NEW DELHI: The Indian used-car market is expected to cross 1 crore sales mark annually by 2030 with offtakes increasing across both urban and smaller towns, according to a report by CARS24.
As per the 'Gear of Growth: The 2024 Indian Used-Car Market Report', Maharashtra, Uttar Pradesh and Delhi are driving the country's used-car boom.
"The market is projected to grow from 4.6 million sales in CY23 to a whopping 10.8 million by CY30, cruising ahead with an impressive CAGR of 13 per cent," CARS24 Co-Founder Gajendra Jangid said.
As the customer preferences change for more affordable and dependable options, the used-car market is witnessing an uptick vis-a-vis the new car market, he added.
As per the report, SUVs continue to dominate the used car market with a share of 16.7 per cent in 2024.
Their spacious design, versatility, and premium appeal make them a favourite across both urban and rural markets, it noted.
The report highlighted that the post-COVID era has seen a significant shift in consumer preferences, with 12 per cent of car buyers prioritising personal mobility for convenience and safety over shared transportation.
Maruti Suzuki Swift has become the most sought-after model across both metro and non-metro cities, the report said.
The report noted that models such as the Hyundai Santro, Tata Tiago NRG, and Maruti Wagon R have consistently offered excellent resale value, cementing their popularity among budget-conscious and value-driven buyers.
As per the report, financing for new cars has seen significant growth, climbing from 60 per cent in 2010 to 84 per cent in 2024, highlighting the increasing consumer reliance on loans for vehicle ownership.