India's car sector is seeing increasing demand as our population grows. The Indian automobile market is expected to rise from its FY2023 prediction of Rs 2.1 trillion to Rs 5 trillion by FY2028, according to a report released by OLX. However, it appears that this analysis just paints a clear picture of the amount of money that is engaged in the vehicle business.
The number of used car sales is predicted to rise from roughly 4.6 million to 8.5 million, and it may even exceed that amount. This points to a sharp rise in the quantity of automobiles—particularly used cars—sold in the nation as compared to the previous ten years. In order to possess a desired car, it appears that people are prioritizing convenience and spending. Consequently, the market for used cars has grown by roughly 14% to 16% in FY2023 and is predicted to expand by 15% in FY2024.
It should be mentioned that individuals appear to prefer purchasing used cars because there appears to be a much lower market for new cars than for used ones. The most popular type out of all of them is the SUV, which has been quite popular in the nation over the past ten years because of its roomy interior and fashionable features. In India, SUVs rule the auto industry, and demand for them rises yearly. One of the most well-liked SUVs available for purchase or sale is the Mahindra XUV500. Other vehicles that lead the market in sales are the Hyundai Creta, Maruti Brezza, and Ford Eco Sport.
It appears that as more and more people acquire cars, there will be a noticeable rise in traffic, and in the upcoming year, we should expect to see a lot more SUVs. As a result, the Indian automobile market is expanding and more and more people are trying to afford the luxury of having a vehicle.