July 2022 | South-East Asia News
Key Findings
With large number of consumers preferring to own a private vehicle pertaining to the after-effects of Covid-19, the used to new car ratio is consistently improving in SEA region.Consumers are shifting away from traditional methods and adopting online platforms more frequently for their used car buying or selling journey.Competition Scenario: SEA used car market is an extremely fragmented, with many players capturing more than one geography in the region. With several C2B & B2C online players, auto-classified platforms, OEM-certified, brand-authorized dealerships, multi-brand outlets, and independent (standalone as well as clustered) dealers operating in the business, there is fierce competition in the highly fragmented market. Recently, several new players have begun exploring the untapped markets in Southeast Asia.
Price, vehicle age and residual value, brand value, and the need for maintenance are some of the most critical aspects influencing consumer preference.
Future Market Scenario: The used car industry in SEA is anticipated to expand in the future at a double digit CAGR over the forecast period of 2021 to 2026F. The sector is anticipated to experience increased demand as a consequence of individuals preferring their personal vehicles over public transit as a result of the pandemic.
Increasing internet and smartphone penetration in the Southeast Asian countries will result in large number of consumers preferring to buy and sell cars through online used car platforms. As a result, the used car industry is anticipated to consolidate and gain more traction in the coming years.
Significant Growth of Digital Used Car Platforms: Due to the huge growth in internet and smart phone usage in Southeast Asia, many customers have started selling and purchasing vehicles through online auto classifieds, transactional marketplaces, and social media.
Analysts at Ken Research in their latest publication “SEA Used Car Market Outlook to 2026F: Driven by Covid-19 led shift in User’s Preference towards Private Vehicles and Growing Penetration of Online Used Car Platforms” observed that post pandemic, SEA is in the late growth phase and is slowly recovering from the economic crisis. The Covid-19 pandemic drastically decreased customers' purchasing power globally, which had a detrimental effect on their capacity to purchase new cars. In the SEA region, there has been a massive impetus in customer preference for used cars. The industry is expected to demonstrate rapid growth in the future driven by the expansion of online used car platforms that make the transaction process easier for both buyers and sellers. The SEA Used Car Market is expected to grow at a CAGR of 13.5% on the basis of GTV over the forecast period 2021-2026F.
Key Segments Covered:
SEA Used Car Market
By Business ModelC2BB2C+C2CBy CountryIndonesiaThailandMalaysiaPhilippinesSingaporeVietnamSEA Online Used Car Market
By Business ModelC2BB2C+C2CBy CountryIndonesiaThailandMalaysiaPhilippinesSingaporeVietnamSEA Ancillary Services Market
By TypeAuto FinanceUsed Car FinanceMotor Insurance PremiumWarranty ValueAutomotive AftermarketBy CountryIndonesiaThailandMalaysiaPhilippinesSingaporeVietnamRequest for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg0MjYz
Segments Included:
Current Used Car Market SizeOnline Used Car MarketCompetition Landscape (Market Share of Major Companies, Cross Comparison and Company profiles)Future Used Car Market SizeFuture Used Car MarketCountries Covered:
IndonesiaThailandMalaysiaPhilippinesSingaporeVietnamCompanies Covered (Online Platforms)
CarsomeCarroOLX Indonesia (OLX Autos)MUVMobil 88Mobil 123MyMotorMyTukarCarmudiAutoDealmyKey Target Audience
Used Car CompaniesOEMsOnline Used Car PortalsUsed Car Financing CompaniesGovernment BodiesInvestors & Venture Capital FirmsUsed Car DealershipsUsed Car Distributors Auction HousesUsed Car AssociationsTime Period Captured in the Report: -
Historical Period: 2015-2021Forecast Period: 2021-2026FKey Topics Covered in the Report
Executive SummarySEA Used Car Market OverviewSEA Used Car Market Growth StrategyEcosystem of Major Entities in SEA Used Car MarketOverview and Genesis of the Used Car Market in SEA RegionValue Chain Model for Used Car IndustryIssues and ChallengesOverall Used Car Market Size and SegmentationOnline Used Car Market Size and SegmentationAncillary Service Market AnalysisSWOT AnalysisCustomer Decision Making Parameters for Buying Used CarCovid-19 Impact on SEA Used Car MarketComparison of SEA Used Car Market with USA and China MarketCompetitive Landscape & Cross Comparison of Major PlayersCompany ProfilesIndividual Country Wise Used Car Analysis for Indonesia, Thailand, Malaysia, Philippines, Singapore and VietnamFuture ProjectionsAnalyst RecommendationsResearch MethodologyRelated Reports
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Ankur Gupta, Head Marketing & Communications
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