Press release
Pandemic has provided a New Opportunity for Used Car Dealers in Malaysia due to greater accessibility via online platforms as well as consumers’ preference of owning personal vehicles: Ken Research
• Historically, the sale of used cars in Malaysia has remained stagnated for about 20 years. The pandemic has provided a much-needed boost to the industry in terms of increased sales with respect to changing consumer preferences, incentives by the government under the Penjana scheme, and increased sourcing of used cars• Consumers are shifting away from traditional methods & increasingly using online platforms for their used car buying/selling journey. Many start-ups, C2B players and auto-classified portals present in Southeast Asia are entering the Malaysia market or expanding their presence through mergers & acquisitions, seeing the industry’s potential.
• High urban population and disposable income in Kuala Lumpur & Selengor has led to generation of ~60% of the used car sales over these regions. Due to geographical factors, East Malaysia has a high demand on pickup trucks. East Malaysian cities such as Sabah, Kuching have sales generated majorly by pickup trucks that provide better power and manoeuvrability, especially for off road commercial applications such as logging, construction, and plantation
Growth of Digital Platforms: Increasing internet and smartphone penetration in the country has resulted in a large number of consumers preferring to buy and sell cars through online auto classifieds, transactional marketplaces, and social media. Auction Houses are also increasing their spending on online advertising and generating leads through these platforms. It has been observed from the Data gathered from Google Trends that the search for major second-hand car brands on the Internet has increased since last year and a half.
Unorganized dealers dominate the Sales Volume in the Market: Independent dealers (Car Tents) dominate the market due to large presence across the country. These dealers are also increasing their online presence by listing their inventory on their own website/Facebook account or platforms resulting in market growth. It is expected that most.
Focus on value-added services: Large number of dealerships and online platforms are offering value-added services such as online car evaluation, certification, vehicle inspection, financing, insurance and ownership transfer amongst others so as to enhance their margins and provide a hassle-free experience to the buyers.
Adoption of Latest Technologies to enhance digital experience: Leveraging technologies such as Artificial Intelligence & Virtual Reality is expected to enhance the digital experience for consumers by offering 360° interior & exterior view of the car, estimating car price online via uploaded images, analyzing consumer behavioral insights to show relevant ads according to interests & more.
Increasing Used Car Sales due to Covid-19: The demand for used cars decreased during the peak of Covid-19 pandemic on account of Movement Control Order restrictions. This was due to low supply and closure of OEM dealerships and Local Tents during lockdown which was further fueled by decrease in purchasing power which led to postponing of new and used car purchases. However as the country witnessed easing of lockdown restrictions, there was a significant traction in used car sales. This was on account of preference of personal vehicles over shared transport, favourable tax policies, and sale of vehicles by people with multiple car ownership. The demand for used cars in the country remained low at the starting of 2020, however there was increase in demand in the second half of the year post ease in confinement. The manufacturers are expected to shift focus towards digital medium in order to drive sales and increase customer footfall.
For More Information on the research report, refer to below link:-
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/malaysia-used-car-market-outlook-to-2025/472827-100.html
Analysts at Ken Research in their latest publication “Malaysia Used Car Market Outlook To 2025 – Growth of Online Used Car Platforms and increased shift from using public transport to personal cars, fueled by Covid-19 to accelerate Industry's Growth” observed that Malaysia is in a late growth phase in the used car market in South East Asia and is slowly recovering from the economic crisis after pandemic. The increasing credit availability in the country along with car loan moratoriums and other incentives under Penjana is driving the growth of the industry. The industry is expected to demonstrate strong growth in the future led by growth of online used car platforms that provide convenience to both buyers and sellers and makes the entire process smoother. The Malaysia Used Car Market is expected to grow at a CAGR of 9.6% on the basis of GTV over the forecast period 2020-2025.
Key Segments Covered: -
By Market Structure
• Organized
• Unorganized
By Sales Channel
• B2C/OEM organized
• C2C
• Auction
By Source of Lead generation
• Online
• Dealership walk-ins
By Car Segment
• Sedan
• Hatchback
• SUV
• MPV
• Pickup trucks
• Others (convertibles, coupe, sports vehicles, etc)
By Price
• Less than MYR 30,000
• MYR 30,000-50,000
• MYR 50,000-70,000
• MYR 70,000-90,000
• More than 90,000
By Brand
• Perodua
• Proton
• Honda
• Toyota
• Nissan
• Others (Mitsubishi, Mazda, Mercedes, Audi, etc)
By Region
• Kuala Lumpur
• Selengor
• Johor
• Penang
• Perak
• Others
By Ownership period
• Less than 2 years
• 2-4 years
• 4-6 years
• 6-8 years
• More than 8 years
By Mileage
• Less than 20,000
• 20,000-50,000
• 50,000-80,000
• 80,000-120,000
• Above 120,000
By Fuel
• Petrol
• Diesel
• Hybrid
• Electric
Companies Covered: -
OEM Dealerships
• Perodua Pre-owned
• Proton Certified Pre-owned
• Toyota Topmark
• Mazda Certified Pre-owned
• BMW Premium Selection
• Mercedes Benz Certified Pre-owned
Online Portals – C2B platforms
• Carsome
• MyTukar
• MyMotor
Online Portals – Online Auto Classified Platforms
• Mudah.my
• Motor Trader
• Carlist.my
• WeMotor
• Motor Trader
• Autocari
• Oto.my
B2B Auction players
• G-Mart
• MUV
• NG Chan Mau & Company
• Pickles Auction
Key Target Audience
• Used Car Companies
• OEMs
• Online Used Car Portals
• Auction players
• Used Car Financing Companies
• Government Bodies
• Investors & Venture Capital Firms
• Used Car Dealerships
• Used Car Distributors Auction Houses
• Used Car Associations
Time Period Captured in the Report:-
• Historical Period – 2015-2020
• Forecast Period – 2021-2025
Key Topics Covered in the Report
• Executive Summary
• Research Methodology
• Malaysia Used Car Market Overview
• Malaysia Used Car Market Size, 2015-2020
• Malaysia Used Car Market Segmentation, 2020
• Growth Drivers in Malaysia Used Car Market
• Issues and Challenges in Malaysia Used Car Market
• Regulatory Framework
• Ecosystem and Value Chain of Used Car Industry in Malaysia
• Customers Purchase Decision Making Parameters
• Cross Comparison between Major OEMs and Multi-brand Dealers and Company Profiles & Product Portfolios
• Snapshot on Online used car market
• Snapshot on C2B and online classified market
• Snapshot on Auction Market
• Future Market Size and Segmentations, 2021-2025F
• Covid-19 Impact on the Industry & the way forward
• Analysts’ Recommendations
Related Reports by Ken Research: -
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/indonesia-used-car-market-outlook-to-2025/412166-100.html
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/saudi-arabia-used-car-market-outlook-to-2025/356552-100.html
Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@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 research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies.
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