In CY24, India’s pre-owned car market outpaced new car sales with a ratio of 1.3:1.
Pre-owned or New?
- In CY24, India’s pre-owned automobile marketplace outpaced new automobile sales with a ratio of 1.3:1. By CY30, this ratio is projected to rise to at least one.7:1, i.E For every 10 new motors purchased, 17 used automobiles can be bought
- Used Car Market Growth: Sales are predicted to boom from 4.6 million in CY23 to 10.8 million in CY30, attaining a CAGR of 13%.
- New Car Market Growth: New vehicle income have also proven steady boom, with an expected growth from 4.1 million in CY23 to six. Three million in CY30, with a CAGR of seven.3% during this era.
- Both markets are increasing extensively, but the faster growth of the pre-owned phase highlights a long-lasting choice for low-cost and reliable mobility alternatives.
Top States Fueling India’s Used Car Craze
- Maharashtra’s (sixteen.4%) high GDP in line with capita and crucial automobile possession in towns like Mumbai and Pune, pushed with the aid of excessive living prices, gas demand for cost-efficient used cars.
- In Delhi (thirteen.8%), strict environmental norms and heavy traffic make used automobiles an less costly and sensible choice, often as secondary vehicles.
- Uttar Pradesh’s (eleven.7%) increasing infrastructure, especially around cities like Lucknow and Kanpur, boosts vehicle ownership enchantment.
- Haryana (10.7%) benefits from its proximity to Delhi-NCR and nicely-developed street networks in business hubs like Gurugram, making non-public automobiles handy.
- In Karnataka (10%), Bengaluru’s tech professionals and millennials prioritize low priced, compact, and fuel-green used motors, similarly driven via believe in on line platforms.
India’s Most Wanted Used Car of 2024
- Maruti Suzuki Swift – 5.8%
- Hyundai i10 – 4.1%
- Honda City – 3.6%
- Maruti Suzuki Swift Dzire – 3.5%
- Maruti Suzuki WagonR 1.0L – 3.2%
- Hyundai Grand i10 – 2.7%
- Maruti Suzuki Alto – 2.5%
- Maruti Suzuki Baleno – 2.5%
- Hyundai Elite i20 – 2.3%
- Hyundai i20 – 2.2%
What’s driving used car sales – Sedans, SUVs or Hatchbacks?
- SUVs noticed a decline in marketplace share from fifty seven% in 2022 to fifty three. Four% in 2024, as purchasers inclined towards larger, feature-packed cars to suit their evolving options.
- Sedans experienced a mild drop in market proportion, from 25.Three% in 2022 to 24.Four% in 2024, but persevered to draw those in search of a certainly ideal combination of affordability, consolation, and style.
- Demand for SUVs surged, with their marketplace share hiking from 12.6% in 2022 to 16.7% in 2024. Their open design, versatility, and top elegance enchantment made them a favorite during each city and rural markets.
Average selling price of used cars
The Average Selling Price (ASP) grew from ₹449,961 in 2021 to ₹566,097 in 2024, marking a 25.8% boom over the duration, pushed by means of demand for better-equipped and top class motors.
The growing ASP highlights a maturing pre-owned automobile marketplace, with shoppers valuing overall performance, safety, and tech-pushed options greater than ever.
