Philippines Used Car Market is expected to Gain Momentum from the Emergence of more Organized Players in the future along with Covid incited Surge in Demand: Ken Research

GURUGRAM, India, May 11, 2022 /PRNewswire/ –

Key Findings

  • The used car market structure in Philippines is expected to be consolidated in the future as the market share of players selling vehicles via organized channel is expected to surge. This will be mainly on account of transparent and fair used car dealings/trading process, aggressive after sales service by organized players.
  • The onset of COVID-19 positively contributed to the revival of the used car market in Philippines post an initial contraction because of supply chain disruption and falling per capita disposable income due to physical restrictions imposed. As consumers are more concerned about their health and hygiene, there exist an increased perception towards ownership of private vehicles.
  • Malaysian used car marketplace Carsome is likely to enter the Philippines in near future via joint ventures with local partners. The company has recently raised $290 million in a Series E funding round, valuing the used-car online marketplace at $1.7 billion.

Increasing Used Car Sales due to Covid-19: With the advent of Covid-19, consumers were witnessed to be more concerned on maintaining personal health and hygiene. Therefore, they are preferring the option of private transportation rather than availing public transport system. The change in consumer’s behavior and preference is expected to act as an opportunity for the used car market in Philippines. Since, the pandemic does not seem to completely subside anytime soon, the demand for used cars will keep increasing until the entirety of the potential customers, who initially travelled via public transport, own a car. Brands such as Honda are now planning to establish their own pre-owned certified cars segment. The pandemic showed that while the new cars market is becoming vulnerable, the pre-owned cars market is becoming more resilient.

Strategic Partnerships between Dealers and Banks: The multi-brand dealers and banks are strategically partnering with online classified pages and online auto portals to make the process accessible and transparent for the buyers. Also, the banks have collaborated with websites such as Auto Deal and online auction platforms such as Auto mart for pre- owned cars. Since the vehicle buyers are looking out for used and new vehicles online, the banks strategically cross sell their loan products for both new and used units.

Request for Sample Report @

Emergence of Online B2C & C2B Players: In Philippines there are many classified portals facilitating the sale of used cars, however, there are no pure play companies offering B2C & C2C used car sales currently. But digitalization is changing the way the industry does business, with more and more sales taking place online. And with the onset of pandemic, the long-term outlook for online used car sales is quite encouraging. Players such as Car some are planning to enter the market in near future and offer an online platform for used car sales in Philippines. Advanced technologies including artificial intelligence and machine learning would play an important role in improving revenues and reducing costs.

Analysts at Ken Research in their latest publication Philippines Used Car Market Outlook To 2026 (Third Edition): Driven by the Pandemic Incited New Opportunities for Used Car Dealers and Increased Penetration in the Online Space for Used Car Transactionsobserved that used car market in Philippines is expected to grow in the future, with the increased awareness on health and hygiene followed by the onset of COVID-19.  The demand for used cars in the market is expected to increase as the real inflation in the country is increasing year on year and the citizens are left with little cash at disposal. The increasing credit appetite of banks fueled by competition from foreign financing companies would provide a boost to the industry. The competition is expected to increase within dealerships as customers would either approach a DDSA or multi brand dealer over another individual used car seller.   The Philippines Used Car Market is expected to grow at a CAGR of 7.6% on the basis of GTV (Gross Transaction Value) over the forecast period 2021P-2026F.

Key Segments Covered:-

By Market Structure

By Sales Channel (Organized Segment)

  • Multi-brand Dealers
  • Direct Dealership Sales Agents
  • Bank Repossessed Cars

By Source of Lead generation (Organized Segment)

  • Online
  • Dealership walk-ins

By Average Ticket Size

  • Less than PHP 100,000
  • PHP 100,000-300,000
  • PHP 300,000-500,000
  • PHP 500,000-700,000
  • PHP 700,000-1,000,000
  • More than PHP 1,000,000

By Region

  • Metro Manila
  • Northern Luzon
  • Southern Luzon (except Metro Manila)
  • Visayas
  • Mindanao

By Type of Vehicle

  • Sedan
  • SUV
  • Hatchback
  • Pickup Vans
  • MPV
  • Others (convertibles, coupe, crossover, sports vehicles, etc.)

By Fuel

  • Gasoline
  • Diesel
  • Others (Hybrid and Electric)

Request for Sample Report @

By Type of Vehicle Manufacturer

  • Japanese
  • Korean
  • American
  • Chinese
  • German
  • British
  • Others

By Brand

  • Toyota
  • Mitsubishi
  • Hyundai
  • Ford
  • Nissan
  • Honda
  • Isuzu
  • Suzuki
  • Others (Kia, Mazda, Mercedes, Audi, etc.)

By Average Replacement Period

  • Less than 2 years
  • 2-4 years
  • 4-6 years
  • 6-8 years
  • More than 8 years

By Mileage

  • Less than 10,000 Kms
  • 10,000-20,000 Kms
  • 20,000-50,000 Kms
  • 50,000-75,000 Kms
  • 75,000-100,000 Kms
  • Above 100,000 Kms

Companies Covered:-

OEM Dealerships

  • Toyota Certified
  • Nissan Intelligent Choice
  • BMW Premium Selection
  • Mercedes Benz Certified Pre-owned

Banks (Repossessed Car Auctions)

  • EastWest Bank
  • Security Bank
  • BDO Unibank

Online Portals – Online Auto Classified Platforms

  • Carmudi
  • Carousell
  • AutoDeal
  • Automart
  • Zigwheels
  • Philkotse

Multi-Brand Dealers

  • Carmax
  • Carmix (by Lausgroup)
  • Automobilico
  • All Cars
  • Five Aces
  • Berylle Car Sales

Time Period Captured in the Report:-

  • Historical Period – 2016-2021P
  • Forecast Period – 2021P-2026F

Key Topics Covered in the Report:-

  • Executive Summary
  • Research Methodology
  • Philippines Used Car Market Overview
  • Philippines Used Car Market Size, 2016-2021P
  • Philippines Used Car Market Segmentation, 2021P
  • Growth Drivers in Philippines Used Car Market
  • Issues and Challenges in Philippines Used Car Market
  • Government Regulations
  • Ecosystem and Value Chain of Used Car Industry in Philippines
  • Customers Purchase Decision Making Parameters
  • Cross Comparison between Major OEMs and Multi-brand Dealers and Company Profiles & Product Portfolios
  • Snapshot on Online Used car market
  • Philippines Ancillary Services Market
  • Future Market Size and Segmentations, 2021P-2026F
  • Covid-19 Impact on the Industry & the way forward
  • Analysts’ Recommendations
  • Number of Used Car Dealers in Philippines
  • Number of Online Used Car Companies in Philippines
  • Used Car to New Car Ratio Philippines
  • Partnerships Used Car Philippines
  • Number of Used Hatchbacks sold in Philippines
  • Number of Used Sedans sold in Philippines
  • Number of Used SUVs sold in Philippines
  • Number of Used Pick-up Vans sold in Philippines
  • Number of Used MPVs sold in Philippines
  • Used Car Sales Philippines
  • Mitsubishi Market Share
  • Honda Market Share
  • Toyota Philippines Used Car Market share
  • Region Wise Used Cars Sales Philippines
  • Used Car Current Status Philippines
  • Used Car Present Status Philippines
  • Future plan of Used Cars in Philippines
  • Online portals for Used Car Philippines
  • Carmudi Philippines Users
  • AutoDeal Philippines Users
  • Online classified players in used car space Philippines
  • Bank Repossessed Cars in Philippines
  • Buy Now Pay Later in India Research Report
  • Covid-19 Impact Philippines Used Car Market
  • Number of Used Car Companies in Philippines 
  • Number of Online Used Car Companies in Philippines 
  • Used Car Domestic Players Philippines 
  • Used Car Foreign Players Philippines 
  • Toyota Certified Philippines Used Car Market
  • Mercedes Benz Certified Pre-owned Philippines Used Car Market
  • BMW Premium Selection Philippines Used Car Market
  • Nissan Intelligent Choice Philippines Used Car Market

For more information on the research report, refer to below link:-

Philippines Used Car Market Outlook to 2026 (Third Edition)

Related Reports:-

Singapore Used Car Market Outlook to 2025: Increasing Used Cars Demand Due to the Pandemic Contributes to Increase in Used Cars Sales during the Economic Crisis

Singapore Used Car market is in its growth phase, increasing at a CAGR of -3.1% (by value in SGD Billion) during 2015-2020. A surge in the demand of private cars, coupled with convenient financing facilities, increased internet penetration and enhanced digitalization of the used cars space have been the salient factors leading to the growth of the used cars market in Singapore.

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

South Korea Used Car market increased at a CAGR of 0.8% (by sales volume in units) during 2015-2021P. The market has reached its maturity phase. A combination of restrictions on public transport and a movement towards private travel has accelerated the sale of used cars. Moreover, the availability of various financing facilities offered through banks and NBFIs, high internet penetration and increased government spending have been instrumental factors in facilitating the growth of the South Korean used car market.

Malaysia Used Car Market Outlook To 2026F (Third Edition) – Demand for Used Cars Increased Due to Shift in User preference towards Personal Mobility, induced by Covid-19

Malaysia Used Car sector is in the late growth phase, having grown at a CAGR of ~5.8% during 2015-2021. Increasing demand for private vehicles, increasing purchasing power, easy availability of finance, increased govt. incentives to ensure sale of new cars are the main reasons behind positive growth in used car sales revenue. Other major drivers include drop in use of public transport due to the pandemic and emergence of online players which have made the overall process of selling and buying used cars smooth, thus boosting sales.

Vietnam Used Car Market Outlook to 2026 (Second Edition): Driven by growing disposable income and shifting consumer preference from two-wheelers to four-wheelers

Vietnam’s used car market experienced a slow down between 2015 and 2021 on the basis of gross transaction value. The decline in GTV as well as sales volume of used car industry is attributed to various government initiatives to support the growth of domestic automotive industry, and policies implemented such as reduction in import tax to 0% for cars imported from ASEAN region. Historically, motor bikes have always remained the top choice among the consumers due to high concentration of population belonging to rural regions having low purchasing power. However, due to rapid urbanization and fast growing middle class, the demand for new passenger cars has been growing significantly in recent times which in turn is contributing to the growth of automotive industry. Also, increased awareness on health and hygiene followed by the advent of COVID-19 is acting as a catalyst for the shift in consumer’s preference towards availing private transportation medium compared to public transportation. Leveraging the growing internet penetration rate, various online classified players launched their operation in Vietnam post 2013, such as Oto and Carmudi. The increasing preference of consumers towards availing digital medium for their purchases has enhanced the sales prospect via C2C channel through classified platforms.

Follow Us:-

LinkedIn | Facebook | Twitter | YouTube

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
[email protected] 


SOURCE Ken Research