Philippines Used Car Market
The used car market structure in Philippines is expected to be consolidated in the future as the market share of players selling vehicles via organized channel is expected to surge. This will be mainly on account of transparent and fair used car dealings/trading process, aggressive after sales service by organized players.
The onset of COVID-19 positively contributed to the revival of the used car market in Philippines post an initial contraction because of supply chain disruption and falling per capita disposable income due to physical restrictions imposed. As consumers are more concerned about their health and hygiene, there exist an increased perception towards ownership of private vehicles.
Increasing Used Car Sales due to Covid-19: With the advent of Covid-19, consumers were witnessed to be more concerned on maintaining personal health and hygiene. Therefore, they are preferring the option of private transportation rather than availing public transport system. The change in consumer's behavior and preference is expected to act as an opportunity for the used car market in Philippines. Since, the pandemic does not seem to completely subside anytime soon, the demand for used cars will keep increasing until the entirety of the potential customers, who initially travelled via public transport, own a car. Brands such as Honda are now planning to establish their own pre-owned certified cars segment. The pandemic showed that while the new cars market is becoming vulnerable, the pre-owned cars market is becoming more resilient.
Strategic Partnerships between Dealers and Banks: The multi-brand dealers and banks are strategically partnering with online classified pages and online auto portals to make the process accessible and transparent for the buyers. Also, the banks have collaborated with websites such as AutoDeal and online auction platforms such as Automart for pre-owned cars. Since the vehicle buyers are looking out for used and new vehicles online, the banks strategically cross sell their loan products for both new and used units.
Emergence of Online B2C & C2B Players: In Philippines there are many classified portals facilitating the sale of used cars, however, there are no pure play companies offering B2C & C2C used car sales currently. But digitalization is changing the way the industry does business, with more and more sales taking place online. And with the onset of pandemic, the long-term outlook for online used car sales is quite encouraging. Players such as Carsome are planning to enter the market in near future and offer an online platform for used car sales in Philippines. Advanced technologies including artificial intelligence and machine learning would play an important role in improving revenues and reducing costs.
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Analysts at Ken Research in their latest publication - "Philippines Used Car Market Outlook To 2026 (Third Edition): Driven by the Pandemic Incited New Opportunities for Used Car Dealers and Increased Penetration in the Online Space for Used Car Transactions" observed that used car market in Philippines is expected to grow in the future, with the increased awareness on health and hygiene followed by the onset of COVID-19. The demand for used cars in the market is expected to increase as the real inflation in the country is increasing year on year and the citizens are left with little cash at disposal. The increasing credit appetite of banks fueled by competition from foreign financing companies would provide a boost to the industry. The competition is expected to increase within dealerships as customers would either approach a DDSA or multi brand dealer over another individual used car seller. The Philippines Used Car Market is expected to grow at a CAGR of 7.6% on the basis of GTV (Gross Transaction Value) over the forecast period 2021P-2026F.
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Key Segments Covered
By Market Structure
By Sales Channel (Organized Segment)
Direct Dealership Sales Agents
Bank Repossessed Cars
By Source of Lead generation (Organized Segment)
By Average Ticket Size
Less than PHP 100,000
More than PHP 1,000,000
Southern Luzon (except Metro Manila)
By Type of Vehicle
Others (convertibles, coupe, crossover, sports vehicles, etc.)
Others (Hybrid and Electric)
By Type of Vehicle Manufacturer
Others (Kia, Mazda, Mercedes, Audi, etc.)
By Average Replacement Period
Less than 2 years
More than 8 years
Less than 10,000 Kms
Above 100,000 Kms
For more details @ https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/philippines-used-car-market-outlook-to-2026/524038-100.html
Nissan Intelligent Choice
BMW Premium Selection
Mercedes Benz Certified Pre-owned
Banks (Repossessed Car Auctions)
Online Portals - Online Auto Classified Platforms
Carmix (by Lausgroup)
Berylle Car Sales
Time Period Captured in the Report:-
Historical Period - 2016-2021P
Forecast Period - 2021P-2026F
Key Topics Covered in the Report
Philippines Used Car Market Overview
Philippines Used Car Market Size, 2016-2021P
Philippines Used Car Market Segmentation, 2021P
Growth Drivers in Philippines Used Car Market
Issues and Challenges in Philippines Used Car Market
Ecosystem and Value Chain of Used Car Industry in Philippines
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
Philippines Ancillary Services Market
Future Market Size and Segmentations, 2021P-2026F
Covid-19 Impact on the Industry & the way forward
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications
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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. We provide business intelligence and operational advisory across 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Some of top consulting companies and Market leaders seek our intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.
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