India’s used car market will be worth $100 billion by 2034: Cars24 CEO
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New Delhi. India’s used car market will reach the mark of $ 100 billion in the next 10 years. Vikram Chopra, co-founder and chief executive officer (CEO) of ‘Cars24’ has expressed this opinion. According to Gurugram-based online used car marketplace, the market is changing when it comes to cars. Customers are constantly changing their vehicles. Speaking to PTI, Chopra said, “According to our internal study, India’s used car market will grow at the rate of 15 percent annually.
It will increase from $ 25 billion by 2023 to $ 100 billion by 2034. He said that the used car market will be strengthened by many factors. These include factors such as urbanization and a growing middle class. This is changing customer preferences and increasing demand for affordable transportation solutions. Chopra said that when Cars24 started its journey eight years ago, the size of the used car market was around $10-15 billion. “I think this market has really taken off in the last three-four years with the introduction of different types of cars,” he said.
He said that the level of car ownership in India is quite low compared to developed countries. He said, “In America, China and Europe, 80 to 90 percent of the population owns a car. Whereas in India, only eight percent of the population has its own four-wheeler.” He said that in such a situation, we still have a long way to go. Chopra said that another reason for the growth of the used car market is that the young population today changes their car every five-six years. Two decades ago, people did not change their cars for 10-12 years.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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