South-East Asian Used Car Market Size (2024 - 2029)

The market size of the South-East Asian used car industry is experiencing significant growth due to increased demand. The pandemic and subsequent restrictions resulted in hampered manufacturing and demand for new cars, leading to a surge in the used car market. Consumers are opting for used cars, which are affordable and equipped with modern features, making them a popular choice. The used car industry's market volume is expanding, with sales surpassing that of new vehicles. Factors such as population rise and economic growth are making Southeast Asia an attractive market for investors. The growth of automotive e-commerce in the region is also noteworthy, with a majority of used car customers and dealers turning to the internet. Furthermore, companies from other countries are investing and starting their operations in the region, further boosting the market size of the used car industry.

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Market Size of South-East Asian Used Car Industry

South-East Asian Used Car Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 62.31 Billion
Market Size (2029) USD 84.30 Billion
CAGR (2024 - 2029) 6.23 %
Market Concentration Low

Major Players

Southeast Asia Used Car Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Southeast Asia Used Car Market Analysis

The South-East Asian Used Car Market size is estimated at USD 62.31 billion in 2024, and is expected to reach USD 84.30 billion by 2029, growing at a CAGR of 6.23% during the forecast period (2024-2029).

The pandemic and the subsequent restriction, the manufacturing and demand for new cars have been hampered in the past two years. Now, as the market is still recovering, there is an increased demand for used cars, as they are relatively affordable, and cars from the last five years offer almost all the modern and necessary features.

Consumers are refraining from investing hugely in newer vehicles and are opting to purchase used cars. As a result, the used car industry is witnessing considerable growth. Used car platforms are widely safe, accessible, and available at reasonable prices.

Due to this, the sales of used cars are 1.3 times that of new vehicles. Also, this ratio is expected to double in the coming decade. Various factors, including population rise and economic growth, are making Southeast Asia counties the fastest and most attractive economic market to investors. Additionally, in Thailand, In 2022, the total sales volume of automobiles in Thailand amounted to around 848 thousand units.

Automotive e-commerce has grown at a staggering rate in Thailand and Indonesian markets, with almost 100% of used car customers beginning their car shopping experience online. This allows car dealers to provide faster digital service and more accessible options to advertise their listings. Today, over 70% of used car dealers in the South East Asian market use the internet.

Additionally, to capture the market share, many companies from other countries are also investing and starting their operations in the Southeast Asia region.

Southeast Asia Used Car Industry Segmentation

A used vehicle, also known as a used vehicle or used vehicle, is a vehicle that was once owned by one or more dealers.

The market studied is segmented by vehicle type (hatchback, sedan, and electric), fuel type (gasoline, diesel, and other fuel types), booking type (online booking and offline), vendor (organized and unorganized), and geography (Vietnam, Indonesia, Thailand, Singapore, Malaysia, and the Rest of Southeast Asia) 

The report offers market size and forecasts for used cars in value (USD) for all the above segments.

By Vehicle Type
Hatchback
Sedan
Sports Utility Vehicle (SUV)
Fuel Type
Diesel
Gasoline/Petrol
Other Fuel Types
Booking Type
Offline
Online
By Vendor Type
Organized
Unorganized
By Country
Vietnam
Indonesia
Malaysia
Thailand
Singapore
Rest of South-East Asia

South-East Asian Used Car Market Size Summary

The South-East Asian Used Car Market is experiencing considerable growth due to increased demand for used cars. The pandemic and subsequent restrictions have hampered the manufacturing and demand for new cars, leading consumers to opt for used cars, which are more affordable and offer modern features. The used car industry is becoming more organized due to the penetration of smartphones and the internet in emerging economies, particularly in Southeast Asia. Digitalization is being used to make market offerings more attractive, with facilities like online photos, videos, and secure online finance services attracting customers. The market is largely fragmented with various startups and regional players such as PT. Moladin Digital, Carousell, Carro, Carsome, and Cars24 Services Private Limited. Major markets include Indonesia, Thailand, and Malaysia, with the sales of used cars surpassing those of new vehicles. The trend of purchasing used cars over new ones is particularly prominent among millennials, who prioritize cost over brand names. However, challenges such as jam-packed roads and stagnant automobile production growth rates may hinder market growth in the future. Despite these challenges, the used car market remains successful, especially for those seeking compact and budget-friendly options.

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South-East Asian Used Car Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Expanding Distribution Channels

      2. 1.1.2 Others

    2. 1.2 Market Restraints

      1. 1.2.1 Lack Of Trust And Transparency

      2. 1.2.2 Others

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Vehicle Type

      1. 2.1.1 Hatchback

      2. 2.1.2 Sedan

      3. 2.1.3 Sports Utility Vehicle (SUV)

    2. 2.2 Fuel Type

      1. 2.2.1 Diesel

      2. 2.2.2 Gasoline/Petrol

      3. 2.2.3 Other Fuel Types

    3. 2.3 Booking Type

      1. 2.3.1 Offline

      2. 2.3.2 Online

    4. 2.4 By Vendor Type

      1. 2.4.1 Organized

      2. 2.4.2 Unorganized

    5. 2.5 By Country

      1. 2.5.1 Vietnam

      2. 2.5.2 Indonesia

      3. 2.5.3 Malaysia

      4. 2.5.4 Thailand

      5. 2.5.5 Singapore

      6. 2.5.6 Rest of South-East Asia

South-East Asian Used Car Market Size FAQs

The South-East Asian Used Car Market size is expected to reach USD 62.31 billion in 2024 and grow at a CAGR of 6.23% to reach USD 84.30 billion by 2029.

In 2024, the South-East Asian Used Car Market size is expected to reach USD 62.31 billion.

South-East Asian Used Car Market Report Snapshots

Southeast Asia Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)