Used Car Sales in India to Reach 1 Crore by 2030: Report
By Rediff Money Desk, New Delhi Jan 24, 2025 14:38
India's used-car market is booming, projected to cross 1 crore sales by 2030. CARS24 report highlights growth drivers, popular models, and shifting consumer preferences.

Photograph: PTI Photo from the Rediff Archives
New Delhi, Jan 24 (PTI) 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.
Additionally, models like the Hyundai Santro, Tata Tiago NRG, and Maruti Wagon R have consistently delivered exceptional resale value, solidifying their popularity among budget-conscious and value-driven buyers, the report said.
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.
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.
Additionally, models like the Hyundai Santro, Tata Tiago NRG, and Maruti Wagon R have consistently delivered exceptional resale value, solidifying their popularity among budget-conscious and value-driven buyers, the report said.
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.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 9.47 (+ 2.05)
- 61048233
- Thinkink Picturez
- 0.45 ( 0.00)
- 22664084
- G G Engineering
- 1.22 ( -3.94)
- 18109205
- Srestha Finvest
- 0.69 ( -1.43)
- 12131937
- Hathway Cable & Data
- 14.75 ( -2.12)
- 11583833
MORE NEWS

Thomas Cook Partners with Moscow Tourism for...
Thomas Cook India has signed a 2-year strategic partnership with Moscow Tourism to...

SBI Funds Invests Rs 212 cr in Ajax Engineering...
SBI Funds Management invests Rs 212 crore in Ajax Engineering ahead of its IPO,...

Advanced Sys-Tek Files IPO Papers with Sebi
Advanced Sys-Tek Ltd has filed draft IPO papers with Sebi seeking approval to raise Rs...