India Second Hand Car Market Report - Industry Revenue to Reach USD 68.32 Billion by 2030 | Major Giants Include Cars24 and Maruti Suzuki

The India Used Car Market is positioned for significant growth from 2025 to 2030, driven by a burgeoning economy and increasing consumer preference for affordable mobility solutions. The market, valued at approximately USD 35.1 billion in 2024, is projected to reach around USD 68.32 billion by 2030, reflecting a robust compound annual growth rate (CAGR) of 14.87%. The surge in online platforms and digital marketplaces has transformed the buying and selling experience, allowing consumers easy access to used car prices in India. Additionally, the rising demand for used luxury cars among India's youth, influenced by social media trends, is further catalyzing market expansion, contributing significantly to the Indian used car market data. As urban areas grow and middle-class incomes rise, the appeal of used cars continues to gain traction, particularly in Tier II and Tier III cities, enhancing the growth potential of the India Second Hand Car Market.

India Used Car Market Statistics

• Market Value in 2024: USD 35.1 billion.

• Projected Market Value by 2030: USD 68.32 billion.

• CAGR from 2025-2030: 14.87%.

• Largest Vehicle Type Segment: Hatchbacks, holding nearly 50% of the market.

• Online Sales Channel Growth: Anticipated to increase at a CAGR of 18%-20% over the next few years.

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Competitive Landscape of the India Used Car Market

The competitive landscape of the India used car market is characterized by several key players redefining customer engagement through innovative services and platforms. Prominent companies include:

• Cars24 Services Private Limited

• Maruti Suzuki True Value (Maruti Suzuki India Limited)

• Mahindra First Choice Wheels Limited

• Hyundai Motor India

• Honda Cars India Limited

• Ford Assured (Ford Motor Company)

• Toyota U Trust

• Big Boy Toyz

• BMW AG

• Audi Approved Plus

• CarTrade Tech Limited

• Droom Technology Pvt Ltd.

• Others

These companies are focusing on enhancing consumer trust and satisfaction through quality assurance and extensive service networks, thereby shaping the India Second Hand Car Market.

Key Takeaways from the India Used Car Market Report

The India used car market is experiencing explosive growth, with estimated revenues projected to climb due to increasing urbanization and a shift towards online shopping for pre-owned vehicles. The market's strength lies in its diverse vehicle segments, particularly the affordability of hatchbacks, which are popular among consumers looking for budget-friendly options. Understanding used car prices in India is becoming increasingly important, as digital platforms revolutionize the buying process. Companies in the India Second Hand Car Market need to optimize their offerings and services to meet evolving consumer preferences.

Industry Recent Development in the India Used Car Market

• In August 2024, Cars24 Services Private Limited introduced an innovative feature called "Cars24 AI Inspection," utilizing artificial intelligence to enhance the accuracy of used car assessments. This feature is designed to reduce human error in appraisals, ensuring consumers can trust the quality and condition of the used vehicles they consider within the Indian used car market data.

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India Used Car Market Segmentation

The India used car market can be segmented by vehicle type and region:

By Vehicle Type

• Hatchbacks

• Sedans

• SUVs

By Propulsion Type

• ICE

• Petrol

• Diesel

• Others (CNG, LPG, etc.)

• Electric

By Sales channel

• Online

• Offline

By Region

• North India: Leading the market with a share of approximately 30%, valued at around USD 9 billion in 2023.

• East India

• West India

• South India

Other Report:

• Global Hydrogen Fuel Cell Vehicle Market size is estimated to grow at a CAGR of around 45.26% during, i.e., 2024-30. [View the Full Market Insight & Statistics! https://www.marknteladvisors.com/research-library/global-hydrogen-fuel-cell-market.html ]

• Global Luxury Car Market size was valued at USD 1.3 trillion in 2024 and is projected to reach USD 2.12 trillion by 2030. [View the Full Market Insight & Statistics! https://www.marknteladvisors.com/research-library/global-luxury-cars-market.html ]

Frequently Asked Questions (FAQs)

• What would be the growth rate or CAGR of the India used car market during 2025-30?

• How big is the India Used Car Market?

• Which prominent factors are expected to drive the India Second Hand Car Market during 2025-30?

• Who are the top companies in the Indian used car market?

• What are the used car market size in India and the market growth in India?

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