Expansion of Distribution Network Sets the Path for Used Car Sales to Reach More Than 2.5 Mn by 2026; What Are Its Significance in The Upcoming Years? 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 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. Used car sales to witness a CAGR of 1.0% over 2021-2026, as per findings released by Ken Research. 1. Low Unemployment Rate and Moderate Labor Force Participation Rate Facilitating an Increase in Demand for Personal Vehicles; Helping the Used Car Market GTV to Reach nearly 35 Tn Won by 2021. Click Here to know More about demographic dividends in South Korea Low Unemployment Rate of nearly 4% and Moderate Labor Force Participation Rate of nearly 60% facilitates an Increase in Demand for Personal Vehicles. South Korea’s automobile industry is the fifth largest producer of passenger cars in the world (2021). The automobile industry accounts for 13% of manufacturing output and generates 12% value added. 2. Pre-Owned Car Buyers Can Receive or Buy, In-House or Third-Party Warranties, from Authorized Dealerships or Independent Dealers Along with the Car. Warranty covers mechanical breakdowns and failures caused by wear and tear, defects and poor maintenance. It might not include oil changes, routine maintenance and replaceable parts. For pre-owned cars, the warranty is offered or can be bought from a third-party like a workshop. The warranty offered by non-authorized dealers can be dependent on the pre-inspection results to meet the warranty requirements and standards. In addition to this, the Korea Automobile Diagnosis Guarantee Association (KAIWA) undertakes the development and dissemination of performance condition inspection and warranty of used cars, and diagnostic evaluation (including price research and calculation). Interested to Know More about this Report, Request a Sample Report 3. There is a High Expected Growth of Used Cars in Future Predicted by Goldman Sachs; Used Car Market is Expected to Grow to nearly 50 Tn Won By 2030. Goldman Sachs – which was part of the Book Building Process for K Car’s IPO – has predicted that the used car market is expected to grow to nearly 50 Tn Won by 2030 and the growth would be led by increased online penetration. Furthermore, Growth in 2020 and 2021 was higher in the used car market due to the shortage of semiconductor chips in the market which resulted in higher prices for new cars, shifting the demand for Used Cars. 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