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Convenience offered by the online platforms to both buyers and sellers has led to increase in the Used Car Sales in Malaysia: Ken Research

Rising Internet Penetration: Internet users in Malaysia stands at 29.55 million as of January 2022 while Internet penetration in Malaysia stood at ~89.6%. The used car dealers have been able to increase their footfall due to the rising Internet and Smartphone penetration in the country. Digital platforms provide many value-added services such as – instant finance, warranty extension, insurance, etc. which are attracting more customers to buy used cars.

Health Concerns from Using Public Transportation: Due to the Covid-19 Pandemic, people have become more conscious about health & hygiene due to which public transport and ride sharing are no longer considered to be a safe option as more & more people are concerned about health and risk for severe illness from the virus, and as a result, used car is a way of following social distance to fight the Covid-19 Pandemic. In addition to the same, with the decrease in purchasing power, new vehicles are not considered to be economical option which makes used car a perfect choice for customers with limited budget.

Evolution of complete transaction Marketplaces: A completely digital experience by Transactional marketplaces helps the customer to book test drive & buy used cars online. Ancillary services such as insurance, warranty, financing options & documentation support are also provided by these platforms.

Covid-19 Impact on the Used Car Sales: Due to Movement Control Order restrictions, the demand for used cars significantly diminished during the peak of Covid-19 pandemic. This was due to low supply and closure of OEM dealerships and local tents during lockdown which was further fueled by decrease in purchasing power which led to postponing of new and used car purchases.  However, as the lockdown restrictions were on ease, there was a significant growth in used car sales as people started to prefer personal vehicles over shared transport. Other factors increasing the sales were favorable tax policies and sale of vehicles by people with multiple car ownership. During the initial months of the year 2020, the demand for used cars in the country remained low, however there was increase in demand in the second half of the year post ease in the lockdown. To drive sales and to increase customer football, the manufacturers are expected to shift focus towards digital medium.

Analysts at Ken Research in their latest publication Malaysia Used Car Market Outlook To 2026F (Third Edition) – Demand for Used Cars Increased Due to Shift in User preference towards Personal Mobility, induced by Covid-19observed that post pandemic, Malaysia is in a late growth phase in the used car market in South East Asia and is slowly recovering from the economic crisis. The increasing credit availability in the country along with car loan moratoriums and other incentives under Penjana is driving the growth of the industry. The industry is expected to demonstrate strong growth in the future led by growth of online used car platforms that provide convenience to both buyers and sellers and makes the entire process smoother. The Malaysia Used Car Market is expected to grow at a CAGR of 9.7% on the basis of GMV over the forecast period 2021-2026F.

Click here for sample repot: – https://www.kenresearch.com/sample-report.php?Frmdetails=NTUwNTY3

Key Segments Covered: –

By Market Structure

Organized

Unorganized

By Sales Channel

B2C/OEM organized

C2C

Auction

By Source of Lead generation

Online

Dealership walk-ins

By Car Segment

Sedan

Hatchback

SUV

MPV

Pickup trucks

Others (convertibles, coupe, sports vehicles, etc.)

By Price

Less than MYR 30,000

MYR 30,000-50,000

MYR 50,000-70,000

MYR 70,000-90,000

More than 90,000

By Brand

Perodua

Proton

Honda

Toyota

Nissan

Others (Mitsubishi, Mazda, Mercedes, Audi, etc)

By Region

Kuala Lumpur

Selengor

Johor

Penang

Perak

Others

By Ownership period

Less than 2 years

2-4 years

4-6 years

6-8 years

More than 8 years

By Mileage

Less than 20,000

20,000-50,000

50,000-80,000

80,000-120,000

Above 120,000

By Fuel

Petrol

Diesel

Hybrid

Electric

Companies Covered

OEM Dealerships

Perodua Pre-owned

Proton Certified Pre-owned

Toyota Topmark

Mazda Certified Pre-owned

BMW Premium Selection

Mercedes Benz Certified Pre-owned

Online Portals – C2B platforms

Carsome

MyTukar

MyMotor

Online Portals – Online Auto Classified Platforms

Mudah.my

Motor Trader

Carlist.my

WeMotor

Motor Trader

Autocari

Oto.my

B2B Auction players

G-Mart

MUV

NG Chan Mau & Company

Pickles Auction

Key Target Audience

Used Car Companies

OEMs

Online Used Car Portals

Auction players

Used Car Financing Companies

Government Bodies

Investors & Venture Capital Firms

Used Car Dealerships

Used Car Distributors Auction Houses

Used Car Associations

Time Period Captured in the Report: –

Historical Period – 2015-2021

Forecast Period – 2021-2026F

Key Topics Covered in the Report: –

Executive Summary

Research Methodology

Malaysia Used Car Market Overview

Malaysia Used Car Market Size, 2015-2020

Malaysia Used Car Market Segmentation, 2020

Growth Drivers in Malaysia Used Car Market

Issues and Challenges in Malaysia Used Car Market

Regulatory Framework

Ecosystem and Value Chain of Used Car Industry in Malaysia

Customers Purchase Decision Making Parameters

Cross Comparison between Major OEMs and Multi-brand Dealers and Company Profiles & Product Portfolios

Snapshot on Online used car market

Snapshot on C2B and online classified market

Snapshot on Auction Market

Future Market Size and Segmentations, 2021-2025F

Covid-19 Impact on the Industry & the way forward

Analysts’ Recommendations

Related Reports by Ken Research: –

Indonesia Used Car Market Outlook to 2025

Saudi Arabia Used Car Market Outlook to 2025

Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249

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