South-East Asian Used Car Market Size (2024 - 2029)

Southeast Asia Used Car Market Analysis

The South-East Asian Used Car Market size is estimated at USD 65.32 billion in 2024, and is expected to reach USD 90.13 billion by 2029, growing at a CAGR of 6.65% during the forecast period (2024-2029).

Consumers' growing preference for private transportation, an increase in personal disposable income and GDP per capita, the emergence of online technologies, and increasing new vehicle prices serve as the major determinants for the growth of the used car market in Southeast Asia.

• According to the Office of the National Economic and Social Development Council, Rayong, Bangkok, and Chon Buri were the leading regions in Thailand with the highest gross provincial product (GPP) per capita at market prices in 2022. The GPP per capita in Rayong touched THB 1,003.5 thousand (USD 27 thousand), followed by Bangkok, with GPP per capita reaching THB 634.11 thousand (USD 17 thousand) in 2022.

As financial stability rises, Southeast Asian consumers increasingly favor private transportation for enhanced personal mobility. However, the escalating prices of new vehicles dissuade some, fueling a growing appetite for used cars. In Southeast Asia, numerous unorganized dealers are offering prices significantly lower than their organized counterparts, thus intensifying market fragmentation and competition. This serves as a notable challenge for the used car market in the region.

The government's aggressive strategy to promote the electrification of vehicle fleets and phasing out of petrol/diesel cars to promote the reduction in carbon emissions may aid the demand for used vehicles across Southeast Asia during the forecast period. Consumers willing to purchase cheaper alternatives to new-energy vehicles are increasingly adopting used cars for convenience in mobility.

Southeast Asia Used Car Industry Segmentation

A used car, also known as a pre-owned or secondhand vehicle, refers to a car with one or more previous retail owners. The scope of the report also includes certified pre-owned used cars sold by original equipment manufacturers (OEMs).

The Southeast Asian used car market is segmented by vehicle type, fuel type, sales channel, vendor type, purchase method, and country. By vehicle type, the market is segmented into hatchback, sedan, sports utility vehicle (SUV), and multi-purpose vehicles (MPVs). By fuel type, the market is segmented into gasoline, diesel, electric, and other fuel types (LPG, CNG, etc.). By sales channel, the market is segmented into online and offline. By vendor type, the market is segmented into organized and unorganized. By purchase method, the market is segmented into outright purchase and financed purchase (captive financing, bank financing, and non-banking financial corporation (NBFC)). By country, the market is segmented into Vietnam, Indonesia, Malaysia, Thailand, Singapore, and other countries.

The report offers market size and forecasts for the used cars in value (USD) and volume (units) for all the above segments.