India’s used car market size to touch USD 100 billion-mark by 2034: CARS24 CEO

Indian used car market is expected to touch the USD 100 billion-mark in the next ten years on the back of rising disposable in kocomes and a growing middle class, according to CARS24 Co-Founder and CEO Vikram Chopra.

As per the findings of the Gurugram-based online used car marketplace, there are changes in market dynamics with customers opting for frequent upgrades when it comes to cars.

“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 USD 25 billion in 2023 to USD 100 billion by 2034,” Chopra told PTI in an interaction.

The growth trajectory is propelled by various factors unique to the Indian market, including urbanisation and a growing middle class, which is changing consumer preferences and boosting the demand for affordable mobility solutions, he added.

Chopra noted that when CARS24 began its journey eight years ago, the used car market size stood at around USD 10-15 billion.

“I think, in the last 3-4 years, with different kinds of cars coming up, the market has truly accelerated,” he stated.

The car ownership in the country remains low as compared to various developed geographies, Chopra said.

In the US and China or in Europe, 80-90 per cent of the population has a car while in India only around 8 per cent of the population owns a four-wheeler, he added.

“So we still have a long way to go from here,” Chopra said.