
Summary:
According to a CARS24 analysis, the Indian used-car market is expected to exceed one crore annual sales by 2030, driven by rising demand in both metropolitan and smaller areas. The market is projected to grow from 4.6 million sales in 2023 to 10.8 million by 2030, at a 13% CAGR. Maharashtra, Uttar Pradesh, and Delhi are key regions fueling this growth, as buyers seek more affordable, reliable vehicles.
Sport utility vehicles (SUVs), known for their versatility and premium appeal, are expected to account for 16.7% of the used-car market by 2024. The post-COVID shift in consumer behavior indicates that 12% prioritize personal mobility for safety and convenience. Popular models with strong resale value include the Maruti Suzuki Swift, Hyundai Santro, Tata Tiago NRG, and Maruti Wagon R. Additionally, vehicle loan dependency has increased from 60% in 2010 to 84% by 2024.
Source: IBEF
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