More Multi-Brand Players Plan Foray into the Singapore Used Cars Market as the segment shows Resilience to the Economic Crisis during Covid-19 due to a Pandemic incited surge in Demand: Ken Research REQUEST FOR SAMPLE REPORT 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 Buy Now Key Findings The Used Cars Market in Singapore has been gaining traction since several years, however, the growth has accelerated especially over the last decade as several online operating players have entered the segment. The increasing digital space encapsulating the used cars segment has provided a boost to the industry in terms of more visibility and even credibility of the buyers and sellers. The growth of E-Commerce is expected to further augment the used car sales. The car prices are expected to rise and only higher income families will be able to afford cars. This will propel growth of the organized used car sector as the sales occurring through the certified pre-owned car dealerships in the country will increase. Increasing Used Car Sales due to Covid-19: The pandemic made owning a car an inevitable aspect of an individual’s life as travelling via public transport can be hazardous. People who preferred public transport during the pre-Covid times are now the potential customers of the used cars market. Since, the pandemic does not seem to completely subside soon, the demand for used cars will keep increasing. Since most of these people could not afford a car in the first place, they would prefer the most optimal solution available, that is, purchasing a pre-owned car. Growing Car Prices: There has been a shrinkage in the supply of Cost of Entitlement (COE) certificates since the number of de-registrations of cars, which is a chief determinant of COE supply rate, saw major decline in 2021. COE Premium for cars has been increasing; hence, leading to an increase in the overall cost of cars. The car market is therefore skewing towards higher income families and the sales of used cars is increasing. Rising popularity of Digital Showrooms: The online space in the used cars market has been gaining traction over time on account of Covid-19 protocols that forced several dealers to introduce virtual showrooms. These digital platforms help facilitate minimum in-person contact during the process of selling a car by providing 360-degree view of the interiors of the car to enhance digital experience of consumers. Use of advanced technologies such as AI is helps to valuate car online by providing pictures. Increased Focus on Value-Added Services: Since there are a higher proportion of organized players in the used cars segment, more dealers have shifted their focus on providing value-added services to survive the increasing competition. While it is quite common for the DDSAs (Direct Dealership Sales Agents) to provide such services, several multi-brand dealers too have started providing additional services such as extended warranty, insurance, after sales services, assistance in paperwork, etc., to become a ‘one-stop’ destination for used car buyers. Organized Segment’s Share to Rise: An organized dealer is defined as an authorized or a multi brand dealership with higher inventory or a greater number of physical outlets in Singapore or an accredited dealership. Organized segment contributes to majority of the market share in the used cars space basis the number of dealers spread across the country. The share of organized dealers is expected to further rise in the future as more and more organized players enter the market. Moreover, buying used cars from organized players comes with the added advantage of availing maximum value-added services which are not provided by the unorganized players. 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 Channel Unorganized Channel 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.) Request for Sample Report @ https://kenresearch.com/sample-report.php?Frmdetails=NTA0Mzg0 Companies Covered Authorized Dealers Cycle & Carriage Industries Inchcape plc Performance Motors Ltd Volkswagen Group Eurokars 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 Ca rMart Carro Motorist Car Times Automobiles Cosmo Automobiles Car some Direct Cars Oto Pac Motors 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 Future Outlook Related Reports 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)” Malaysia Used Car Market Outlook To 2025 (Second edition) – Growth of Online Used Car Platforms and increased shift from using public transport to personal cars, fueled by Covid-19 to accelerate Industry’s Growth Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications support@kenresearch.com +91-9015378249 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 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