Cars are one of the most prevalent products bought and sold around the Malaysia. Used cars, on the other hand, are becoming progressively popular as buyers look for value for their money. This is upright news for businesses that sell used cars – and it could mean immense profits during the future. The growing demand for used cars is a result of a number of aspects. Some individuals are switching to used cars because they want to save money, others are concerned about the environmental impact of new cars, and still others are looking for a more customized experience.
According to the report analysis, ‘Malaysia Used Vehicle Market Outlook to 2025 – By Type of Distribution Channel (Organized and Unorganized Dealers), By Mode of Selling (Online and Dealership Walk-Ins), By Type of Vehicle (Sedans, Hatchback, SUVs, MPVs, LCV and others), By Vehicle Age(0-3 years, 3-5 Years, 5-8 Years and More than 8 years), By Brand(Perodua, Toyota, Honda, Proton, Nissan and Others)’ states that Malaysia Used Vehicle market in terms of sales volume has augmented at a single digit CAGR over the review duration 2013-2018. The market is progressively surging with high car ownership ratio, increasing urban population, growing average ticket size, quicker vehicle replacement rate and growing support of Malaysian government in terms of policy formulation and regulations. The market was witnessed to be at the late growth stage.
The buyers in Malaysia are extremely price sensitive with depreciating currency over the years. Government standards with respect to EEVs and ELV policy will positively impact Used Vehicle Market in Malaysia. Malaysians prefer to purchase a used motor vehicle as new ones are very luxurious. For middle- or lower-income group individuals, used cars have become more prominent choices. Malaysia Used to New vehicle ratio has been growing over the years leading to growth in sales capacity of used cars in Malaysia.
Used Vehicle Market in Malaysia is extremely fragmented with existence of around 5,000 dealers around all the cities in Malaysia. Used car dealers in Malaysia contest on the basis of number of dealership outlets; value added services, excellence checks performed, insurance and finances and portfolio of used cars at their dealership store. There are several players that are functioning in Malaysia Used Vehicle Market. Organized dealers involve Direct Dealership Sales Agents (Toyota TopMark, Perodua Pre-Owned and Mercedes Benz Premium Selection) and Multi Brand Dealership Outlets (Deluxe Car Trader, Yap’s Auto Car City, Public Auto World, Keong Heng and several others). Foremost online players for used vehicle market in Malaysia are Mudah.my, Carlist.my, Motor Trader, We Motor, My Motor, Autocari and among others.
The Malaysia Used Vehicle market in terms of sales volume is predicted to augment in the future at a single digit CAGR over the review period (2018-2025E). In Future, it is projected that used car sales volume will be fuelled by growing government policies connected to used cars such as EEV and ELV, rising urban population, growing car replacement rate, increasing inspection checks and increasing customer confidence. Gross Transaction Volume will suggestively increase at a positive CAGR throughout the period 2018-2025E due to the growing average ticket size of a used vehicle over the years.
For More Information on the research report, refer to below link:-
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Ankur Gupta, Head Marketing & Communications