South Korea Used Car Market- Sales, Industry Outlook, Share, Size and Growth Rate, Forecast to 2026: 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 How is the South Korea Used Car Market Positioned? ~70% of the total population is under the age bracket 15-64 years supplemented by the high per capita income. The used car market in South Korea has a highly concentrated online classifieds market and fragmented offline market. A combination of restrictions on public transport and a movement towards private travel have accelerated the sale of used cars. The Online Platforms and E- Commerce in the market benefitted the most from this sector as it grew the highest. Factors such as easy availability of finance through banks and NBFIs have positively contributed to the growth in the used car market revenue. Increased digitalization, internet penetration and relaxation of government regulations on allowing big domestic players in the used car market space are critical factors which have boosted the used cars sales. Parameters such as the age, brand, certifications, mileage, and so on impact the buying decision of the customers. Market: Market for ‘Used Car in South Korea‘ has increased at a CAGR of ~% over the period 2015-2021P on the basis of revenue. Sales for used cars were recorded at ~units in South Korea during 2021P. There has been a surge in the demand for quality cars, warranty packages, after-sale services, and vehicle history reports, since the used car market in South Korea has high consumer distrust. Yet, there are a high number of independent sellers (Customer to Customer) transactions which operate in the market. Transactions between parties without intervention in used car sales, such as transactions between individuals, accounted for greater sales than transactions through used car dealers accounted The used cars market showed resilience during the economic crisis brought down on the country by the pandemic in the year 2020. Both the new and used cars market witnessed growth in sales. The country saw its domestic industry – comprising of Kia, Hyundai, Renault-Samsung, GM Korea, and SsangYong – bounce back in March 2020 after seeing big declines in February, when it was down nearly, on automaker shutdowns. Request for Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTE1MDY3 South Korea Used Car Market Segmentation By Market Structure: Organized sector accounted for the majority of share in the used car market segment. Unorganized sector, on the other hand, made for the remaining small percentage of share. By Organized Market Source of lead generation: In South Korea, online platform is the most preferred method for lead generation for organized players. It also offers a display of large variety of used vehicles on a single click and allows person to compare different vehicles at the same time. By Type of Car: SUVs are the most preferred car type amongst used car buyers. Other preferred car types include Luxury Sedans and Sedans. By Sales Channel: C2C sales is most the preferred sales channel in South Korea. B2C sales make up a relatively small portion of the market. By Brand: Hyundai has the highest share in the used cars market. Another Korean brands Kia, has captured a high proportion of the total market as well. Snapshot on Online Used Car Landscape The number of online used car portals and marketplaces have risen significantly along with rising internet penetration in South Korea over the last few years. Major dealers such as K-Cars, Aj SellCar, Autoplus and others are using online platforms to increase their sales. Hence, there was an inevitable expansion in the lead generation of used cars via the online means. Social networking sites including Facebook and Instagram play a key role in expanding the used cars market in South Korea. Emergence of online auto-portals and classified platforms such as Encar and Kb Cha Cha Cha have provided increased visibility and credibility to the customer-to-customer transactions in the unorganized segment. South Korea had one of the fastest internet networks around the world. The internet infrastructure has been a high priority in numerous governmental regulations that led to its rapid and thorough expansion, contributing positively to the growth of the industry. Competition Scenario in South Korea Used Car Market Various authorized dealerships, multi-brand outlets & independent (standalone as well as clustered dealers) operating in the industry have led to increased competition in the used car market. Most multi-brand dealers are providing value added services including easy financing options, handling the paperwork and warranty, to expand their market share and to compete with authorized dealers. South Korea Used Car Market Future Outlook and Projections The used car industry in South Korea is expected to demonstrate a low growth rate in the future. It is expected to increase at a five year CAGR of 1.0% (by sales volume in units) from 2021P to 2026F. It is anticipated that the share of the organized segment in the used cars space will increase over time owing to an expected entrance of the big finished car makers in the market. Foreign established C2B players are too considering ‘South Korea Used Car Market’ a growing and profitable venture as consumer trust is higher towards imported vehicles. The demand for imported vehicles has been on a rise, especially for German Brands such as Mercedes and BMW. 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 Type of Car Luxury Sedan Sedan Hatchback SUV MPV Others (Sports car, Station wagon) By Engine Size 2000 CC and Below 2000 CC – 3000 CC 3000 CC – 4000 CC 4000 CC and Above By Brand Hyundai Kia GM Korea Renault Samsung Ssangyong Benz BMW Genesis Audi Volkswagen Others (Includes both domestic and international brands) By Region Gyeonggi Seoul Gyeongnam Gyeongbuk Incheon Busan Chungnam Dae-Gu Jeonnam Jeonbuk Chungbuk Gangwon Gwangju Daejeon Ulsan Jeju Sejong By Age 0-2 Years 2-4 Years 4-6 Years 6-8 Years 8-10 Years More than 10 Years By Mileage Less than 20,000 20,000 – 40,000 Km 40,000 – 60,00 Km 60,000 – 80,000 Km 80,000 – 100,000 Km Over 100,00 Km By Fuel Petrol Diesel Electric Others (Petro-Electric, Diesel-Electric, etc.) By Transmission Type Auto Manual Others (Semi-Auto, CVT) Companies Covered Authorized Dealers Benz Hansung BMW Deutsch Motor BMW Bavarian Motors KCC Auto. C2B/C2B2C/B2C K-Cars Aj SellCar Autohands Hey Dealer U-Car Autoplus Online Portals – Online Auto Classified Platforms Encar Kb Cha Cha Cha Auction Players Hyundai Glovis Lotte Rental – Auction Aj SellCar Auction K Car Auction Time Period Captured in the Report:- Historical Period – 2015 – 2021P Forecast Period – 2021P – 2026F Key Topics Covered in the Report Executive Summary Research Methodology South Korea Used Car Market Overview South Korea Used Car Market Size, 2015-2021P South Korea Used Car Market Segmentation, 2021P Growth Drivers in South Korea Used Car Market Issues and Challenges in South Korea Used Car Market Government Regulations Ecosystem and Value Chain of Used Car Industry in South Korea Customers Purchase Decision Making Parameters Cross Comparison between Major Authorized Dealers and Multi-brand Dealers Snapshot on Online used car market Future Market Size and Segmentations, 2021P – 2026F Covid-19 Impact on the Industry & the way forward Analysts’ Recommendations For more information on the research report, refer to below link: South Korea Used Car Market Industry Outlook To 2026 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 Follow Us LinkedIn | Facebook | Twitter | YouTube Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications Support@kenresearch.com +91-9015378249 Tags: Aj SellCar Auction Market, Aj SellCar South Korea Users, Auctioned Cars in South Korea, AutoDeal South Korea Users, Autohands South Korea Users, Benz Hansung Used Car Market, BMW Bavarian Motors Market, BMW Deutsch Motor Market, Covid-19 Impact South Korea Used Car Market, Encar Market, Encar South Korea Number of Listings, Future Outlook of Used Cars in South Korea, GM Korea Market share, Hey Dealer South Korea Users, Honda Market Share, Hyundai Glovis Market, Hyundai Market Share, Industry Research Report Of South Korea Used Card, K Car Auction Market, K-Cars South Korea Users, Kb Cha Cha Cha Market, Kb Cha Cha Cha South Korea Number of Listings, KCC Auto Market, Lotte Rental – Auction Market, Market Research Report Of South Korea Used Car, Number of Online Used Car Companies in South Korea, Number of Online Used Car Companies South Korea, Number of Used Car Companies in South Korea, Number of Used Car Dealers South Korea, Number of Used Hatchbacks sold South Korea, Number of Used MPVs sold South Korea, Number of Used Sedans sold South Korea, Number of Used Sports Cars sold South Korea, Number of Used SUVs sold South Korea, Online classified players used car space South Korea, Online portals for Used Car South Korea, Partnerships Used Car South Korea, Region Wise Used Cars Sales South Korea, Snapshot South Korea Used Car, South Korea Used Car Competition, South Korea Used Car Industry, South Korea Used Car Industry Research Report, South Korea Used Car Market, South Korea Used Car Market Analysis, South Korea Used Car Market Competition, South Korea Used Car Market Demand, South Korea Used Car Market Future Outlook, South Korea Used Car Market Growth, South Korea Used Car Market Major Players, South Korea Used Car Market Research Report, South Korea Used Car Market Revenue, South Korea Used Car Market Sales, South Korea Used Car Market Share, South Korea Used Car Market Size, South Korea Used Car Market Trends, South Korea Used Car Research Report, Used Car Current Status South Korea, Used Car Domestic Players South Korea, Used Car Foreign Players South Korea, Used Car Industry In South Korea, Used Car Market In South Korea, Used Car Market South Korea, Used Car Present Status South Korea, Used Car Sales South Korea, Used Car to New Car Ratio South Korea, Used Car Value Chain