Press release
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
• 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 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 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.
Government Push: The Tax Reform for Acceleration and Inclusion (TRAIN) Act in 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 cars sales in 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 for the DDSA’s to list the fleet of 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 autoportals or classified pages in 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 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 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
• 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 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 Philippines Used Car Market
• Company Profile of Major Players in Philippines Used Car Market
• Future Outlook and Projections in Philippines Used Car Market (2019-2023)
• Analyst Recommendations
Related Reports
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
Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.
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