A used car is the second-hand vehicle that is accessible for resale. Several outlets such as franchise and independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell used cars.
A surge in the requirement of private cars, coupled with opportune financing facilities, augmented internet penetration and improved digitalization of the used cars space have been the salient aspects leading to the growth of the used cars market in Singapore.
According to the report analysis, ‘Singapore Used Car Market Outlook To 2025: Increasing Used Cars Demand Due to the Pandemic Contributes to Increase in Used Cars Sales during the Economic Crisis’ states that there exists intense competition in the fragmented market with several authorized dealerships, multi-brand outlets & independent (standalone as well as clustered dealers) functioning in the industry. The largest share of the market is controlled by the multi-brand dealers. While the banks also fall under the B2C organized sector, they do not exhibit any competitive characteristics as their sole determination is to recover the losses incurred owing to the delinquency of the borrowers. In order to compete with authorized dealers, most multi-brand dealers are delivering the value-added services in order to retain and enlarge their market share.
The online Used Car Market has been obtaining traction in the last few years. There has been an enormous expansion in the lead generation of used cars via the online means during the last decade. Facebook, Instagram and other social networking sites plays a foremost role in enlarging the used cars market in Singapore. Emergence of online auto-portals and classified platforms such as Carousell and DBS Car Marketplace have delivered increased visibility and trustworthiness to the customer-to-customer transactions in the unorganized segment. The effective growth in internet penetration of the used cars market in the country is underwriting positively to the growth of the industry.
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Moreover, on the basis of brand, Toyota is the market leader in Singapore registering for the foremost share of sale of used cars by volume. Japanese brands such as Toyota, Honda and Nissan, are the most chosen Japanese cars owing to robust brand preference, reliability, longer life span, and higher retention worth of the used vehicle. BMW and Mercedes Benz are the most favoured continental cars.
The used car industry in Singapore is projected to demonstrate a decent growth during the future. It is expected to develop at a five-year CAGR of 11.1% (by value in SGD Billion) from 2020 to 2025E. It is projected that the share of the organized segment in the used cars space will augment over time as more brands are planning to enter the OEM pre-owned certified space. Certain foreign established C2B players are too considering Singapore Used Car market an increasing and profitable venture. Moreover, individuals in Singapore are realizing the benefits of purchasing a pre-owned car as there has been a shift in the general customer preferences.
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Singapore Used Car Market Major Players
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