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GURUGRAM, India , Aug. 10, 2022 /PRNewswire/ --
Significant Growth of Digital Forum
Large number of consumers have started selling and buying cars through online auto classifieds, transactional marketplaces and social media due to significant increase in internet and smart phone penetration in the country. Auction Houses are also increasing their spending on online advertising and generating leads through these platforms. Search for major second-hand car brands on the Internet has increased since last year and a half, says Google trends.
Sales Volume in the Market dominated by the Unorganized dealers: Due to the large presence across the nation, independent dealers (Car Tents) dominate the market. These dealers are also increasing their online presence by listing their inventory on their own website or Facebook account or other platforms resulting in the growth of the market.
Target on value-added services: To enhance the margins and to provide a hassle-free experience to the buyers, a large number of dealerships and online platforms are offering value-added services such as online car evaluation, certification, vehicle inspection, financing, insurance and ownership transfer.
Incorporation of Latest Technologies to enhance digital experience: Future Technologies involving Artificial Intelligence & Virtual Reality is expected to enhance the digital buying & selling experience for consumers by offering 360° interior & exterior view of the car, estimating car price online via uploaded images, analyzing consumer behavioral insights to show relevant ads according to interests & more.
Covid-19 led to Increase in 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.
By Source of Lead generation
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Online Portals – C2B platforms
Online Portals – Online Auto Classified Platforms
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Time Period Captured in the Report:-
Key Topics Covered in the Report
For more information on the research report, refer to below link:-
Malaysia Used Car Market Outlook
Related Reports By Ken Research:-
Indonesia Used Car Market Outlook To 2025 – By Market Structure (Organized & Unorganized), By Type Of Car (MPVs, Hatchbacks, SUVs & Others), By Brand (Toyota, Honda, Daihatsu, Suzuki & Others), By Vehicle Age, By Mileage, By Customer Age And By Region (DKI Jakarta, East Java , West & Central Java, North Sumatera & Others)
The Used Car industry in Indonesia has grown at a CAGR of 4.5% on the basis of gross transaction value over the period 2014-2019 and at a CAGR of 2.0% on the basis of sales volume. The overall economic slowdown, as well as the slowdown of the automotive industry due to a reduction in purchasing power of consumers, contributed to the decline in sales during 2016-2017. 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.
Saudi Arabia Used Car Market Outlook To 2025- By Market Structure (Organized & Unorganized), By Type Of Car (Sedans & Hatchbacks, SUVs & Crossovers, Pick-Ups And Luxury), By Brand (Toyota, Hyundai, GMC & Chevrolet, Ford And Others), By Type Of Sourcing, By Age Of Vehicle (Less Than 1 Year, 1-3 Years, 3-5 Years & More Than 5 Years), By Kilometers Driven (Less Than 50,000 Km, 50,000-80,000 Km, 80,000-120,000 Km & More Than 120,000 Km) And By Region (Northern, Southern, Central, Eastern And Western)
The used car industry in Saudi Arabia has grown at a CAGR of 0.8% on the basis of gross transaction value over the period 2014-2019 and declined at a CAGR of -2.4% on the basis of sales volume. The departure of expats from the country and the economic instability contributed to the decline in sales during 2016-2017. The addition of women drivers and the high levels of disposable income in the country are one of the major growth drivers of the industry. 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.
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
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.
Australia Used Car Market Outlook to 2026F – Driven by the consumer shift to online platforms and supply chain issues for new vehicles with an increasing trend of upgrading vehicles
Australia Used Car market has grown at a steady growth rate over the past few years supported by increase in population in the country along with the rising trends of upgrading the cars within the period of 1-2 years. Growth of transactional marketplaces offering one-stop solutions to buyers & connecting dealers, financing and insurance companies are also driving the used car market in Australia . Australia used car market is moderately fragmented market with Toyota, fiord and Holden as the market leaders owing to the high market share on the basis of number of used cars sold; followed by other used car brands like Mazda, Mitsubishi, Nissan and Hyundai.
Online used car websites are adding certified dealers to their current model, which gives brand name to dealers & trust for buyers. Use of advanced technologies such as AI to valuate car online by looking at the pictures only, 360 degree view of the interiors of the car, etc., to enhance digital experience of consumers are expected to drive the Australia Used Car market in near future.
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