Team Blitz India
NEW DELHI: Fuelled by rising disposable incomes, an influx of new sport-utility vehicles, and attractive loan rates, India’s car market is racing ahead. India’s passenger vehicle sales surged past 4 million units for the first-time ever in calendar year 2023. As per industry estimates, about 4.1 million passenger vehicles were sold in the last calendar year, an increase of around 8.2% compared with sales of 3.79 million units in 2022.
Under the auto boom, a smaller industry is also growing: the used or pre-owned car market, where for every two new cars, three used cardsare sold.
In a recent media interaction, CARS24 Co-Founder and CEO, Vikram Chopra, noted that the Indian used car market is expected to touch the $100 billion-mark in 2034 as against $25-billion in 2023, owing to the rising disposable incomes and a growing middle class. As per the company’s internal report, the market is poised to grow at a 15 per cent CAGR in the said period.
