The Used
Vehicles Market in the terms of sales volume has augmented at a single
digit CAGR over the forecast duration. The market is progressively developing
with the high car ownership ration, effective augment in the number of urban
population, growing average ticket size, robust vehicle substitution rate and
the increasing sustenance of the Malaysian government in the terms of policy
formulation and the regulations. The market was positively monitored to be at
the late growth stage. The purchaser in the respective region are decidedly
price sensitive with declining currency over the years. The Government norms
with respect to EEVs and ELV policy will completely impact Used Vehicle Market.
Whereas, the Malaysians prefer to
purchase a used motor vehicle as new ones are very luxurious. For the middle or
lower income group people, used cars have converted more standard choices.
Malaysia Used to New vehicle ration has been growing over the years, primary to
growth in sales volume of the used cars in Malaysia.
Based on the distribution channel, the
Used Vehicle Market in Malaysia is
broadly fragmented with the close 5000 used vehicle dealers functioning in the
market in the recent past years. By the mode of selling, in the developed
regions, selling and buying a Used
Vehicle via online platform is the most convenient manner for the consumers
and dealers as the sale of used vehicles through the online platforms abolishes
the middlemen and its commission sideline. Lesser commission charged attracts
foremost populace to buy used vehicle via online platform. However, on the
basis of vehicle age, 5-8 years of the vehicle age registered for the uppermost
market share owing to the average substitution rate for 6 years in the
respective region across the globe.
Nonetheless, Used
Vehicle Industry across the Malaysia is extremely scrappy with the
existence of approximately 5,000 dealers across all the regions in Malaysia.
The Used car dealers in the Malaysia compete based on the quantity of
dealership outlets; quality checks functioned, value added services, insurance
and finances and collection of the used cards at their authorization store.
In addition, in India the advanced
marketing initiatives such as augmented existence and regular surveys to gauge
consumer discernment to plan their strategies have completely obstructed the
market. These are accomplished by the organizing events inviting present and
forthcoming clients and assembling their feedback over the passage of
activities and engagements. As the luxury car
market gets more worthwhile, other foreign players are predictable to
welcome the market. Prevailing companies demand to function on continuing its
reach so that the impact of market entry by other foremost known brands such as
Mustang, Tesla, MG Hector, and Acura may not impression its market.
Future for premium used car across the
nation looks captivating and reproducing of client preference from the western
economies is projected. Leasing of cars and lower ownership period are
projected to have constructive impact on requirement as the quality products
will be obtainable at reasonable value. However, in India, Audi’s market share has
deteriorated considerably is predictable to gain some market. New entrants in
the electric car sectors and enactment of Bharat-VI norms may reason many
prevailing car owner to sell their cars causing weakening in the average ticket
size. It is anticipated that in the near years the market of used cars sales volume will be fostered
by growing government policies related to used cars namely EEV and ELV,
increasing urban population, growing car replacement rate, augmenting
inspection checks and intensifying customer confidence over the coming decades.
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Ken Research
Ankur Gupta, Head Marketing &
Communications
+91-9015378249