Singapore Used Car Market showcased resilience post 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 Carousel and DBS Marketplace were gaining traction for quite some time, the pandemic made it absolutely necessary for most of the dealers to have an online presence. Approximately 90% 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 not considered to be safe options. 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 more expensive, this population demographic has started looking into the used cars segment. Online Classifieds Facilitating Growth of Platform Economy: The online classifieds market has helped transform the used car segment 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 or through social networking sites. 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 circuit breaker, it was on the upswing once the lockdown was lifted. The increase in the sales in the following months was able to mitigate for the losses incurred during the nationwide circuit breaker. Increased Facilities Offered by Online Platforms: Many auto portals are enabling sellers to sell their cars directly to dealers through online bidding. This reduces lead time for sellers who want to sell urgently. Further, such platforms can verify seller’s details and information and highlight trusted sellers on their platform, which leads to higher customer confidence. Additionally, online marketplaces often offer additional services such as detailed car inspection & vehicle history report along with after-sales & value-added services such as warranty, insurance and ownership transfer assistance. Analysts at Ken Research in their latest publication“Singapore Used Car Market Outlook To 2025: 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 Singapore is in a growth phase in the used car market in South East Asia and is gradually recovering from the economic crisis after the pandemic. The increasing E-Commerce penetration is giving a boost to this industry. Going forward, the industry is expected to demonstrate further growth in the short-medium term, fueled by the growth of online used car platforms that provide convenience to both buyers and sellers. Singapore Used Car Market is expected to grow at a CAGR of 8.5% on the basis of sales volume over the forecast period 2020 – 2025. Key Segments Covered By Market Structure Organized Unorganized By Organized Channel Source of Lead generation Online Dealership walk-ins By Sales Channel B2C C2C By B2C Sales Channel Multi-brand Dealers Direct Dealership Sales Agents Bank Auctions By Type of Car Luxury Sedan Mid-Size Sedan Hatchback SUV MPV Sports Car Station wagon By Engine Size 1000 CC and Below 1001 CC – 1600 CC 1601 CC – 2000 CC 2001 CC – 3000 CC 3001 CC and Above By Brand Toyota Honda Hyundai BMW Audi Volkswagen Kia Mazda Nissan By Region North East West South Central By Ownership period 0-2 years 2-4 years 4-6 years 6-8 years More than 8 years By Mileage 20,000 – 50,000 Km 50,000 – 100,000 Km 100,000 – 150,00 Km 150,000 – 200,000 Km 200,000 and Beyond By Fuel Petrol Diesel Others (Electric, Petrol-Electric, Diesel-Electric, etc.) Companies Covered Authorized Dealers Cycle & Carriage Industries Inchcape plc Performance Motors Ltd Volkswagen Group Euro Kars Group of Companies B2C Vin Car 88 Motor Trading Prime Motor & Leasing Hua Yang Credit Creative Auto Online Portals – Online Auto Classified Platforms Carousel DBS Car Marketplace C2B Sg Car Mart Carro Motorist Car Times Automobiles Cosmo Automobiles Car some Direct Cars Utopic Motors Request for Sample Report @ https://kenresearch.com/sample-report.php?Frmdetails=NTA0Mzg0 Time Period Captured in the Report: – Historical Period – 2015-2020 Forecast Period – 2021-2025 Key Topics Covered in the Report Executive Summary Research Methodology Singapore Used Car Market Overview Singapore Used Car Market Size, 2015-2020 Singapore Used Car Market Segmentation, 2020 Growth Drivers in Singapore Used Car Market Issues and Challenges in Singapore Used Car Market Government Regulations Ecosystem and Value Chain of Used Car Industry in Singapore Customers Purchase Decision Making Parameters Cross Comparison between Major Authorized Dealers and Multi-brand Dealers and Company Profiles Snapshot on Online used car market Future Market Size and Segmentations, 2021E-2025E Covid-19 Impact on the Industry & the way forward Analysts’ Recommendations For more information on the research report, refer to below link: Singapore Used Car Market Research Report Related Reports by Ken Research: – Indonesia Used Car Market Outlook To 2025 Malaysia Used Car Market Outlook To 2025 Tags: AutoDeal Singapore Number of Listings, AutoDeal Singapore Users, Automart Singapore Number of Listings, Bank Repossessed Cars in Singapore, Carmudi Singapore Number of Listings, Carmudi Singapore Users, Carousell Singapore Number of Listings, Covid-19 Impact Singapore Used Car Market, Future Outlook of Used Cars Market in Singapore, Honda Market Share, Mitsubishi Market Share, Number of Online Used Car Companies Singapore, Number of Used Car Dealers Singapore, Number of Used Hatchbacks sold Singapore, Number of Used MPVs sold Singapore, Number of Used Pick-up Vans sold Singapore, Number of Used Sedans sold Singapore, Number of Used SUVs sold Singapore, Online classified players used car space Singapore, Online portals for Used Car Singapore, Partnerships Used Car Market Singapore, Philkotse Singapore Number of Listings, Region Wise Used Cars Sales Singapore, Singapore Used Car Industry, Singapore Used Car Industry Analysis 2021 to 2027 Used Car Market in Global, Singapore Used Car Market, Singapore Used Car Market 2020-2030, Singapore Used Car Market Analysis, Singapore Used Car Market Competition, Singapore Used Car Market Demand, Singapore Used Car Market Forecast 2021–2030, Singapore Used Car Market Future Outlook, Singapore Used Car Market Growth, Singapore Used Car Market Insights, Singapore Used Car Market key segments, Singapore Used Car Market Major Players, Singapore Used Car Market Overview, Singapore Used Car Market Research Report, Singapore Used Car Market Revenue, Singapore Used Car Market Scope, Singapore Used Car Market Share, Singapore Used Car Market Size, Singapore Used Car Market Trends, Snapshot Singapore Used Car Market, Toyota Market Share, Used Car Market Current Status Singapore, Used Car Market Present Status Singapore, Used Car Market Value Chain, Used Car Sales Singapore, Used Car to New Car Ratio Singapore