The growth of the used car market can be ascribed to the effective growth in internet dissemination coupled with the accessibility of information on online platforms, and the efficient growth in the collective requirement for off-lease vehicles from auto dealers, franchises, and leasing offices snowballing admiration of services for car subscription. The market has observed proficient growth during the last few years as the price competitiveness among the new players has been one shining spot in the used car industry. In addition, aspects such as accessibility of used cars, affordability, the hike in the requirement for personal mobility, and the appearance of different online players to organize the market have caused market growth.
According to the SPER market research, ‘Thailand Used Car Market Share- By Market Type, By Vehicle Type, By Fuel Type, By Booking Type, By Kilometres Driven, By Age of Vehicle, By Age of Buyers - Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that Thailand Used Car Market is predicted to reach USD 11.05 billion by 2032 with a CAGR of 7.28%.
The COVID-19 epidemic had a negligible impact on the used car industry. With the augmented number of people desiring individual mobility and more finance options accessible in the used car market, the market is set to rise considerably. Owing to the pandemic’s diminished cash inflow, buyers have been forced to look for a substitute for new cars, and the used car industry has high growth potential in this esteem. As the pandemic has hampered new vehicle sales and production, purchasers are gravitating towards the used automobile market.
Aspects accountable for Indian customers selecting used vehicles over new vehicles are a requirement for mobility for personal and business growth, budget limitations and macroeconomics uncertainty, supreme quality cars with warranties, progressive industry players proposing refurbished, trust, and transparency, and the value of money nature of used card when compared to new cars. The advent of organized online and substantially used car platforms combined with an enlarge in the prerequisite for personal mobility and favorable government support, is also foreseen to drive growth.
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In both underdeveloped and developed countries, the used-to-new vehicle ratio has augmented during the last few years, accounting for the causes specified earlier. Moreover, the franchised dealers with assistance from OEM involvement in certification and marketing programs, admittance to supreme contracts, and online inventory pooling are in a robust position to benefit from the growth in the market.
The Asia Pacific used vehicle market is projected to rise at the fastest CAGR from 2022 to 2030. Some car dealers carry a rich series of improved technology-enabled tool, which involve mobile-based applications, a virtual online showroom, tracking sales performance, cloud services for lead management systems, and digital marketing assistance. In addition, China used vehicle market controlled the largest market share, and the India used vehicle market was the fastest increasing market around the Asia-Pacific region.
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Thailand Used Car Market Forecast
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