Singapore Used Car Market showcased resilience post the pandemic as the sales recovered quickly due to a surge in the demand for cars owing to the risk of using public transportation: Ken Research

Increasing Online Presence: The year 2020 saw a tremendous increase in the usage of the online space for buying and selling cars. Although online classified platforms such as Carousel and DBS Marketplace were gaining traction for quite some time, the pandemic made it absolutely necessary for most of the dealers to have an online presence. Approximately 90% of the lead generation for used cars in the year 2020, happened via the online platforms. Several brands introduced the concept of virtual showrooms to promote minimum contact and social distancing between buyers and sellers.

Preference to Own a Personal Car over using Public Transportation: Since the onset of the pandemic, public transport and ride-sharing are not considered to be safe options. Therefore, a number of individuals who used to travel by public mode of transportation have started preferring to own a private car. Since buying a brand-new car is more expensive, this population demographic has started looking into the used cars segment.

For more information on the research report, refer to below link:
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/singapor-use-ca-market-outlook-to-2025/504384-100.html

Online Classifieds Facilitating Growth of Platform Economy: The online classifieds market has helped transform the used car segment into a platform economy. Buyers and sellers of used cars do not have to look for an intermediary but can directly connect with each other on the classified platforms or through social networking sites.

Impact on Used Car Sales due to Covid-19: Multiple trends in the used cars industry were observed since the onset of Covid-19. Although, the used car market witnessed significant reduction in sales (similar to the new car market) in 2020 during the months of circuit breaker, it was on the upswing once the lockdown was lifted. The increase in the sales in the following months was able to mitigate for the losses incurred during the nationwide circuit breaker.

Increased Facilities Offered by Online Platforms: Many auto portals are enabling sellers to sell their cars directly to dealers through online bidding. This reduces lead time for sellers who want to sell urgently. Further, such platforms can verify seller’s details and information and highlight trusted sellers on their platform, which leads to higher customer confidence. Additionally, online marketplaces often offer additional services such as detailed car inspection & vehicle history report along with after-sales & value-added services such as warranty, insurance and ownership transfer assistance.

Analysts at Ken Research in their latest publication “Singapore Used Car Market Outlook To 2025: The Pandemic Incited Increased Demand for Used Cars coupled with Increased Internet Penetration provides for Resilience in the Used Cars Market during the Economic Crisis–” observed that Singapore is in a growth phase in the used car market in South East Asia and is gradually recovering from the economic crisis after the pandemic. The increasing E-Commerce penetration is giving a boost to this industry. Going forward, the industry is expected to demonstrate further growth in the short-medium term, fueled by the growth of online used car platforms that provide convenience to both buyers and sellers. Singapore Used Car Market is expected to grow at a CAGR of 8.5% on the basis of sales volume over the forecast period 2020 – 2025.

For more information on the research report, refer to below link:
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/singapor-use-ca-market-outlook-to-2025/504384-100.html

Key Segments Covered

By Market Structure
Organized
Unorganized
By Organized Channel Source of Lead generation
Online
Dealership walk-ins
By Sales Channel
B2C
C2C
By B2C Sales Channel
Multi-brand Dealers
Direct Dealership Sales Agents
Bank Auctions
By Type of Car
Luxury Sedan
Mid-Size Sedan
Hatchback
SUV
MPV
Sports Car
Station wagon
By Engine Size
1000 CC and Below
1001 CC – 1600 CC
1601 CC – 2000 CC
2001 CC – 3000 CC
3001 CC and Above
By Brand
Toyota
Honda
Hyundai
BMW
Audi
Volkswagen
Kia
Mazda
Nissan
By Region
North
East
West
South
Central
By Ownership period
0-2 years
2-4 years
4-6 years
6-8 years
More than 8 years
By Mileage
20,000 – 50,000 Km
50,000 – 100,000 Km
100,000 – 150,00 Km
150,000 – 200,000 Km
200,000 and Beyond
By Fuel
Petrol
Diesel
Others (Electric, Petrol-Electric, Diesel-Electric, etc.)
Companies Covered

Authorized Dealers
Cycle & Carriage Industries
Inchcape plc
Performance Motors Ltd
Volkswagen Group
Euro Kars Group of Companies
B2C
Vin Car
88 Motor Trading
Prime Motor & Leasing
Hua Yang Credit
Creative Auto
Online Portals – Online Auto Classified Platforms
Carousel
DBS Car Marketplace
C2B
Sg Car Mart
Carro
Motorist
Car Times Automobiles
Cosmo Automobiles
Car some
Direct Cars
Utopic Motors

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Time Period Captured in the Report: –

Historical Period – 2015-2020
Forecast Period – 2021-2025
Key Topics Covered in the Report

Executive Summary
Research Methodology
Singapore Used Car Market Overview
Singapore Used Car Market Size, 2015-2020
Singapore Used Car Market Segmentation, 2020
Growth Drivers in Singapore Used Car Market
Issues and Challenges in Singapore Used Car Market
Government Regulations
Ecosystem and Value Chain of Used Car Industry in Singapore
Customers Purchase Decision Making Parameters
Cross Comparison between Major Authorized Dealers and Multi-brand Dealers and Company Profiles
Snapshot on Online used car market
Future Market Size and Segmentations, 2021E-2025E
Covid-19 Impact on the Industry & the way forward
Analysts’ Recommendations

For more information on the research report, refer to below link:
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/singapor-use-ca-market-outlook-to-2025/504384-100.html

Related Reports: –
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

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