Philippines Used Car Market is Expected to Reach Over 1.9 Million in terms of Sales Volume in Units by the End of 2023: Ken Research

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      • The increasing prominence of online classified and auto portals in the Philippines has started impacting the buying behavior of customers in the used car market. The advent of digital technology has given varied domains to the customers, which they can explore to find the most suitable car for themselves.
      • The multi-brand dealers and banks are strategically partnering with online classifieds and online auto portals to make the car buying process more accessible and transparent for the buyers. Also, the banks have started collaborating with websites such as Auto Deal for pre-owned and new vehicle financing.

Growth Enablers: Growth in the Philippines used car market in future will be facilitated by simplified documentation & licensing processes, penetration of online sales channel, pivot towards certified cars due to change in the customer purchase funnel, more volumes of repossessed car auction, robust after-sale services, entry of new players, expanding geographical presence of major players, improvements in technology and new marketing strategies and product stream diversification. These improvements should expand the number of pre-owned personal and commercial vehicles purchased, thereby growing the market.Philippines Used Car Market

Government Push: The Tax Reform for Acceleration and Inclusion (TRAIN) Act in the Philippines has made new vehicles more expensive because of which individuals have resorted to certified and non-certified pre-owned vehicles. The planned highways and road improvements by the government are estimated to ease the congestion in the country and provide better and wider roads. The focus on public transport and ride-sharing services to combat the traffic will also expand the used car sales in the Philippines.

Increasing Prominence of Online Sales Channel: The online space is expected to increase the volume of used cars traded. Social media websites such as Facebook and Instagram have played important roles for individuals, multi-brand dealers and the DDSA’s to list the fleet of a vehicle in stock for free or negligible cost. The promotion fees/ fees to boost the target audience on social media are way lower than the listing fees charged by the online auto portals or classified pages in the Philippines.

Ken Research in its latest study “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” suggests a five-year CAGR of around 5.7% on the basis of the volume of used car sales for the time period 2019-2023 due to introduction of TRAIN tax on new vehicles and rising inflation in the country.

For More Information on the market research report, please refer to the link below:-

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/philippines-used-car-market-outlook/268335-100.html

Key Segments Covered:-

Philippines Used Car Market Overview and Size

By Type of Market Structure

Organized Market

Unorganized Market

By Type of Sales Origin (Organized Market)

Direct Dealership Sales Agent

Repossessed Units Sold By Banks

Multi Brand Dealers

By Type of Sales Channel (Organized 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 Used Car Market Overview

Philippines Used Car Market Size on the Basis of Value, 2014–2018

Philippines Used Car Market Size on the Basis of Volume of Used Cars Sold, 2014–2018

Philippines Used Car Market Segmentation by Market Structure (Organized and Unorganized)

Philippines Used Car Market Segmentation by Sales Channel (Online Vs Offline)

Philippines Used Car Market by Origin of Sale (DDSA, Banks Repossessed Car Auctions and Multi-Brand Dealers)

Revenue Model of Key Classified Pages and Online Auto Portals

Strengths and Weaknesses of Major Players in the Philippines Used Car Market

Company Profile of Major Players in the Philippines Used Car Market

Future Outlook and Projections in Philippines Used Car Market (2019-2023)

Analyst Recommendations

Related Reports by Ken Research:-

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/indonesia-used-car-market-research-report/212624-100.html

https://www.kenresearch.ae/technology-and-telecom/it-and-ites/uae-used-car-auto-classified-market/170500-105.html

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/russia-used-car-market/146656-100.html

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

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