South Korea Used Car Market is in Growing Stage, Being Driven by Sales of Rental Used Cars, Emerging Green Car Loans and Growing Digital Advancements – 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 1. GTV for used car market in South Korea has been increasing post 2020, however the used to new car ratio has been declining since 2017 The pre-owned car industry in South Korea is currently in maturity stage. Used to new car sales ratio in the country has declined from 1.38 in 2017 to 1.33 in 2021P. The used car market is growing in size, but consumer distrust is quite high. More than 10,000 consumer complaints are received every year. A lemon market is one in which there is information asymmetry which hurts the market as there is distrust between consumers and sellers. There has been a consistent increase in used car sales between 2019 and 2021 as consumer income levels fell due to the pandemic, customers preferred purchasing pre-owned cars. 2. Increasing Use of AI and Machine Learning Tools by Used Car Market Players in South Korea to Reduce Information Asymmetry in the Market To Know More on this report, Download free Sample Report The Dealers in the used car market are scattered and small scale due to the law introduced by the Korean Government in 2013 which has been revoked in 2019. The entry of big domestic players such as Kia and Hyundai in the used car segment might change the market conditions now since they are making an entry. The next generation of customers are more technology savvy than the earlier ones, hence focus on online customer acquisition will be at the forefront. Players such as Mr. Garage are providing vital information for the purchase of used cars by using AI and Machine Learning Tools in order to suggest which sellers are the most trustworthy and which are not. This way the information asymmetry is being reduced in the market. 3. Used Car Sales to Recover from Covid-19 Impact, with Online Platforms Aiding Market Growth. To more about industry trends, Request a free Expert Call The overall used car market size will increase steadily since the absolute population growth has been stagnant and various economic indicators that affect purchasing sentiment are not very good. Korea’s used car market is twice as big as market for new cars here. Once conglomerates join the second-hand car business, they can improve the somewhat unorganized used car market here, which is mostly run by individual or small-sized dealerships. Furthermore, it is anticipated there will be a slow increase in the number of new car sales or the consequent increase in the total number of cars owned. 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