Increasing Internet Penetration: There were 29 million internet users in Malaysia in January 2020. Internet penetration in Malaysia was ~85% during the same period. As the smartphone and internet penetration in Malaysia is increasing, the used car dealers have been able to increase their footfall. The digital platform provides online services such as photos and videos and instant finance, other value-added services such as warranty extension, insurance, etc which are drawing more customers into buying used cars.
The Concerns about Health from Using Public Transportation: Due to the onset of coronavirus, public transport and ride sharing are no longer considered to be a safe option. Nowadays, more people are concerned about health and risk for severe illness from the virus, and as a result, used car is an alternative for prevent getting and spreading COVID-19 to keep social distance. In addition to the same, with the decrease in purchasing power, new vehicles are not considered to be economical option which makes used car a perfect choice for customers with limited budget.
Evolution of complete transaction Marketplaces: Transactional marketplaces provide consumers a completely digital experience and enable them to book test drive & buy used cars online. These platforms also provide ancillary services such as insurance, warranty, financing options & documentation support.
Impact on Used Car Sales due to Covid-19: The demand for used cars decreased during the peak of Covid pandemic on account of Movement Control Order restrictions. 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 country witnessed easing of lockdown restrictions, there was a significant traction in used car sales. This was on account of preference of personal vehicles over shared transport, favourable tax policies, and sale of vehicles by people with multiple car ownership. The demand for used cars in the country remained low at the starting of 2020, however there was increase in demand in the second half of the year post ease in confinement. The manufacturers are expected to shift focus towards digital medium in order to drive sales and increase customer footfall.
Analysts at Ken Research in their latest publication “Malaysia Used Car Market Outlook To 2025 – Growth of Online Used Car Platforms and increased shift from using public transport to personal cars, fueled by Covid-19 to accelerate Industry’s Growth” observed that Malaysia is in a late growth phase in the used car market in South East Asia and is slowly recovering from the economic crisis after pandemic. 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 9.6% on the basis of GTV over the forecast period 2020-2025.
Key Segments Covered: –
- By Market Structure
- Organized
- Unorganized
- By Sales Channel
- B2C/OEM organized
- C2C
- Auction
- By Source of Lead generation
- Online
- Dealership walk-ins
- By Car Segment
- Sedan
- Hatchback
- SUV
- MPV
- Pickup trucks
- Others (convertibles, coupe, sports vehicles, etc)
- By Price
- Less than MYR 30,000
- MYR 30,000-50,000
- MYR 50,000-70,000
- MYR 70,000-90,000
- More than 90,000
- By Brand
- Perodua
- Proton
- Honda
- Toyota
- Nissan
- Others (Mitsubishi, Mazda, Mercedes, Audi, etc)
- By Region
- Kuala Lumpur
- Selengor
- Johor
- Penang
- Perak
- Others
- By Ownership period
- Less than 2 years
- 2-4 years
- 4-6 years
- 6-8 years
- More than 8 years
- By Mileage
- Less than 20,000
- 20,000-50,000
- 50,000-80,000
- 80,000-120,000
- Above 120,000
- By Fuel
- Petrol
- Diesel
- Hybrid
- Electric
Companies Covered: –
OEM Dealerships
- Perodua Pre-owned
- Proton Certified Pre-owned
- Toyota Topmark
- Mazda Certified Pre-owned
- BMW Premium Selection
- Mercedes Benz Certified Pre-owned
Online Portals – C2B platforms
- Carsome
- MyTukar
- MyMotor
Online Portals – Online Auto Classified Platforms
- my
- Motor Trader
- my
- WeMotor
- Motor Trader
- Autocari
- my
B2B Auction players
- G-Mart
- MUV
- NG Chan Mau & Company
- Pickles Auction
Key Target Audience
- Used Car Companies
- OEMs
- Online Used Car Portals
- Auction players
- 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 – 2015-2020
- Forecast Period – 2021-2025
Key Topics Covered in the Report
- Executive Summary
- Research Methodology
- Malaysia Used Car Market Overview
- Malaysia Used Car Market Size, 2015-2020
- Malaysia Used Car Market Segmentation, 2020
- Growth Drivers in Malaysia Used Car Market
- Issues and Challenges in Malaysia Used Car Market
- Regulatory Framework
- Ecosystem and Value Chain of Used Car Industry in Malaysia
- Customers Purchase Decision Making Parameters
- Cross Comparison between Major OEMs and Multi-brand Dealers and Company Profiles & Product Portfolios
- Snapshot on Online used car market
- Snapshot on C2B and online classified market
- Snapshot on Auction Market
- Future Market Size and Segmentations, 2021-2025F
- Covid-19 Impact on the Industry & the way forward
- Analysts’ Recommendations
For More Information on the research report, refer to below link:-
Malaysia Used Car Market Sales Revenue Growth
Related Reports by Ken Research: –
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
