Press release
Malaysia Used Car Market Leading Players, Market Growth Rate, Market Forecast, Market Trends and Future Outlook to 2029
The Malaysia used car market is growing rapidly, driven by changing consumer preferences, digital transformation, and economic uncertainty. In 2024, used car to new car ratio stood to 2:1 which highlights the increasing preferences for pre-owned vehicle. The growing middle-class consumers are shifting towards used car because of their affordability, used vehicle has 30-50% less cost as compared to new vehicle. The growth of digital platforms is also bolstering the used car market, with over 40% of the transactions related to used cars in Malaysia occurring online as of 2024. In addition to this lot, even the heavy hitters, Toyota, Honda, BMW, etc, have their own CPO (certified pre-owned) plans to assure the customers the quality in exchange for retailer's return.
Factors Driving the Market
• Rise of E-commerce: Consumers are adopting online platforms to ensure transparency and convenience. This shift is attracting more extensive and tech-savvy consumer base, with more than 40% of used cars transactions in 2024 were through online platforms in Malaysia.
• Growing Middle class Population: The growing populations of middle-class consumers with less disposable incomes looking for affordability plays vital role in market. The middle-class population has increased by more than 15% in 2024 and the financial capacity of the middle-class population makes them inclined to buy second-hand vehicles.
• Private Vehicle Ownership: Malaysia used car market is being shaped by the demand rise in the private vehicle. Due to inflation, the loan interest rate for new cars are high so the consumers are opting for used vehicle. In 2024, nearly 40% of rejected new car loan application bought used car.
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Malaysia Used Car Market Competitive Landscape
The Malaysia used car market is moderately consolidated with major key players dominating the market. Both domestic and global players are offering diverse pre-owned vehicles from different manufacturers. The major players are Mudah.my, Carlist.my, and Carsome. Mudah.my dominated the online marketplace by providing advance vehicle listing options and comparison tool. The company has recorded more than 20% increase in user engagement as of 2024. Carlist.my focuses on providing vehicle histories and customers review especially for buyers looking for transparency and reliability. The company saw nearly 35% increase in sales of pre-owned vehicle in 2024. Meanwhile, Carsome is known for its inspection and certification process which provides smooth online-to-offline buying experience.
Recent News
October 2024: Malaysia became Southeast Asia's second largest automotive market, with the used car sector experiencing year-on-year growth. Some of the significant automotive models of the used car market in Malaysia are Perodua Myvi, Perodua Axia, Perodua Bezza, Honda City, and Proton Saga.
Get an In-Depth Analysis of Malaysia Used Car Market [2023-2029] @ https://www.tracedataresearch.com/industry-report/malaysia-used-car-market
September 2024: Malaysia's largest indoor automotive hub was inaugurated by Caricarz Automall at Strand Mall in Kota Damansara. The facility spans more than 180000 square feet and features a selection of more than 100 quality certified pre-owned vehicles.
Malaysia Used Car Market Future Outlook
The Malaysia used car market is expected to significantly expand through 2029, with the growth supported by rise in digitalisation, evolving consumer preferences, and financial innovation. The adoption of advanced technologies for vehicle assessment and prising process will provide consumer accurate and transparent information, more than 60% of used car transactions will occur through online platforms by 2029. The rising focus on sustainability practices like use of recycled materials, and measures to reduce carbon emissions is also driving the market. Moreover, growing sales of electric and hybrid vehicles is aided with government initiatives promoting EVs with various incentives. The changing trends of offering certified pre-owned (CPO) vehicles, therefore, compel the used car dealers to have a less extensive history of the vehicle, limited mileage but with warranties, transparent servicing records and flexible financing solutions.
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Consultant at TraceData Research In their latest publication "Malaysia Used Car Market Outlook to 2029: By Vender Type (Organized, Unorganized), By Fuel Type (Petrol, Diesel, Others), and By Body Type (Hatchback, Sedan, and SUVs and MPVs)" believe that businesses should provide flexible financing options, leverage online offering, and adopt certified pre-owned (CPO) programs to dominate the used car market in Malaysia.
Explore Our Other Used Car Related Report by Trace Data: -
Vietnam Used Car Market- https://www.tracedataresearch.com/industry-report/vietnam-used-car-market
Saudi Arabia Used Car Market- https://www.tracedataresearch.com/industry-report/saudi-arabia-used-car-market
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TraceData Research is a full-stack market research company founded by research professionals with over 15 years of industry experience. The company is recognized for its proprietary methodologies, deep consumer understanding, high-quality research, and entrepreneurial mindset.
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