Philippines used car Market

Philippines used car Market Highlights

The Philippines used car Market is expected to cross a market size of USD 157.54 Billion by the end of 2033. The market size was valued at USD 81.2 Billion in 2023 and is expected to expand at a CAGR of 8.1% between 2024-2033.

• Over the mid-term, the expanding middle-class population is the primary factor anticipated to drive the Philippines used car Market.
• Concern for poor vehicle condition is a major factor to challenge the market growth.

Philippines used car Market Outlook

A vehicle that is known to have one or more owners previously before it is being sold again is known as a used car. These cars are usually sold by individual owners, dealerships, or through online marketplaces.

According to our experts at KD Market Insights, one of the primary factors associated with the growth of the Philippines market is the expanding middle class population in the nation, which currently comprises of about 40% of the nation’s population. The increase in this section of the country’s population has resulted in an increase in demand for affordable transportation choices, which can be achieved by acquiring used cars due to its cost-effective nature as compared to acquiring a new vehicle. Carmudi, Carousell, CarMax Enterprise Services, LLC, are some of the significant parties in the market for used car in Philippines.

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Philippines used car Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the Philippines used car market are:

• Increasing cost of new vehicles: Acquiring a new vehicle among the population in Philippines is a major concern owing to the rising cost of these vehicles. This concern for affordability of new vehicles creates an excellent opportunity for the used cars market as it is an attractive option for many cost-conscious consumers in the nation. Currently, with the used car market in the nation is getting transformed to a more organized sector, and hence, banking and other financial institutions in the nation are offering flexible financing options at lower depreciation rates as compared to new cars, which is also encouraging consumers to buy these second-hand vehicles.
• Growing availability of online marketplaces: Philippines recently has been witnessing a digital revolution with an outburst in the availability of digital platforms and online marketplaces. These online platforms have revolutionized the way cars are bought and sold in the nation, allowing users greater flexibility to scroll through different choices and vehicle variants available. Moreover, these platforms also enhance transparency and trust among the consumers in the nation, which is also expected to drive the market growth in the nation.

Which Probable Factors Could Hamper the Growing Philippines used car Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the market growth of Philippines used car are:

• Concern for poor vehicle condition: It has been observed that Philippines customers often worry about the reliability and condition of the used vehicles that are available in the market place as the vehicle sellers do not disclose the damages and other hidden mechanical issues associated with the vehicle. Owing to these conditions, the market growth in the nation is expected to witness a sluggish growth.
• Limited financing options: The financing options that are currently available in Philippines for used cars have higher interest rates, shorter loan terms, and stricter eligibility criteria, which hampers the accessibility to the customers to purchase used cars.

How is the Philippines used car Market Segmented?

Our experts at KD Market Insights have segmented the Philippines used car Market research report as:

Which Key Players Top the Philippines used car Market Share?

As per our analysts at KD Market Insights, the competitive landscape Philippines used car Market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with Philippines used car Market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the Philippines used car Market share:

• Carmudi
• Carousell
• CarMax Enterprise Services, LLC
• Carmix (LausAutoGroup)
• Toyota Motor Philippines Corporation
• Automart
• Philkotse.com
• Zigwheels
• Tsikot.com
• Car Empire

What are the Recent Developments Observed in the Philippines used car Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with Philippines used car Market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Carsome stated that it is planning to enter the Philippines market as part of its expansion strategy following a significant funding round that valued the company at USD 1.7 billion.

Further, Ford stated that it still remained a strong contender in the Philippines' used car market, competing effectively against Japanese brands.

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Philippines used car Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Vendor
      2. By Vehicle
      3. By Fuel
      4. By Sales Channel
5. Market Segmentation by Vendor:
   1. Organized
   2. Unorganized
6. Market Segmentation by Vehicle:
   1. Hatchbacks
   2. Sedans
   3. Sports Utility (SUV) and Multi -purpose Vehicles (MPV)
7. Market Segmentation by fuel:
   1. Petrol
   2. Diesel
   3. Others
8. Market Segmentation by Sales Channel:
   1. Online
   2. Offline
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
      1. Carmudi
      2. Carousell
      3. CarMax Enterprise Services, LLC
      4. Carmix (LausAutoGroup)
      5.  Toyota Motor Philippines Corporation
      6. Automart
      7.  Philkotse.com
      8.  Zigwheels
      9.  Tsikot.com
      10. Car Empire
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References