India's Used Car Market Set to Skyrocket: 13% Annual Growth Predicted

India's pre-owned vehicle sector is poised for explosive growth, with CARS24's latest report projecting a 13% annual increase through 2030. The market is expected to surge from 4.6 million sales in 2023 to an impressive 10.8 million by 2030. This remarkable expansion is fueled by increasing consumer trust in organized players, a widening affordability gap between new and used cars, and improved financing options. SUVs are gaining popularity, capturing 16.7% of the market share in 2024. As the industry evolves, it's clear that used cars are becoming an increasingly attractive option for budget-conscious Indian buyers.
Source: CARS24 report