Used Car Platforms in SEA region are expanding their digital presence to increase online visibility among consumers: Ken Research
- With large number of consumers preferring to own a private vehicle pertaining to the after-effects of Covid-19, the used to new car ratio is consistently improving in SEA region.
- Consumers are shifting away from traditional methods and adopting online platforms more frequently for their used car buying or selling journey.
GURUGRAM, India, Aug. 4, 2022 /PRNewswire/ --
Competition Scenario: SEA used car market is an extremely fragmented, with many players capturing more than one geography in the region. With several C2B & B2C online players, auto-classified platforms, OEM-certified, brand-authorized dealerships, multi-brand outlets, and independent (standalone as well as clustered) dealers operating in the business, there is fierce competition in the highly fragmented market. Recently, several new players have begun exploring the untapped markets in Southeast Asia. Price, vehicle age and residual value, brand value, and the need for maintenance are some of the most critical aspects influencing consumer preference.
Future Market Scenario: The used car industry in SEA is anticipated to expand in the future at a double digit CAGR over the forecast period of 2021 to 2026F. The sector is anticipated to experience increased demand as a consequence of individuals preferring their personal vehicles over public transit as a result of the pandemic.
Increasing internet and smartphone penetration in the Southeast Asian countries will result in large number of consumers preferring to buy and sell cars through online used car platforms. As a result, the used car industry is anticipated to consolidate and gain more traction in the coming years.
Significant Growth of Digital Used Car Platforms: Due to the huge growth in internet and smart phone usage in Southeast Asia, many customers have started selling and purchasing vehicles through online auto classifieds, transactional marketplaces, and social media.
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 Platforms" observed 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.
Key Segments Covered:
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
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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
- Carlist.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
Request for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg0MjYz
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 Overview
- SEA Used Car Market Growth Strategy
- 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
For more information refer to this link:-
Related Reports:-
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The Four Wheeler Aftermarket service industry in UAE recorded a CAGR of 2.5% on the basis of revenue in between 2016 and 2021. The industry is currently in a Stagnant Growth phase, where neither much growth nor a decline has happened. The market growth can be attributed to the rapidly expanding automobile industry and enhanced focus of the automobile drivers on boosting their vehicle performance and efficiency in terms of exhaust sound, speed, and appearance parameters. Rising consumer awareness regarding repair and proper maintenance of vehicles and growing need for long-distance vehicles are fuelling the market growth.
The rapid adoption of online platforms by the market players and the use of advanced software and technologies creates lucrative growth opportunities for the UAE automotive aftermarket. Due to the stable fuel prices and high disposable income, there is high demand for private vehicles among consumers. Consumers are moving towards increased convenience and comfort and are availing of the aftermarket services through the online sales platform. Due to the economic pressures, it is expected that consumers are postponing their new car purchases for the next few years which would increase the average age of a vehicle, this would result as a positive gain for the aftermarket service industry.
Egypt Used Car Market comprise of entities such as Organized OEM's, Multi-Brands and Online Classified platforms along with banking institutions providing used car financing services and has grown at a steady growth rate over the review period 2021-2026F. The growth is supported by increase in millennials population in the country and the emerging players entering into the market are focusing extensively on consumer experience and data. Growth is further supported by manufacturers' investments in expanding the network of used cars dealers, building the brand and enabling customers to choose this option.
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