India’s used car market is getting a massive surge and is expected to hit the market size of $100 billion by 2034. It is noticeable that people are choosing refurbished cars over buying brand-new cars. The rising demand in the refurbished car market pushing the market size with massive growth. Here we will discuss various key factors that will probably boost the market in the next ten years.
A statement has been shared by the Cars24 Co-founder and CEO Vikram Chopra regarding the sudden rise in the used cars industry. The Gurugram-based online used car marketplace has seen growth in the used car market.
“According to our internal study, the anticipated growth of the Indian used car market is set to occur at a 15 per cent CAGR, increasing from $25 billion in 2023 to $100 billion by 2034,” says Chopra.
He shared that when Cars24 started its journey, the market size was around $10-15 billion.
Chopra said, Currently in India, only 8 per cent population owns a four-wheeler while on the other side, in the US, China, and Europe 80-90 per cent of the population owns a car.
The growth in the feature-packed SUVs has been marked by a significant rise of around 30 per cent in FY19 and 59 per cent in the first half of FY24.