New Delhi, March 3 -- As India's economy expands, an interesting shift is underway in the vehicle market-consumers are increasingly moving from two-wheelers to passenger cars. But not everyone is opting for brand-new vehicles; many are fulfilling their dream of car ownership by turning to the second-hand market.

This shift is evident in sales data. The share of passenger vehicles in total vehicle sales has risen from 12.9% in 2018-19 to 17.7% in 2023-24, while two-wheelers have seen a relative decline.

The second-hand car market has emerged as a key beneficiary of this trend. Many first-time car buyers are former two-wheeler owners looking to upgrade, creating fresh momentum for the segment, said noted Deloitte India partner Rajat Mahaj...