India’s car market is witnessing a shift in consumer behaviour. Even as household incomes rise and new vehicle sales continue to grow, more buyers are turning towards used cars, seeing pre-owned vehicles not as a compromise but as a practical financial choice.
According to a Redseer report, India’s used-car market is expected to expand significantly over the next five years, reaching a value of around $70 billion by FY31. Annual sales are projected to touch 9-10 million vehicles, with the sector expected to grow at a compound annual growth rate (CAGR) of 14-18%.
