Market value of used car in India FY 2020-2028

In financial year 2023, the market value of used cars was around 31 billion U.S. dollars. It was estimated that in 2028, it would increase to around 70 billion dollars. During the presented period, a general growth trend could be observed. 

Indian passenger vehicle industry

India has one of the biggest passenger vehicle manufacturing sectors in the world, with an annual production of around 4.6 million vehicles. Among all the passenger vehicle manufacturers, Maruti Suzuki dominated this segment with the highest market share. In recent years, the Indian market has witnessed a shift from hatchbacks to crossovers and compact SUVs.

Used cars market

The predominantly unorganized market for used cars in India has grown immensely. It was estimated that by financial year 2028, the used car to new car market ratio would be approximately 1.9 across the country. However, the pace of industry organization has picked up speed during the pandemic, especially through digitization. Several online trading platforms have emerged and become more and more popular.