Used car sales to cross over 900,000 units by 2026, witnessing a CAGR of 8% over 2021-2026 with the market being dominated by local players: Ken Research
1. The automotive industry is dominated by local players & unorganized dealers along with increased popularity of Japanese brands.
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Used car sales in Malaysia are expected to cross over 955,000 units by 2026, witnessing a CAGR of around 8% over 2021-2026. Perodua and Proton are the most preferred vehicle brands, together accounting for more than half of overall market share by volume. Moreover, unorganized dealers are preferred especially in rural areas & outskirts of urban regions.
2. Auction Houses act as a major source of Used cars across Malaysia for independent used car dealers.
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Auction houses & companies are the main suppliers of cars for independent dealers who source used cars from these auction houses. Around 4,000 cars are sold through auction platform every year to dealers/ end consumers amounting to a GTV of around MYR 130 Mn. Moreover, around 85% of the sales of auction houses go to independent dealers while the remaining are bought directly by end-users/customers. Furthermore, used cars are mainly supplied by car leasing and rental companies to these auction houses. Large auction houses offer services such as member cards & collectable points, complete vehicle documents & history report and vehicle control card along with transparency in the buying process through live bidding. Some of the major used car auction houses in Malaysia include G-Mart, Pickles Auction, MUV, NG Chan Mau & Co. These players and have also ventured into online auctions.
3. The industry is expected to grow at 8% over the next 5 years because of increasing preference towards personal owned vehicles and growth of online platforms.
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The used car sales surged in 2021 from 2020 by over 50% because of the sudden surge in demand due to Covid-19; however, with full vaccination happening and Malaysia adopting itself to the new normal, the sales reduced slightly in 2022 and are expected to stabilize further. Moreover, Multi-brand and authorized dealerships are likely to expand their network to different regions across Malaysia to enhance e their reach and expand customer base. The dependence on independent dealerships for facilitating transactions in the unorganized market is expected to decline with the growth of online classified platforms.
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