January 2022|Singapore News
Increasing Online Presence: The year 2020 saw a tremendous increase in the usage of the online space for buying and selling cars. Although online classified platforms such as Carousel and DBS Marketplace were gaining traction for quite some time, the pandemic made it absolutely necessary for most of the dealers to have an online presence. Approximately 90% of the lead generation for used cars in the year 2020, happened via the online platforms. Several brands introduced the concept of virtual showrooms to promote minimum contact and social distancing between buyers and sellers.
Preference to Own a Personal Car over using Public Transportation: Since the onset of the pandemic, public transport and ride-sharing are not considered to be safe options. Therefore, a number of individuals who used to travel by public mode of transportation have started preferring to own a private car. Since buying a brand-new car is more expensive, this population demographic has started looking into the used cars segment.
Online Classifieds Facilitating Growth of Platform Economy: The online classifieds market has helped transform the used car segment into a platform economy. Buyers and sellers of used cars do not have to look for an intermediary but can directly connect with each other on the classified platforms or through social networking sites.
Impact on Used Car Sales due to Covid-19: Multiple trends in the used cars industry were observed since the onset of Covid-19. Although, the used car market witnessed significant reduction in sales (similar to the new car market) in 2020 during the months of circuit breaker, it was on the upswing once the lockdown was lifted. The increase in the sales in the following months was able to mitigate for the losses incurred during the nationwide circuit breaker.
Increased Facilities Offered by Online Platforms: Many auto portals are enabling sellers to sell their cars directly to dealers through online bidding. This reduces lead time for sellers who want to sell urgently. Further, such platforms can verify seller’s details and information and highlight trusted sellers on their platform, which leads to higher customer confidence. Additionally, online marketplaces often offer additional services such as detailed car inspection & vehicle history report along with after-sales & value-added services such as warranty, insurance and ownership transfer assistance.
Analysts at Ken Research in their latest publication “Singapore Used Car Market Outlook To 2025: The Pandemic Incited Increased Demand for Used Cars coupled with Increased Internet Penetration provides for Resilience in the Used Cars Market during the Economic Crisis–” observed that Singapore is in a growth phase in the used car market in South East Asia and is gradually recovering from the economic crisis after the pandemic. The increasing E-Commerce penetration is giving a boost to this industry. Going forward, the industry is expected to demonstrate further growth in the short-medium term, fueled by the growth of online used car platforms that provide convenience to both buyers and sellers. Singapore Used Car Market is expected to grow at a CAGR of 8.5% on the basis of sales volume over the forecast period 2020 – 2025.
Key Segments Covered
- By Market Structure
- Organized
- Unorganized
- By Organized Channel Source of Lead generation
- Online
- Dealership walk-ins
- By Sales Channel
- B2C
- C2C
- By B2C Sales Channel
- Multi-brand Dealers
- Direct Dealership Sales Agents
- Bank Auctions
- By Type of Car
- Luxury Sedan
- Mid-Size Sedan
- Hatchback
- SUV
- MPV
- Sports Car
- Station wagon
- By Engine Size
- 1000 CC and Below
- 1001 CC – 1600 CC
- 1601 CC – 2000 CC
- 2001 CC – 3000 CC
- 3001 CC and Above
- By Brand
- Toyota
- Honda
- Hyundai
- BMW
- Audi
- Volkswagen
- Kia
- Mazda
- Nissan
- By Region
- North
- East
- West
- South
- Central
- By Ownership period
- 0-2 years
- 2-4 years
- 4-6 years
- 6-8 years
- More than 8 years
- By Mileage
- 20,000 – 50,000 Km
- 50,000 – 100,000 Km
- 100,000 – 150,00 Km
- 150,000 – 200,000 Km
- 200,000 and Beyond
- By Fuel
- Petrol
- Diesel
- Others (Electric, Petrol-Electric, Diesel-Electric, etc.)
Companies Covered
- Authorized Dealers
- Cycle & Carriage Industries
- Inchcape plc
- Performance Motors Ltd
- Volkswagen Group
- Euro Kars Group of Companies
- B2C
- Vin Car
- 88 Motor Trading
- Prime Motor & Leasing
- Hua Yang Credit
- Creative Auto
- Online Portals – Online Auto Classified Platforms
- Carousel
- DBS Car Marketplace
- C2B
- Sg Car Mart
- Carro
- Motorist
- Car Times Automobiles
- Cosmo Automobiles
- Car some
- Direct Cars
- Utopic Motors
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https://kenresearch.com/sample-report.php?Frmdetails=NTA0Mzg0
Time Period Captured in the Report: –
- Historical Period – 2015-2020
- Forecast Period – 2021-2025
Key Topics Covered in the Report
- Executive Summary
- Research Methodology
- Singapore Used Car Market Overview
- Singapore Used Car Market Size, 2015-2020
- Singapore Used Car Market Segmentation, 2020
- Growth Drivers in Singapore Used Car Market
- Issues and Challenges in Singapore Used Car Market
- Government Regulations
- Ecosystem and Value Chain of Used Car Industry in Singapore
- Customers Purchase Decision Making Parameters
- Cross Comparison between Major Authorized Dealers and Multi-brand Dealers and Company Profiles
- Snapshot on Online used car market
- Future Market Size and Segmentations, 2021E-2025E
- Covid-19 Impact on the Industry & the way forward
- Analysts’ Recommendations
For more information on the research report, refer to below link:
Singapore Used Car Market Research Report
Related Reports: –
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249