GURUGRAM, India, Feb. 1, 2024 /PRNewswire/ — Ken Research’s latest comprehensive study reveals a robust growth trajectory for Malaysia used car market, projecting a climb to MYR 26.2 billion by 2027. This remarkable growth reflects a dynamic shift in consumer preferences and market trends, positioning the used car market as a key player in Malaysia’s automotive industry.
Growth Drivers Unveiled: The report identifies several key drivers fueling this market’s growth. An expanding middle class, coupled with accessible financing options and sales tax exemptions, has significantly boosted the demand for used cars. The market is further propelled by a rising trade-in culture, making used cars an increasingly popular choice among Malaysian consumers.
Technological Integration and Market Trends: Ken Research’s analysis highlights the evolving landscape of the used car market, emphasizing the importance of online platforms and digitalization in reshaping consumer purchasing behaviors. The integration of technology is not just changing how consumers buy cars but also influencing how dealerships operate and compete.
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Segmentation Insights: The study provides an in-depth segmentation analysis, covering various aspects such as vehicle type, brand popularity, and regional preferences. This segmentation is crucial for stakeholders to understand the nuances of the market and identify potential opportunities for growth and expansion.
Challenges and Future Outlook: Despite its promising growth, the market faces challenges like financial accessibility and the dominance of unorganized dealers. However, these challenges also present opportunities for innovation and strategic planning. The report offers a forward-looking perspective, forecasting major growth and evolving trends in the coming years.
Why This Matters: For businesses and investors eyeing the Malaysian automotive market, this report is a treasure trove of insights. It provides not just quantitative data but also qualitative analysis that is essential for informed decision-making and strategic planning.
Take Action: This report is a must-read for anyone looking to capitalize on the burgeoning used car market in Malaysia. Visit Ken Research today to access this comprehensive study and stay ahead in the competitive automotive industry.
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Market Taxonomy
Distribution Channel
Organized
Unorganized
Type of Vehicle
Sedans
Hatchbacks
SUVs
MVPs
Others
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Type of Brands
Perodua
Proton
Toyota
Honda
Nissan
Others
Age of Vehicle
0-2 Years
3-4 Years
4-6 Years
6-8 Years
8+ Years
City
Kuala
Selangor
Johor
Perak
Others
Price
MYR 30,000 – MYR 50,000
MYR 50,000 – MYR 70,000
MYR 70,000 – MYR 90,000
MYR 90,000
Mileage
20,000
50,000 – 80,000
80,000 – 120,000
120,000 – 200,000
>200,000
Fuel Engine
Petrol
Dissel
Electric
Others
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France used car market was valued at USD ~ Billion in 2021, and it is expected to reach a value of USD ~ billion by 2027, registering a CAGR of ~% during the forecast period (2022 – 2027). Amid the COVID-19 pandemic-associated lockdown, the demand for used cars witnessed a halt in sales for the first half of the year 2020. However, since the second half of the year 2020, the demand for used vehicles started to pick the pace and continued until 2021.
According to Ken Research estimates, UK Used Car Industry will continue its growth phase till 2030; entry of large number of captive and classified players expected in the upcoming years owing to online presence of new emergent players, increasing smartphone & internet penetration & a growing middle class population.
USA Used Car market has grown at a steady growth rate over the past few years supported by increase in population in the country along with the rising trends of upgrading the cars over the years. Factors like fast growing disposable income, rising demand for premium cars, shorter period of car ownership, and increasing preference of the owner are driving the growth of Used Car sales.
According to Ken Research estimates, due to the impact of COVID-19, there has been a substantial decrease in the denominator (new car sales) while the numerator, i.e. the pre-owned car market, has been relatively stable. Turkey used car market is expected to grow at an 11.8% CAGR during 2021-2026F, driven by an increase in prices of new cars and government initiatives. The Turkish automotive industry had a foreign trade surplus of approximately $9.5 billion in 2021.
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