Rising Internet Penetration: Internet users in Malaysia stands at 29.55 million as of January 2022 while Internet penetration in Malaysia stood at ~89.6%. The used car dealers have been able to increase their footfall due to the rising Internet and Smartphone penetration in the country. Digital platforms provide many value-added services such as - instant finance, warranty extension, insurance, etc. which are attracting more customers to buy used cars.
Health Concerns from Using Public Transportation: Due to the Covid-19 Pandemic, people have become more conscious about health & hygiene due to which public transport and ride sharing are no longer considered to be a safe option as more & more people are concerned about health and risk for severe illness from the virus, and as a result, used car is a way of following social distance to fight the Covid-19 Pandemic. In addition to the same, with the decrease in purchasing power, new vehicles are not considered to be economical option which makes used car a perfect choice for customers with limited budget.
Evolution of complete transaction Marketplaces: A completely digital experience by Transactional marketplaces helps the customer to book test drive & buy used cars online. Ancillary services such as insurance, warranty, financing options & documentation support are also provided by these platforms.
Covid-19 Impact on the Used Car Sales: Due to Movement Control Order restrictions, the demand for used cars significantly diminished during the peak of Covid-19 pandemic. This was due to low supply and closure of OEM dealerships and local tents during lockdown which was further fueled by decrease in purchasing power which led to postponing of new and used car purchases. However, as the lockdown restrictions were on ease, there was a significant growth in used car sales as people started to prefer personal vehicles over shared transport. Other factors increasing the sales were favorable tax policies and sale of vehicles by people with multiple car ownership. During the initial months of the year 2020, the demand for used cars in the country remained low, however there was increase in demand in the second half of the year post ease in the lockdown. To drive sales and to increase customer football, the manufacturers are expected to shift focus towards digital medium.
Analysts at Ken Research in their latest publication “Malaysia Used Car Market Outlook To 2026F (Third Edition) – Demand for Used Cars Increased Due to Shift in User preference towards Personal Mobility, induced by Covid-19” observed that post pandemic, Malaysia is in a late growth phase in the used car market in South East Asia and is slowly recovering from the economic crisis. The increasing credit availability in the country along with car loan moratoriums and other incentives under Penjana is driving the growth of the industry. The industry is expected to demonstrate strong growth in the future led by growth of online used car platforms that provide convenience to both buyers and sellers and makes the entire process smoother. The Malaysia Used Car Market is expected to grow at a CAGR of 9.7% on the basis of GMV over the forecast period 2021-2026F.
Click here for sample repot: - https://www.kenresearch.com/sample-report.php?Frmdetails=NTUwNTY3
Key Segments Covered: -
By Market Structure
Organized
Unorganized
By Sales Channel
B2C/OEM organized
C2C
Auction
By Source of Lead generation
Online
Dealership walk-ins
By Car Segment
Sedan
Hatchback
SUV
MPV
Pickup trucks
Others (convertibles, coupe, sports vehicles, etc.)
By Price
Less than MYR 30,000
MYR 30,000-50,000
MYR 50,000-70,000
MYR 70,000-90,000
More than 90,000
By Brand
Perodua
Proton
Honda
Toyota
Nissan
Others (Mitsubishi, Mazda, Mercedes, Audi, etc)
By Region
Kuala Lumpur
Selengor
Johor
Penang
Perak
Others
By Ownership period
Less than 2 years
2-4 years
4-6 years
6-8 years
More than 8 years
By Mileage
Less than 20,000
20,000-50,000
50,000-80,000
80,000-120,000
Above 120,000
By Fuel
Petrol
Diesel
Hybrid
Electric
Companies Covered
OEM Dealerships
Perodua Pre-owned
Proton Certified Pre-owned
Toyota Topmark
Mazda Certified Pre-owned
BMW Premium Selection
Mercedes Benz Certified Pre-owned
Online Portals – C2B platforms
Carsome
MyTukar
MyMotor
Online Portals – Online Auto Classified Platforms
Mudah.my
Motor Trader
Carlist.my
WeMotor
Motor Trader
Autocari
Oto.my
B2B Auction players
G-Mart
MUV
NG Chan Mau & Company
Pickles Auction
Key Target Audience
Used Car Companies
OEMs
Online Used Car Portals
Auction players
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
Research Methodology
Malaysia Used Car Market Overview
Malaysia Used Car Market Size, 2015-2020
Malaysia Used Car Market Segmentation, 2020
Growth Drivers in Malaysia Used Car Market
Issues and Challenges in Malaysia Used Car Market
Regulatory Framework
Ecosystem and Value Chain of Used Car Industry in Malaysia
Customers Purchase Decision Making Parameters
Cross Comparison between Major OEMs and Multi-brand Dealers and Company Profiles & Product Portfolios
Snapshot on Online used car market
Snapshot on C2B and online classified market
Snapshot on Auction Market
Future Market Size and Segmentations, 2021-2025F
Covid-19 Impact on the Industry & the way forward
Analysts’ Recommendations
Related Reports by Ken Research: –
Indonesia Used Car Market Outlook to 2025
Saudi Arabia Used Car Market Outlook to 2025
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
No comments:
Post a Comment