South Korea Used Car Market Size, Share, Outlook, Growth Rate, Analysis, Covid-19 Impact, Top Key Players, and Forecast to 2026: 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 While the Automotive Sectors of Most Countries Struggled to Show Resilience during the Economic Crisis Incited by Covid-19, South Korea’s Used Cars Market Witnessed a Steep Increase in Car Sales: Ken Research Key Findings Online Classified are analysing the patterns of purchase by customers and capturing it through fintech and other tools such as digital marketing, enabling them to provide tailor-made solutions for customer. AI and ML are being used to transform the car buying experience for customers. The Dealers in the used car market are scattered and small scale. The primary reason behind this was the law introduced by the Korean Government in 2013 which has been revoked in 2019. Since 2022, domestic new Car players such as Kia and Hyundai are expected to enter the market and provide quality vehicles certified by them. Local cars, such as those from Hyundai and Kia, have become pricier, which lowered the entry bar and created room for imported cars to join the market. 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. Growing demand for Authorized Used Cars Outlets in the Market: Consumers are either scammed by a dealer or they try to directly purchase a used car from an owner to avoid scams. The situation is serious for consumers in terms of both intangible and tangible damages they can suffer. This has led foreign carmakers to actively run secondhand car businesses in South Korea with their own brand authentication systems, to instill trust in drivers buying their used models. Increasing Used Car Sales due to Covid-19: The pandemic made owning a car an unavoidable aspect of an individual’s life as travelling via public transport can be risky. People who preferred public transport during the pre-Covid times are now the potential customers of the used cars market. Subsequently, the pandemic does not seem to completely subside soon, the demand for used cars will keep increasing. Since most of these people who could not afford a car in the first place would prefer the most optimal solution available, that is, purchasing a pre-owned car. Growing 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. Improved 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. It has been observed that many of the 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: Organized dealers which include authorized or multi brand dealerships with higher inventory or more number of physical outlets in South Korea, contribute to the majority of the market share. The share of organized dealers is expected to further rise in the future as big domestic players are anticipated to enter the market. Moreover, buying used cars from organized players comes with the added advantage of availing maximum value added services. Especially for Medium valued to Premium used cars, it is seen that customers are more concerned about the after sales services and warranties that are provided for the vehicle. Analysts at Ken Research in their latest publication “South Korea Used Car Market Outlook To 2026: Relaxed Government Regulations on Big Companies Entering Used Car Market to Facilitate Increase in the Used Cars Sales and Improve the Organized Market Share” observed that South Korea 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. South Korea Used Car Market is expected to grow at a CAGR of 1% on the basis of sales volume over the forecast period 2021P – 2026F. 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 Request for Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTE1MDY3 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 Outlook To 2026 Related Reports Philippines Used Car Market Outlook to 2026 (Third Edition) Egypt Used Car Market Outlook to 2026 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