The report titled “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” provides a comprehensive analysis of the used car market and sales in Southeast Asia region. The report also covers overview and genesis of the industry, used car market size in terms of total revenue generated for total used car volume sales with average price of used car and used to new car ratio; along with online used car market size, market segmentation by business model and country; trends and developments, issues and challenges and comparative landscape including competition scenario based on cross comparison at SEA Level. It also includes individual country wise snapshots analyzing the used car market for Indonesia, Thailand, Malaysia, Philippines, Singapore and Vietnam. The report concludes with future market projections of overall SEA used car market and analyst recommendations for Marketing & Promotional Strategies including Business Framework.
SEA Used Car
Market Overview
SEA Used Car market is currently
in the late growing phase, growing at a single digit CAGR during 2015-2021.
Covid-19 pandemic had significantly reduced the purchasing power of consumers
across the globe, due to which the ability to buy new car plunged. A quite
significant shift in consumer’s preference towards used cars has been observed
in the SEA region.
Growth of transactional
marketplaces offering one-stop solutions to buyers and connecting dealers,
financing and insurance companies is also driving the used car market in SEA.
SEA Used Car
Market Segmentations
By Business
Model (C2B and B2C+C2C):
The Overall SEA Used Car market
is expected to witness a sales volume of million units through C2B channel in
2021.
The C2B Platforms enable sellers
to sell used cars directly to the online players who in turn sell the inventory
to the dealers either through bidding or by general sales process while
charging a margin.
Due to the presence of large
number of organized and unorganized multi-brand dealer in the market selling
used cars to customers, B2C sales channel remains as the second most dominant
channel after C2B.The advantage of purchasing a used car through a B2C Channel
is the service offerings they provide such as aftersales, warranty and
financing options among others which is lacking in C2C sales channel.
By Country
(Indonesia, Thailand, Malaysia, Philippines, Singapore, and Vietnam):
Thailand is the Market Leader in
Terms of both Sales Value and Volume, reporting highest Used Car Transactions
in 2021.
Malaysia Contributes the Most in
terms of Online Used Car Market in the SEA Region as a result of the high
Internet Penetration in 2022.
Snapshot: Indonesia Used Car Market Analysis:
Overview: The entry of various financing companies in the
used car industry, as well as the launch of OEM-certified used car programs,
has been the major growth drivers of the industry. The boom in the number of
online auto-classified platforms and the traction of the consumers towards
online platforms is contributing to the inclining used car sales in the
country.
Competition
Analysis: The industry in Indonesia is
largely unorganized due to the preference of consumers towards stand-alone
local, independent dealers or the ones located in used car exchanges, along
with peer-to-peer sales, facilitated by online auto-classified platforms. The
used car market has 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.
Snapshot:
Thailand Used Car Market:
Overview: Increasing demand for private vehicles, reduction
in purchasing power, easy availability of finance, and increasing VAT on new
cars are the main reasons behind positive growth in used car sales revenue.
Competition: Online market is dominated by Carro and Carsome in
the region. Both foreign as well as domestic companies are present in the
market. The players compete on parameters such as proximity, value added
services, prices, promotional offers and tie ups with major financial
institution. In order to increase their revenue, the players offer free gifts
and warranty as a part of promotion.
Snapshot:
Malaysia Used Car Market:
Overview: Increasing demand for private vehicles, increasing
purchasing power, easy availability of finance, increased govt. incentives to
ensure sale of new cars are the main reasons behind positive growth in used car
sales revenue.
Competition: Used Car Market in Malaysia has been dominated by
B2C and OEM Dealerships which has captured a share of majority share in the
sales volume of used cars during 2021. Some of the players operating in the B2C
and C2C online used car segment are – Carsome, MyMotor, MyTukar, MUV and
others.
Snapshot: Philippines Used Car Market Analysis:
Overview: There are a number of growth drivers which has
resulted in expansion of the market; these include a surge in the demand of
private cars, increasing per capita income, convenient financing facilities,
increased internet penetration and enhanced digitalization of the used cars
space.
Competition: Used Car Market in Philippines is highly
fragmented as majority of the market is unorganized.
Snapshot:
Singapore Used Car Market:
Overview: There has been an immense expansion in the lead
generation of used cars via the online means in the last decade. Facebook,
Instagram and other social networking sites plays a key role in expanding the
used cars market in Singapore. The increasing internet penetration of the used
cars market in the country is contributing positively to the growth of the industry.
Competition: There exists intense competition in the fragmented
market. The largest share of the market is held by the multi-brand dealers.
Snapshot:
Vietnam Used Car Market:
Overview: Leveraging the growing internet penetration rate,
various online classified players launched their operation in Vietnam post
2013. The increasing preference of consumers towards availing digital medium
for their purchases has enhanced the sales prospect via C2C channel through
classified platforms.
Competition: Vietnam’s used car market is highly fragmented
with presence of large number of organized and unorganized multi brand dealers.
Integration of online classified platforms such as Carmudi and Bonbanh in
recent years along with the presence of captive dealers restricts the dominance
of single player in the market.
SEA Used Car
Market Competitive Landscape
SEA used car is a highly
fragmented market with many players capturing more than one geography in the
region. There exists intense competition in the highly fragmented market with
various C2B & B2C Online Players, Auto-classified Platforms, OEM certified,
brand authorized dealerships, multi-brand outlets & independent (standalone
as well as clustered) dealers operating in the industry. Many new players have
recently started to explore the Southeast Asian untapped markets.
Price, age and residual value of
the vehicle, brand value, maintenance required are some of the most important
factors impacting the preference of consumer.
SEA Used Car Market Future Outlook and Projection
The used car industry in SEA is
expected to grow in the future at a double digit CAGR over the forecast period
2021 to 2026F.
The industry is expected to
establish strong demand arising due to preference of personal vehicles over
public transportation as the after effects of the pandemic.
Increasing internet and
smartphone penetration in the South-East Asian countries will result in large
number of consumers preferring to buy and sell cars through online used car
platforms, due to which the used car market is expected to become more
organized and gain more traction in the coming years.
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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Snapshot:
Country Wise Used Car Market Analysis
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 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
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Ankur
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