The Philippines Used Car Market is Expected to Grow at A CAGR Of 7.6% In the Next Five Years in Terms of Used Car Units Sold by the Year 2026, as per findings released by Ken Research.
1. 75 Mn Active Social Media Users: Social Media Spurring Demand for Pre-Owned Cars in Unorganized Market.
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Among the country’s population of more than 105 million as of January 2020, there are almost 75 million internet and active social media users. This accounts for 67% of the total population. The online social media websites and chat windows in Philippines are the main growth driver of the unorganized sale of pre-owned vehicles in the country. The reason being that the vehicles can be listed on the personal web pages of the individual car seller which is 100% free of charge. On the other hand, they can approach a freelancer/ multi brand dealer having a Facebook page in the name of their dealership. These free lancers can also list the vehicle for a negligible price point on behalf of the Individual seller. The unorganized market is very big and has thousands of buyers and sellers who are willing to buy used cars due to price differentiation. The example of social media in the country are-Facebook, Car Finder and WhatsApp Chat.
2. The Market Share of Online Channel in Organized Market is Expected to Grow at a 5 Year 8.0% CAGR From More Than 80% Of the Market Share In 2021P to Nearly 91.5% by 2026.
Online sales channel is expected to grow with significant rate over the forecast period
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The online sales channel has gained traction owing to its wide reach and lower advertisement costs. Moreover, the organized players have realized that the first point of contact for the any used car buyer nowadays is the online classified pages, used car portals and other social media pages Technology advancements have changed consumer positions in the market, including the emergence of the internet, the usage of e-commerce sites and applications to increase company demand, and the introduction of hybrid and electric automobiles. Thanks to web technology, consumers are learning more about the car, its residual value, third-party profit margin, and other aspects.
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