Philippines Used Car Market showcased resilience during the pandemic as the sales recovered quickly due to a surge in the demand for cars owing to the risk of using public transportation: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Increasing Online Presence: The year 2020 saw a tremendous increase in the usage of the online space for buying and selling cars. Although online classified platforms such as Carmudi, AutoDeal, Carousell, and Philkotse were gaining traction for quite some time, the pandemic made it absolutely necessary for most of the dealers to have an online presence. Approximately 80% of the lead generation for used cars in the year 2020, happened via the online platforms. Several brands introduced the concept of virtual showrooms to promote minimum contact and social distancing between buyers and sellers. Preference to Own a Personal Car over using Public Transportation: Since the onset of the pandemic, public transport and ride sharing are no longer considered to be a safe option. Therefore, a number of individuals who used to travel by public mode of transportation have started preferring to own a private car. Since buying a brand-new car is somewhat expensive, this population demographic has started looking into the used cars segment. Platform Economy Carving a Niche in the Used Cars Segment: The Used Cars segment (specifically the online classifieds market) has transformed into a platform economy. Buyers and sellers of used cars do not have to look for an intermediary but can directly connect with each other on the classified platforms. Impact on Used Car Sales due to Covid-19: Multiple trends in the used cars industry were observed since the onset of Covid-19. Although, the used car market witnessed significant reduction in sales (similar to the new car market) in 2020 during the months of March, April and May, it was on the upswing once the lockdown was lifted. The increase in the sales in the following months was somewhat able to mitigate for the losses incurred during the months having complete nationwide lockdown (March to May 2020). Increased Financing Facilities: Although a finance crunch was observed during Covid, the financing facilities had been historically growing for the used cars segment. Several foreign financing companies leveraged the vacuum in this space, following which, a number of local banks entered the finance segment of the used cars industry. Analysts at Ken Research in their latest publication “Philippines Used Car Market Outlook To 2025 (Second edition): The Pandemic Incited Increased Demand for Used Cars coupled with Increased Internet Penetration provides for Resilience in the Used Cars Market during the Economic Crisis–” observed that Philippines used car market is in a growth and is gradually recovering from the economic crisis after the pandemic. The increasing credit appetite of banks fueled by competition from foreign financing companies is giving a boost to the used car industry of Philippines. The industry is expected to demonstrate a moderated growth in the short-medium term fueled by growth of online used car platforms that provide convenience to both buyers and sellers. Key Segments Covered: – By Market Structure Organized Unorganized By Sales Channel Multi-brand Dealers Direct Dealership Sales Agents Bank Auctions C2C (Customer to Customer) Transactions By Source of Lead generation Online Dealership walk-ins By Car Segment Sedan Hatchback SUV MPV Pickup Vans Others (convertibles, coupe, crossover, sports vehicles, and many more) By Price Less than PHP 100,000 PHP 100,000-300,000 PHP 300,000-500,000 PHP 500,000-700,000 PHP 700,000-1,000,000 More than PHP 1,000,000 By Brand Toyota Mitsubishi Hyundai Ford Nissan Honda Isuzu Suzuki Others (Kia, Mazda, Mercedes, Audi, and many more) By Region Metro Manila Northern Luzon Southern Luzon (except Metro Manila) Visayas Mindanao By Ownership period Less than 2 years 2-4 years 4-6 years 6-8 years More than 8 years By Mileage Less than 10,000 Kms 10,000-20,000 Kms 20,000-50,000 Kms 50,000-75,000 Kms 75,000-100,000 Kms Above 100,000 Kms By Fuel Petrol Diesel Others (Hybrid and Electric) Companies Covered OEM Dealerships Toyota Certified Nissan Intelligent Choice BMW Premium Selection Mercedes Benz Certified Pre-owned Banks (Repossessed Car Auctions) EastWest Bank Security Bank BDO Unibank Online Portals – Online Auto Classified Platforms Carmudi Carousell AutoDeal Automart Zigwheels Philkotse Multi-Brand Dealers Carmax Carmix (by Lausgroup) Automobilico All Cars Five Aces Berylle Car Sales Time Period Captured in the Report: – Historical Period – 2015-2020 Forecast Period – 2021-2025 Key Topics Covered in the Report Philippines Used Car Market Overview Philippines Used Car Market Size, 2015-2020 Philippines Used Car Market Segmentation, 2020 Growth Drivers in Philippines Used Car Market Issues and Challenges in Philippines Used Car Market Government Regulations Ecosystem and Value Chain of Used Car Industry in Philippines Customers Purchase Decision Making Parameters Cross Comparison between Major OEMs and Multi-brand Dealers and Company Profiles & Product Portfolios Snapshot on Online used car market Future Market Size and Segmentations, 2020-2025E Covid-19 Impact on the Industry & the way forward Pricing Analysis (By Age, Mileage, Brand and Car type) Depreciation Calculation Tool Analyst Recommendations For More Information on the research report, refer to below link: – Philippines Used Car Market Future Growth Related Reports by Ken Research: – Indonesia Used Car Market Outlook To 2025 – By Market Structure (Organized & Unorganized), By Type Of Car (MPVs, Hatchbacks, SUVs & Others), By Brand (Toyota, Honda, Daihatsu, Suzuki & Others), By Vehicle Age, By Mileage, By Customer Age And By Region (DKI Jakarta, East Java, West & Central Java, North Sumatera & Others)” Saudi Arabia Used Car Market Outlook To 2025- By Market Structure (Organized & Unorganized), By Type Of Car (Sedans & Hatchbacks, SUVs & Crossovers, Pick-Ups And Luxury), By Brand (Toyota, Hyundai, GMC & Chevrolet, Ford And Others), By Type Of Sourcing, By Age Of Vehicle (Less Than 1 Year, 1-3 Years, 3-5 Years & More Than 5 Years), By Kilometers Driven (Less Than 50,000 Km, 50,000-80,000 Km, 80,000-120,000 Km & More Than 120,000 Km) And By Region (Northern, Southern, Central, Eastern And Western)” Philippines Auto Finance Market Outlook To 2024- Growing Prominence Of Captive Finance And Surge In Used Car Sales Supporting Disbursement For Auto Loans” Contact Us: – Ken Research Ankur Gupta, Head Marketing & Communications Support@kenresearch.com +91-9015378249 Tags: 2nd hand Cars for Sale Philippines, AutoDeal Philippines Number of Listings, AutoDeal Philippines Users, Automart Philippines Number of Listings, Average Price Used Car Market Philippines, Bank Repossessed Cars in Philippines, Best Selling Used Cars in Philippines, BMW Philippines used car Premium Selection Market, Car Auction Market in Philippines, Carmudi Philippines Number of Listings, Carousell Philippines Number of Listings, Cheap Cars for Sale in Philippines, Covid-19 Impact on Philippines Used Car Industry, Demand for 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