Revving Up: India's Used-Car Market Set for Remarkable Growth by 2030

The Indian used-car market is projected to surpass sales of 1 crore units annually by 2030. With a growth pegged at a CAGR of 13%, states like Maharashtra, Uttar Pradesh, and Delhi are key drivers. A shift in consumer preferences and strong resale value in models like Maruti Suzuki Swift are contributing factors.

The Indian used-car market is on track to surpass the 1 crore annual sales milestone by 2030, as both urban and rural demand accelerates. This growth trajectory is outlined in CARS24's latest report, 'Gear of Growth: The 2024 Indian Used-Car Market Report'.

Maharashtra, Uttar Pradesh, and Delhi play pivotal roles in driving the growth of this sector, says Gajendra Jangid, Co-Founder of CARS24. From 4.6 million sales in CY23, the market is anticipated to expand to 10.8 million units by CY30, marking a robust CAGR of 13%.

Changing consumer preferences towards affordability and reliability are benefiting the used-car segment, especially as SUVs capture a 16.7% share of the market for their versatile and appealing design. Financial mechanisms for car ownership have evolved, now featuring an 84% reliance on loans, further indicating a shift in buying behavior.

(With inputs from agencies.)