Philippines Used Car Market: – “The key factors driving growth in the Philippines used car market is digitalization via online auto portals, classified pages, and social media advertisements. The banks repossessed car auctions, certified cars supplied by Direct Dealership Sales Agents (DDSA) and refurbished cars sold by multi-brand dealers have also significantly contributed to the growth of the Philippines used car market”.
The report titled “Philippines Used Car Market Outlook to 2023- by Market Structure (Organized and Unorganized Market), by Origin of Sale (Direct Dealership Sales Agent, Repossessed Units Sold By Banks and Multi-Brand Dealers), By Sales Channel (Online and Dealership Walk-ins), by Average Vehicle Replacement Period and by Major Car Manufacturer Brands” Ken Research suggests a four-year CAGR of close to 8.0% on the basis of used car sales volume for the time period 2014-2018.
Market Overview: Philippines used car market has been identified at a growth stage with a growing appetite for certified pre-owned cars sold by Direct Dealership Sales Agents (DDSA).The used car volumes in Philippines have been growing at a four-year CAGR of 8.0% between 2014- 2018. The overall competition stage of the market is fragmented in nature with the unorganized market dominating the market in terms of used car sales volumes. In the organized market, the market is fairly concentrated as the DDSA and Repossessed cars auctioned by the banks are limited in number, however, the multi-brand dealers in the country are bit fragmented.
Value Added Services: The organized players in the market consisting of DDSA, repossessed car auctioneers and multi-brand dealers have started providing certification on the vehicle because of which the repairs or any manufacturing faults can be handled at the service center free of charge due to which the consumer is all the more motivated to buy a certified/ approved used vehicles nowadays. The registration certification, hypothecation and other documentation is generally taken care of by the organized players. The above reasons have lured more and more customers to buy used cars and will continue to do the same in the future.
Government Regulations: The Philippines government’s goal is to attain a 70:30 CKD to CBU market split by 2022, achieving a 150% increase in nationwide capacity, and full utilization by that date. As of 2014, the ratio of CKD to CBU vehicles stood at 32:68 in the country. The current administration also implemented a landmark tax reform law in late 2017, called the Tax Reform for Acceleration and Inclusion, or TRAIN law, which imposed additional excise taxes on a number of goods, including automobiles, beginning in 2018. Prior rates of 2% to 60% have changed to between 4% and 50%, which severely affected the pricing on the most affordable and most bought models, which might have acted as a favorable factor for the used car market in the country.
Key Segments Covered:-
Philippines Used Car Market Overview and Size
By Type of Market Structure
Organised Market
Unorganized Market
By Type of Sales Origin (Organised Market)
Direct Dealership Sales Agent
Repossessed Units Sold By Banks
Multi Brand Dealers
By Type of Sales Channel (Organised Market)
Online Platforms
Dealership Walk-ins
By Average Ticket Size of Used Vehicle
By Average Vehicle Replacement Period
By Type of Vehicle Manufacturer/Brand
Japanese Brands
German Brands
American Brands
Korean Brands
Other European Brands
British Brands
Others
Key Target Audience:-
Potential Direct Dealership Sales Agents
Existing Multi Brand Dealerships
Banks & Subsidiaries
Captive Finance Companies
Non-Banking Financial Institutions
Cab Aggregators and Car Rental Companies
Government Organizations
Online Auto Portals
Classified Pages
Investors and VC Firms
Industry Associations
Time Period Captured in the Report:-
Financial Year 2014-2018: Historical Period
Financial Year 2019-2023: Future Forecast
Companies Cited in the Report:-
Brand
Toyota
Nissan
Hyundai
Honda
Mitsubishi
Ford
DDSA
Toyota Certified
Honda Philippines
Nissan Intelligent Choice
Hyundai Philippines
Mitsubishi Certified
Banks
BDO
PS Bank
BPI
East West Bank
China Bank
RCBC
May Bank
Sterling Bank
Security Bank
Classified Pages/ Online Auto Portal
Phil Kotse.com
OLX
Auto Deal.com
CarMudi Philippines
Key Topics Covered in the Report:-
Philippines Online Used Car Financing Market
Philippines Used Car Market
Philippines Used Cars Market Future Outlook
Philippines Car Industry
Philippines Car Market
Philippines Automotive Aftermarket Industry
Philippines Car Dealer Market
Used Car Sales Market Philippines
Philippines Repossessed Units Sold By Banks
2nd hand Cars for Sale Philippines
Demand for Old Cars in Philippines
Car Auction Market Philippines
Used Car Listing in Philippines
Online Marketplace Used Cars Philippines
Online Used Cars Market Philippines
For More Information On The Research Report, Refer To Below Link:-
Related Reports by Ken Research:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
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