| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 26.50 Billion |
| Market Size (2030) | USD 34.47 Billion |
| CAGR (2025 - 2030) | 5.40% |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Malaysia Used Car Market Analysis
The Malaysia Used Car Market size is estimated at USD 26.50 billion in 2025, and is expected to reach USD 34.47 billion by 2030, at a CAGR of 5.4% during the forecast period (2025-2030).
The market for used cars in Malaysia is dynamic and rapidly evolving, influenced by economic conditions, consumer preferences, regulatory policies, and technological advancements. Malaysia's used car market is substantial and diverse, reflecting the country's vibrant automotive industry and robust demand for affordable transportation solutions.
With a growing middle class and increasing urbanization, there is a significant need for reliable and cost-effective mobility options, driving the demand for used cars across the country. The availability of a wide range of vehicles catering to different budgetary constraints and preferences adds to the vibrancy of the market.
From compact hatchbacks to spacious SUVs, consumers have access to a diverse selection of pre-owned vehicles from various manufacturers, both domestic and international, providing buyers with ample choices. Affordability plays a crucial role in fueling demand for used cars in Malaysia as new car prices continue to rise, particularly for vehicles equipped with advanced features and technologies.
- In the March 2024 announcement regarding the 2024 sales targets, Honda Malaysia revealed plans to implement various business activities to boost its sales momentum, including the expansion of its Honda Certified Used Car (HCUC) network.
Many consumers opt for pre-owned vehicles as a cost-effective alternative, attracted by the lower initial purchase price and reduced depreciation rates. The convenience offered by online channels has significantly expanded the reach of the used car market in Malaysia, attracting a broader audience of tech-savvy consumers.
As the automotive industry continues to evolve, the used car market in Malaysia is poised for further growth and transformation, driven by evolving consumer needs and market dynamics.
Malaysia Used Car Market Trends
Increasing Adoption of Hatchback is Likely to Fuel the Market’s Growth
The hatchback segment appeals to a wide range of consumers due to its practicality and affordability. In a market where cost-consciousness is prevalent, hatchbacks offer an attractive option for budget-conscious buyers seeking value for money. These vehicles are more economical compared to larger models, making them available to a broader audience.
Moreover, hatchbacks are well-suited to urban environments, which are predominant in Malaysia. With increasing urbanization and congestion in city centers, compact cars like hatchbacks are favored for their maneuverability and ease of parking. Their smaller size makes them perfect for navigating narrow streets and tight parking spaces, enhancing their appeal among urban dwellers.
The hatchback segment caters to diverse lifestyle needs and preferences. Whether it is young professionals seeking a stylish and fuel-efficient daily commuter or families looking for a practical and spacious vehicle for city driving, hatchbacks offer versatility to meet various requirements. This adaptability contributes to the segment's resilience and attractiveness in the Malaysian market.
Furthermore, technological advancements and innovations have further bolstered the appeal of hatchbacks. Modern hatchback models often come equipped with advanced features such as smartphone integration, touchscreen infotainment systems, and advanced safety technologies. These technological enhancements enhance the overall driving experience and appeal to tech-savvy consumers, driving demand for hatchbacks in the market.
The following are some of the most popular used hatchback cars in Malaysia:
- Perodua Myvi: Perodua Myvi is one of the best-selling cars in Malaysia. Almost every household owns at least one Myvi, and almost every Malaysian (with a driver's license) has driven one.
- Perodua Axia: Perodua Axia is the first car many people buy because it is the most affordable car on the market in Malaysia. It is a low-cost, no-frills commuter that does not break the bank in terms of monthly repayment and required services. Though it is inexpensive, this model combines the best of all worlds in a small package.
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Online Sales is Likely to Account for the Largest Market Share
The increasing internet penetration rate indicates a shift in consumer behavior toward online activities and digital channels. With nearly 97.4% of the population in 2022 having access to the Internet, there is a vast potential for e-commerce in the automotive industry, including the buying and selling of used cars. This digital trend is reshaping the automotive industry in Malaysia, with online platforms becoming increasingly popular among consumers seeking convenience and accessibility.
Moreover, the online segment offers several advantages for both buyers and sellers in the used car market. For buyers, online platforms provide a convenient and hassle-free way to browse through a wide selection of pre-owned vehicles, compare prices, and even arrange for test drives without the need to visit multiple dealerships physically. This convenience factor appeals to busy urban dwellers and tech-savvy consumers who prioritize efficiency in their purchasing process.
Similarly, for sellers, the online segment presents a prospect to reach a broader audience and showcase their inventory to potential buyers nationwide. By listing their used cars on online platforms, dealerships and private sellers can increase their visibility and attract interested buyers beyond their local geographic area. This expanded reach enhances market competitiveness and increases the likelihood of selling vehicles quickly.
Moreover, the online segment is driving e-commerce growth within the Malaysian used car market. As more consumers become accustomed to making purchases online, the demand for digital transactions and online payment solutions is expected to rise. This trend aligns with broader e-commerce trends in Malaysia and reflects a shift toward digital-first consumer behavior across various industries.
Therefore, the online segment is anticipated to play a significant role in the Malaysian used car market, driven by the country's high internet penetration rate and the growing adoption of digital channels.
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Malaysia Used Car Industry Overview
The Malaysian used car market is moderately fragmented owing to its competitive nature and the presence of a large number of players operating across the country. These players are estimated to focus on expansion, fleet upgradation, collaborations, etc., to strengthen their position in the market. For instance,
- In March 2024, MyTukar, a used car ecosystem based in Malaysia, underwent a rebranding process and will now be known as Carro, aligning with its parent company's name. This renaming process will occur over several months, during which the Carro brand will be integrated into myTukar's range of products, services, marketing materials, and physical signage across Malaysia.
- In March 2024, Carro, an online used-car marketplace headquartered in Singapore, expanded its operations into Hong Kong through the acquisition of a smaller local peer.
- In June 2023, the Malaysia-based integrated car e-commerce platform Carsome Group Inc. concluded its latest fundraising round, raising its liquidity position to approximately USD 200 million. Existing investors such as 65 Equity Partners, Seatown Private Capital Master Fund, Qatar Investment Authority, Gobi Partners, and Asia Partners participated in the funding round alongside a new investor, EvolutionX Debt Capital, a growth-stage debt financing platform focusing on technology companies in Asia.
- In July 2023, the Malaysian national carmaker Proton established strategic alliances with three e-bidding companies (EBC), namely, myTukar, MUV, and Carsome, to enhance the trade-in car disposal process for customers.
Malaysia Used Car Market Leaders
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Mudah.my Sdn Bhd
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CARSOME Sdn Bhd
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MT Digital Sdn Bhd
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Caricarz Sdn Bhd
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Caroo Ltd.
- *Disclaimer: Major Players sorted in no particular order
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Malaysia Used Car Market News
- January 2024: Chery Malaysia partnered with the Southeast Asia used-car platform Carsome for vehicle trade-ins and training. Through two memorandums of understanding (MoUs) signed with Carsome and Carsome Academy, the focus is on improving vehicle trade-ins and enhancing soft skills within the brand’s representative network.
- October 2023: Edaran Otomobil Nasional Berhad (EON), a subsidiary of the Malaysian-listed conglomerate DRB-HICOM, made a strategic investment in Genie Malaysia, a subsidiary of the Singapore-based online used car platform Carro.
Malaysia Used Car Industry Segmentation
A used car, a pre-owned vehicle, or a second-hand car is a vehicle that has previously had one or more retail owners. Used cars are sold through various outlets, including franchises and independent car dealers, rental car companies, buy-here-pay-here dealerships, leasing offices, auctions, and private-party sales.
The Malaysian used car market is segmented by vendor type, fuel type, body type, and sales channel. By vendor type, the market is segmented into organized and unorganized. By fuel type, the market is segmented into petrol, diesel, and other fuel types. By body type, the market is segmented into hatchbacks, sedans, and sports utility vehicles (SUVs) and multi-purpose vehicles (MPVs). By sales channel, the market is segmented into online and offline. For each segment, market sizing and forecast are performed on the basis of value (USD).
| By Vendor Type | Organized |
| Unorganized | |
| By Fuel Type | Petrol |
| Diesel | |
| Others | |
| By Body Type | Hatchback |
| Sedan | |
| SUVs and MPVs | |
| By Sales Channel | Online |
| Offline |
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Malaysia Used Car Market Research FAQs
How big is the Malaysia Used Car Market?
The Malaysia Used Car Market size is expected to reach USD 26.50 billion in 2025 and grow at a CAGR of 5.40% to reach USD 34.47 billion by 2030.
What is the current Malaysia Used Car Market size?
In 2025, the Malaysia Used Car Market size is expected to reach USD 26.50 billion.
Who are the key players in Malaysia Used Car Market?
Mudah.my Sdn Bhd, CARSOME Sdn Bhd, MT Digital Sdn Bhd, Caricarz Sdn Bhd and Caroo Ltd. are the major companies operating in the Malaysia Used Car Market.
What years does this Malaysia Used Car Market cover, and what was the market size in 2024?
In 2024, the Malaysia Used Car Market size was estimated at USD 25.07 billion. The report covers the Malaysia Used Car Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Malaysia Used Car Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Malaysia Used Car Industry Report
The Malaysia Used Car Market Report is segmented by vendor type, fuel type, body type, and sales channel. The market has seen remarkable growth, driven by a shift towards personal mobility and increased adoption of online platforms for sales, making the buying and selling process more efficient. This market, characterized by diverse segments and a strong preference for sedans, hatchbacks, and reliable brands, is thriving in urban areas like Kuala Lumpur and Selangor, with a notable presence of both organized and unorganized dealers.
The digital shift in the used car landscape is pivotal, enhancing consumer experiences and expanding market reach. With a competitive landscape marked by intense competition, the market is set for further growth, driven by affordability, a trend towards shorter ownership periods, and a budding interest in electric vehicles. For detailed insights, Mordor Intelligence™ offers a comprehensive analysis, including Malaysia car market share, size, revenue growth rate, and a forecast outlook, available as a free report PDF download.
Industry analysis reveals that the market trend is towards more efficient and accessible sales processes. The price trend shows competitive pricing among vendors. The market forecast indicates continuous growth, with market size expanding due to various factors. Regular market updates and market values are essential for understanding the current state and future direction of the market. Sales data and industry statistics provide a clear picture of the market's performance.
The industry outlook remains positive, supported by comprehensive industry reports and industry research. Market leaders are adapting to changes and setting trends. The market overview highlights the significant segments and their contributions to the overall market value. Market predictions suggest a strong growth trajectory, supported by detailed market review and market segmentation analysis.
Research companies play a crucial role in providing accurate market data and insights. The report example and report PDF from Mordor Intelligence™ offer valuable information for stakeholders. Understanding the market growth, market outlook, and market segmentation is vital for making informed decisions. The industry trends and industry size are essential metrics for evaluating market performance.
