The used car market in Thailand is maturing, expanding at a CAGR of 1.8% from 2014 to 2020. The key drivers of positive development in used car sales income include rising demand for private vehicles, declining purchasing power, easy access to financing, and rising VAT on new cars. The decline in public transportation owing to the epidemic and the requirement for a private vehicle is another significant factor.
According to the research report, “Thailand Used Car Market Outlook To 2025 – Growth of Online Used Car Platforms and Easy Availability of Credit Escalating Industry Growth” emphasizes that indicates that due to an expanding consumer base and significant changes in the purchasing habits of used automobiles as a result of health concerns in the wake of recent occurrences like the pandemic, the used car industry in Thailand will expand throughout the predicted timeframe. Additionally, increasing internet usage and online platforms for used automobiles that make it simple for clients to acquire and transfer used cars are also anticipated to fuel market demand. Furthermore, commuters are avoiding public transportation in order to avoid crowds, which has increased the demand for secondhand cars. However, the economic damage caused by the pandemic has reduced consumer confidence, which has led purchasers to seek used goods that are less expensive.
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- By Market Type
Based on the market type, Thailand Used Car Market is segmented into C2C, B2C/OEM, and Auction. On a value and volume basis, the B2C/OEM Organized sector led the used automobile market in Thailand in 2020. Major OEMs are mostly found in Bangkok, the surrounding area, and Tier-2/Tier-3 cities, however, Multiband dealers may be found all around the nation, both online and offline.
- By Type of Car
Thailand Used Car Market in terms of types of cars is categorized into Hatchback, 1-ton pickup, Sedan, MPV, HPV/Mini MPV, and SUV. The market is dominated by 1 Ton pickup trucks. This is mostly because it is useful for both business and private use. Due to the fact that farmers purchase the majority of these vehicles, their taxes are also lower than those on sedans and small cars.
- By Kilometres Driven
On the basis of kilometers driven, the market includes Less than 20000, 20000-50000, 50000-80000, 80000-120000, and above 120000. The majority of vehicles on the market have 80,000–120,000 kilometers on them. The odometer reading in the nation’s cars and trucks is quite high because they are used for business purposes.
- By Ownership Period
In terms of ownership period, the used car market of Thailand constitutes Less than 1 year, 1-3 years, 3-5 years, 5-8 years, and more than 8 years. The ownership duration of the cars has decreased as a result of the country’s easy access to financing for both new and second-hand cars. Cars with an average age of 5-8 years take the lion’s share of the market share.
- By Geographical Analysis
Based on the geographical analysis, Thailand’s Used Car Market is primarily split into Bangkok, North East, North, South, East, and West. Bangkok has a greater concentration of used cars than other areas because of its higher purchasing power. Due to significant economic growth brought on by expanding cross-border trade and the presence of special economic zones, the Northeastern area has the second-highest number of used automobile sales in the country.
- By Key Players
Some major dominant key players in terms of OEM Dealerships are Toyota Sure Thailand, Honda Used Certified Thailand, Mitsubishi Diamond Used Car, Nissan Intelligence, Mercedes Certified, and Volvo.
iCar Asia, Carsome Thailand, and Carro Thailand are some online portals for buying used cars in Thailand.
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By 2025, it is anticipated that the used automobile market in Thailand will have recovered from the Covid-19 pandemic. The demand for private vehicles to replace public transportation is anticipated to drive up used car sales. Over the projection period, it is also anticipated that sales of affordable vehicles will rise. Investment in marketing and promotion initiatives, as well as strategic alliances between domestic and international businesses, are anticipated in the used car market.
Time Period Captured in the Report: –
- Historical Period – 2014-2020
- Forecast Period – 2021-2025
Key Topics Covered in the Report: –
- Executive Summary
- Research Methodology
- Thailand Used Car Market Overview
- Thailand Used Car Market Size, 2014-2020
- Thailand Used Car Market Segmentation, 2020
- Growth Drivers in Thailand Used Car Market
- Issues and Challenges in Thailand Used Car Market
- Regulatory Framework
- Snapshots on Used Car Financing
- Snapshot on Auction Market
- Snapshot on Used Bike Market
- Ecosystem and Value Chain of Used Car Industry in Thailand
- Customers Purchase Decision Making Parameters
- Cross Comparison between Major OEMs and Multiband Dealers and Company Profiles & Product Portfolios
- Future Market Size and Segmentations, 2021-2025F
- Covid-19 Impact on the Industry & the Way Forward
- Analysts’ Recommendations
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Ankur Gupta, Head Marketing & Communications