In the Asia Pacific region, the
Philippines used the Vehicles Industry
is one of the most auspicious markets within the Southeast Asia due to the wide
volume being traded each year. There have been a number of regulatory
transformation that have obstructed the market namely the present amendment on
the greater tax rates for the vehicles in the dissimilar cost brackets. There are
also a number of several other challenges that present for the market namely
price discrepancies, shortage of standardization and several others. Whereas,
the market has a lot of capacities to increase and is presently observed to be
in its growth stage. However, there are a number of growth factors which has
occasioned in an enlargement of the market since 2014, a listing of vehicles on
online auto portals or social media pages namely Facebook, an augment in the
back repossessed car market and the perception of trade-ins.
The effective growth in the average
ticket size of the used car, the enormous augment in the requirement for the
used cars, a surge in the online catalogue of used vehicles is some of the
causes to outgrowth the growth in the ASIA
PACIFIC USED VEHICLES MARKET. Therefore, in the near years, it is
projected that the market of used car will
increase more effectively over the coming years.
By the type of market, in the Asia
Pacific, the organized market of the Philippines
used car market is small in the assessment to the unorganized market in
terms of the revenue in the recent past. The organized market comprises of
DDSA, banks repossessed cars and the multi-brand merchants. The unorganized
market consists of the freelancers and people customers selling a very lower
capacity a very low volume of vehicles in the region. The C2C/unorganized
market of the Philippines in the Asia Pacific region is deducting year on years
owing to the growing consciousness on the perks of purchasing a car from the
organized segment. The cars with the misfortune history are very problematic to
track in the unorganized market, therefore, the potential client has taking
place to switch their pre-owned car buys to organized market.
Nonetheless, in the Asia Pacific
region, within the organized market, the sales channel can either be a direct
dealership walk-in or a lead created by the online sites for the organized
players to augment their sale possibility. In the case of an online channel,
the subsequent sale of the unit takes the place from a physical position only.
The unorganized market players also
take the effective benefit of listing their fleet on confidential portals and
social media platform to augment their outreach. Although, the other channel
is, straight the dealer sellout, wherein the separate seller arranges of the
used car for the fair market cost to either the multi-bran d dealer or DDSA.
Nonetheless, in the Asia Pacific
region, the Japanese produced used car brands were the most frequently promoted
the used cars in the Philippines
market. This is owing to the most of the Japanese cars brands are robust
because of superiority manufacturing and are obtainable at an inexpensive
price. The technology used in the Japanese cars is professed to be better than
the rest of the producers. The German cars are also very prevalent among the
consumers in the Philippines; however, they are comparatively sophisticated
priced. Toyota Certified is the principal Direct Dealership Sales Agents
(DDSA), included in marketing the maximum volume of specialized used car. This
is followed by Nissan Philippines and Honda Philippines.
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Contact Us:-
Ken Research
Ankur Gupta, Head Marketing &
Communications
+91-9015378249