Press release
Philippines Used Car Market Surges Past 1.2 Million Units, Projected 8.10% Revenue Growth by 2028
Robust Growth Propelled by 12% CAGR from 2019 to 2023
The Philippines' used car market is experiencing a transformative surge, driven by a robust Compound Annual Growth Rate (CAGR) exceeding 12% from 2019 to 2023. Sales have surpassed an impressive 1.2 million units, with tier 2 cities emerging as pivotal players, while tier 1 cities like Metro Manila, Quezon City, and Cebu City maintain significant interest, signaling nationwide evolution in automotive preferences.
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► Vitality of the Philippine Automotive Sector
The Philippine automotive sector, encompassing motor vehicles, parts, and component manufacturing, reflects this vitality. With five passenger car assemblers and 22 commercial vehicle assemblers, the industry's annual capacity of 150,000 units sets a strong foundation for sustained growth. Notably, 2018 witnessed the production of 79,763 units, laying the groundwork for continued expansion.
► Proliferation of Certified Pre-Owned Car Dealerships
Certified pre-owned car dealerships are proliferating, particularly in metropolitan hubs like Metro Manila, Quezon City, and Cebu, enhancing accessibility for consumers nationwide. Driving this expansion are factors including heightened demand for private cars, rising per capita income, accessible financing, increased internet penetration, and digital transformation.
► Navigating the Competitive Terrain
The Philippines' used car sector is witnessing intense competition among industry leaders, each vying to carve out a larger market share in this rapidly evolving domain. Renowned for their enduring value, pre-owned vehicles from esteemed brands like Toyota, Honda, and Mitsubishi remain dominant, with prices depreciating by 50-60% of new cars after 5 years. Models such as the Toyota Vios, Honda City, and Mitsubishi Mirage are lauded for their reliability, fuel efficiency, and robust resale value, driving consumer preference in the market.
► Industry Giants' Moves in the Philippines' Used Car Market
Carsome's Market Entry: In May 2022, Carsome, a Malaysian used car marketplace valued at $1.7 billion post a $290 million Series E funding, announced its expansion into the Philippines. This strategic move intensifies competition and fosters innovation.
TMP's Enhanced Initiative: Toyota Motor Philippines (TMP) unveiled "T-Sure, Toyota Quality Pre-owned Cars," broadening opportunities for consumers. Renamed and revitalized, TMP's program ensures hassle-free purchases, focusing on quality, safety, and exceptional service.
► Driving Digital Transformation in the Market
The Philippines' used car market has witnessed a significant digital overhaul, revolutionizing operations and fostering a more efficient and trustworthy marketplace. Despite these strides, car ownership remains relatively low, with only 6% of households nationwide owning a vehicle as of February 2023, indicative of substantial growth potential.
► Future Outlook and Growth Prospects
The Philippines' used car market shows promising growth prospects, driven by low car ownership rates and expanding infrastructure. By 2028, revenue is projected to grow by 8.10%, fueled by population growth, rising disposable incomes, and a growing working woman demographic. The youth population, expected to reach 21.5 million by 2030, presents a key growth opportunity.
► Role of Online Platforms and Repossessed Vehicles
Online platforms like Philtokse.com, AutoDeal, and Carmudi.com play a pivotal role in simplifying the used car buying process for individuals in the Philippines. Furthermore, the repossessed car market in the Philippines has seen a notable shift towards online platforms, contributing to the expansion of the Philippine used car industry.
► Scope of the Philippines Used Car Market
The research report titled "Philippines Used Car Market Analysis and Forecast (2019-2028)" meticulously examines the market's performance and future growth potential. With a focus on key parameters such as car types, fuel types, car brands, geographical variations, channel types, and dealer classifications, the report offers detailed insights into various facets of the market. Ultimately, it aims to provide stakeholders with actionable insights, empowering them to navigate the complexities of the Philippines' used car market with confidence and foresight.
► Period of Study:
2018-2023: Past and Present Scenario
2023: Base Year
2024-2028: Future Outlook of the Market
► Key Areas Discussed in the Report
By Structure
Organized
Unorganized
► By Channel
Online
Offline
► By Brand
Toyota
Daihatsu
Honda
► By Car Model
Toyota Avanza
Daihatsu Sigra
Mitsubishi Xpander
Honda Mobilio
► By Body Type
Sedan
SUV
Hatchbacks
MPV
Commercial
LCGC
► By Fuel Type
Petrol
Diesel
Hybrid
EV
► By Cities
Manila
Sumatra
Surabaya
Medan
► Major Players Discussed in the Report
Automart.PH
Carmudi Philippines
Zigwheels Philippines
Toyota Motor Philippines Corporation (T sure)
AutoDeal.com.ph
► Major Online Used Car Portals
Carmudi Philippines
Autodeal
Tsikot
Philmotors
Philkotse
Car Finder Philippines
Motoring and Tech
ManilaCarList
CarsInPhilippines
OLX Philippines
Auto Trade
► Major Used Car Financing Companies
South Asialink Finance Corp
Security Bank
EastWest Bank
Toyota Financial Services Philippines Corporation (TFSPH)
Maybank
RCBC
Metrobank
BPI
BDO Unibank
Related Reports:
Indonesia Used Car Market Analysis and Forecast (2019-2030)
https://www.makreo.com/report/indonesia-used-car-market-analysis-and-forecast-2019-2030
India Used Car Market Size and Forecast (2018-2030)
https://www.makreo.com/report/india-used-car-market-size-and-forecast-2018-2030
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Email Address
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Makreo Research, a dynamic full-service research and consulting firm located in Mumbai, is dedicated to reshaping the research landscape and delivering comprehensive solutions to intricate business challenges.
Our mission is to streamline the ever-changing economic landscape and intricate market dynamics, leveraging brilliant minds and cutting-edge technology to make a substantial difference in the realm of business and decision-making.
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