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The expansion of transactional platforms, shifting customer perception of privately owned cars, and the region’s ease access to credit for financing are factors influencing the demand for used cars in the SEA: Ken Research

July 2022 | South-East Asia News

  • Increased demand for private cars, rising per capita income, accessible financing options, rising internet penetration, and improved digitization of the used car industry are among the growth factors pushing SEA region to witness growth in used car market.
  • Online SEA used car market witnessed the entry of various online classified portals and marketplaces in recent years. These players follow various different business models and aim to harness the untapped potential of the industry. Malaysia Contributes the Most in terms of Online Used Car Market in SEA.

Growing Traction Towards Online Platform:  Increasing internet and smartphone penetration in the Southeast Asian countries has resulted in large number of consumers preferring to buy and sell cars through online auto classifieds and social media, due to which the used car market is getting more organized and gaining more traction. Moreover, enormous number of photos and videos on the online platform tends to build trust within the consumer.

Impact of Covid-19 on the Used Car Industry: Amidst mobility restrictions imposed across the Southeast Asian region, the demand for used cars declined as consumers deferred car purchase decision. Post lifting of lockdown, the sales of used cars ascended in the SEA region due to preference of using personal vehicles over public or shared transportation, inability to pay off loans resulting in selling off vehicle, selling off vehicle if the seller has more than one already so as to minimize expenses.

SEA Used Car Market Research Report

Incorporation of Latest Technologies to enhance digital experience: Future Technologies involving Artificial Intelligence & Virtual Reality is expected to enhance the digital buying and selling experience for consumers by offering 360° interior and exterior view of the car, estimating car price online via uploaded images, analysing consumer behavioural insights to show relevant ads according to interests and more.

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 Platformsobserved 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.

SEA Online Used Car Market Key Segments:

SEA Used Car Market

  • By Business Model
  • C2B
  • B2C+C2C
  • By Country
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines
  • Singapore
  • Vietnam

SEA Online Used Car Market

  • By Business Model
  • C2B
  • B2C+C2C
  • By Country
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines
  • Singapore
  • Vietnam

SEA Ancillary Services Market

  • By Type
  • Auto Finance
  • Used Car Finance
  • Motor Insurance Premium
  • Warranty Value
  • Automotive Aftermarket
  • By Country
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines
  • Singapore
  • Vietnam

Request for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg0MjYz

Segments Included:

  • Current Used Car Market Size
  • Online Used Car Market
  • Competition Landscape (Market Share of Major Companies, Cross Comparison and Company profiles)
  • Future Used Car Market Size
  • Future Used Car Market

Countries Covered:

  • Indonesia
  • Thailand
  • Malaysia
  • Philippines
  • Singapore
  • Vietnam

Companies Covered (Online Platforms)

  • Carsome
  • Carro
  • OLX Indonesia (OLX Autos)
  • MUV
  • Mobil 88
  • Mobil 123
  • MyMotor
  • MyTukar
  • Carmudi
  • AutoDeal
  • my

Key Target Audience

  • Used Car Companies
  • OEMs
  • Online Used Car Portals
  • 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
  • SEA Used Car Market Future Outlook
  • Ecosystem of Major Entities in SEA Used Car Market
  • Overview and Genesis of the Used Car Market in SEA Region
  • Value Chain Model for Used Car Industry
  • Issues and Challenges
  • Overall Used Car Market Size and Segmentation
  • Online Used Car Market Size and Segmentation
  • Ancillary Service Market Analysis
  • SWOT Analysis
  • Customer Decision Making Parameters for Buying Used Car
  • Covid-19 Impact on SEA Used Car Market
  • Comparison of SEA Used Car Market with USA and China Market
  • Competitive Landscape & Cross Comparison of Major Players
  • Company Profiles
  • Individual Country Wise Used Car Analysis for Indonesia, Thailand, Malaysia, Philippines, Singapore and Vietnam
  • Future Projections
  • Analyst Recommendations
  • Research Methodology

Related Reports

Australia Used Car Market Outlook to 2026F – Driven by the consumer shift to online platforms and supply chain issues for new vehicles with an increasing trend of upgrading vehicles

UAE Automotive Aftermarket Service Industry Outlook to 2026: Driven by increasing number of startups and consumers’ shifting preference towards online and organized sector

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

support@kenresearch.com

+91-9015378249

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