs, with their spaciousness, versatility, and premium appeal, hold a significant 16.7% share in the market, appealing to both urban and rural demographics. The report further underlined a post-COVID shift toward personal mobility, with 12% of buyers prioritizing convenience and safety over shared transport. Popular models like the Maruti Suzuki Swift continue to attract attention, alongside favorites such as the Hyundai Santro and Tata Tiago NRG for their high resale value.

(With inputs from agencies.)