Despite the rising demands for SUVs, the hatchbacks have been dominating the pre-owned car market in India
Entry-level cars and hatchbacks have witnessed a significant drop in sales numbers in the new car segment across India
On the other hand, SUVs and crossovers have been witnessing a rapid surge in sales numbers across the country
The situation is completely different in the used car market though
Indian used car market is expected to grow from $27.47 billion in 2023 to $55.49 billion by 2028, at a CAGR of 15.10%
Growth of used car sales is fuelled by factors like rising inflation, better affordability, rising demands for personal mobility
Small cars or hatchbacks are fulfilling all these requirements in a more efficient manner compared to SUVs
This is why the hatchbacks are leading the used car market rather than SUVs that are leading the new car sales
Expect this growth momentum and lead of hatchbacks in the used car segment to continue in the coming days