Thailand Used Car Market Share and Growth 2023, Trends Analysis, Revenue, Key Players, Business Challenges and Future Investment Opportunities 2033: SPER Market Research
Used cars can be defined as previously owned vehicle sold after one or more owners, offering a more affordable option compared to new cars. The appeal of used cars lies in their potential cost savings compared to new vehicles, as they have already experienced depreciation and may offer better value for money. Used cars encompass a wide range of makes, models, and conditions, offering buyers the opportunity to find a vehicle that suits their preferences and budget.
According to SPER market research, ‘Thailand Used Car Market Size- By Market Type, By Fuel Type, By Vehicle Type, By Booking Type, By Kilometres Driven, By Ownership Period – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Thailand Used Car Market is predicted to reach USD 12.62 billion by 2033 with a CAGR of 7.23%.
Used cars offer better value for money than new cars, which encourages purchasers to choose them over new vehicles during the initial years of ownership. The availability of a large selection of used car options, which gives customers the freedom to select based on their preferences and budgets, is another factor driving the industry. Banks and other financial organisations offer financing alternatives specifically designed for used cars, increasing their availability and affordability. The market for second-hand cars is also impacted by shifting consumer preferences. The market is also shaped by governmental policies relating to taxation, import levies, registration fees, and emissions rules.
The lack of transparency in Thailand’s used automobile market makes it difficult for buyers to evaluate the history and condition of the vehicles, which restrains market expansion. With higher rates and more stringent criteria for used cars, financing and insurance present difficulties. Concerns about ownership, quality, and safety arise as a result of counterfeit vehicles entering the market. Inconsistent after-sales services and limited guarantees deter buyers looking for confidence. Online platforms raise the level of competition, which affects long-standing dealerships. Uncertainty is a result of frequent policy and regulatory changes. Collaboration between governmental organisations, trade associations, dealerships, and online platforms is necessary to address these issues.
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The used car market in Thailand has been significantly impacted by the COVID-19 outbreak. Used automobile prices have fallen as a result of increasing supply and less demand, forcing sellers to lower their asking prices. As social segregation measures were put in place as a result of the epidemic, used automobile sales have also shifted to online marketplaces. The demand for old cars has been further impacted by the problems in obtaining finance that both people and businesses have experienced. Due to the economic impact, some dealerships have merged or closed, which has caused market consolidation. To boost the auto sector and mitigate the negative impacts on the used car market, the Thai government has implemented incentives such tax exemptions and subsidies.
Geographically, Central Thailand emerged as the dominant region in the Used Car industry. This can be attributed to it consist of majority of popular cities in it including the capital city of Bangkok having a greater purchasing power and the enormous economic growth. Additionally, some of the market key players are Cars24 Group (Thailand) Co. Ltd, Toyota Sure (Toyota Motor Thailand Co. Ltd.), icarAsia.Com, Siammotorworld, CARSOME (THAILAND) CO. LTD., Others.
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Thailand Used Car Market Future Outlook
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