Covid-19 pandemic along with South Korean Government nearly 1 Tn Won ($1 Bn) plan to develop autonomous vehicle technologies led South Korea Used Car Market Basis Volume nearly 3 Mn units in 2021, as per findings released by Ken Research.
1. Impact on Used Car Sales in the country due to Covid-19: Is the growth sustainable?
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Multiple trends in the used cars industry were observed since the onset of Covid-19. Both new and used car sales were witnessing negative growth rates in 2018 and 2019. The pandemic led to an increase in the sales of cars – both new and used, which led to positive growth rates in used car sales. Sales of used cars picked up from March as people were avoiding public transport. Consequently, buying second hand car was the most economical and safe option. The domestic production and sales rebounded in June by over 40% YoY to 175,000 units.
2. South Korea will spend nearly 1 Tn Won ($1 Bn) to develop autonomous vehicle technologies; Giving ample opportunities for the industry to grow.
South Korea will build related infrastructure with a goal of a commercial rollout of a Level 4 self-driving car by 2027 and spend nearly 1 Tn Won ($1 Bn) to develop autonomous vehicle technologies. The Korean government will finance 84 related projects in five areas: new vehicle convergence technology, new ICT convergence technology, new road traffic convergence technology, service creation, and the establishment of an industrial ecosystem.
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3. Social Media Platform is Widely Used for Used Car Sales as it Offers Free Ads for Dealers and Customers; Helping the Used Car Market GTV to Reach nearly 35 Tn Won.
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- Partnership with online platforms to supply used cars to customers. Online portals follow lead generation process, sellers list cars and company facilitate the overall transaction of acquiring the vehicle. Other Services include providing car valuation and quality checks.
- Car dealers use blogs to generate traffic to their website from search engine results pages. They often put-up educational content related to cars maintenance, help guides, knowledge material in order to create a brand presence.
- Unlike online portals and marketplaces, social media provides an opportunity to dealers to advertise their cars for free. This platform is also used by individuals involved in C2C Also, major dealerships use this platform to announce promotional offers and local events.
