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Covid-19 Impact Thailand Used Car Market, Used Car Market in Thailand

The report covers Thailand Used Car Market Research Report, Financing of Used Cars Thailand, Interest Rate on Used Cars Thailand, Used Car to New Car Ratio Thailand.

AnkurGupta
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Covid-19 Impact Thailand Used Car Market, Used Car Market in Thailand

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  1. Increased Internet Penetration and Availability of Multiple Channels Helps Increase the Sales of Used Car in Thailand: Ken Research

  2. Increasing Internet Penetration: There were 52 million internet users in Thailand in January 2020 Internet penetration in Thailand was 75% during the same period. As the smart phone and internet penetration in Thailand is increasing, the used car dealers have been able to increase their footfall. They are using digitalization to make market offerings attractive. Digital platform provide online services such as photos and videos and instant finance which are drawing more customers into buying used cars. The Concerns about Health from Using Public Transportation: Due to the onset of corona virus, public transport and ride sharing are no longer considered to be a safe option. Nowadays, more people are concerned about health and risk for severe illness from the virus, and as a result, used car is an alternative for prevent getting and spreading COVID-19 to keep social distance. In addition to the same, with the decrease in purchasing power, new vehicles are not considered to be economical option which makes used car a perfect choice for customers with limited budget.

  3. Supply Gut Leads to Higher Prices of Used Cars: Due to the moratorium period provided by the Government of Thailand during the pandemic, banks cannot repossess car from loan defaulters. This has led to a supply disruption in the used car market. Also, since rental companies are facing a downward trend, they are unwilling to sell their cars at a lower price. The combined effect of both has led to an increased price of used car which may hamper the sales in the future. Impact on Used Car Sales due to Covid-19: The demand for used cars decreased during the corona virus pandemic. This was due to low supply and also due to closure of OEM dealerships and Local Tents during lockdown. This was further fuelled by decrease in purchasing power which led to postponing of new and used car purchases. Also, Thailand has recently recovered from a political and economical instability which has led to a decline in supply. Apart from sales issues, used car companies experienced cash flow difficulties due to the fact that most of the banks were not repossessing cars. The demand for used cars in the country remained low at the starting of 2020, however there was increase in demand in the second half of the year post ease in confinement. The manufacturers are expected to shift focus towards digital medium in order to drive sales and increase customer footfall.

  4. Analysts at Ken Research in their latest publication “Thailand Used Car Market Outlook To 2025 – Growth of Online Used Car Platforms and Easy Availability of Credit Escalating Industry's Growth” observed that Thailand is a growing used car market in South East Asia and is slowly recovering from the economic crisis after pandemic. The increasing credit availability in the country along exemption in taxes is driving the growth of the industry. Increasing focus on promotional and marketing activities, new product launches, partnerships & collaborations are expected to drive the industry in the future. The Thailand Used Car Market is expected to grow at a CAGR of 7.3% on the basis of GTV over the forecast period 2020-2025.

  5. Key Segments Covered By Market Type C2C B2C/OEM organized Multi Brand Organized Dealer Multi Brand Unorganized Dealer OEM Organized Auction By Car Segment Hatchback 1 ton pickup Sedan MPV, HPV/Mini MPV SUV

  6. By Region Bangkok North East North South East West By Kilometers Driven Less than 20,000 20,000-50,000 50,000-80,000 80,000-120,000 Above 120,000 By Age of Vehicle Less than 1 year 1-3 years 3-5 years 5-8 years More than 8 years

  7. By Age of Buyers 20-30 Years 30-50 Years Above 50 Years By Source of Lead Online (Social Media/Car Portals/Official Website) Offline (Dealership Walk-in) Companies Covered (OEM Dealerships) Toyota Sure Thailand Honda Used Certified Thailand Mitsubishi Diamond Used Car Nissan Intelligence Mercedes Certified Volvo Companies Covered (Online Portals) ICar Asia (One2Car, Thaicar, Autospinn) Carsome Thailand Carro Thailand

  8. Key Target Audience Used Car Companies OEMs Online Used Car Portals Used Car Financing Companies Government Bodies Investors & Venture Capital Firms Used Car Dealerships Used Car Distributors Auction Houses Used Car Associations Time Period Captured in the Report:- Historical Period – 2014-2020 Forecast Period – 2021-2025 Key Topics Covered in the Report Executive Summary Research Methodology Thailand Used Car Market Overview Thailand Used Car Market Size, 2014-2020 Thailand Used Car Market Segmentation, 2020 Growth Drivers in Thailand Used Car Market Issues and Challenges in Thailand Used Car Market

  9. Regulatory Framework Snapshots on Used Car Financing Snapshot on Auction Market Snapshot on Used Bike Market Ecosystem and Value Chain of Used Car Industry in Thailand Customers Purchase Decision Making Parameters Cross Comparison between Major OEMs and Multibrand Dealers and Company Profiles & Product Portfolios Future Market Size and Segmentations, 2021-2025F Covid-19 Impact on the Industry & the Way Forward Analysts’ Recommendations For More Information on the Research Report, refer to below links:- Thailand Used Car Market Related Reports by Ken Research Indonesia Used Car Market Outlook to 2025 – By Market Structure (Organized & Unorganized), By Type of Car (MPVs, Hatchbacks, SUVs & Others), By Brand (Toyota, Honda, Daihatsu, Suzuki & Others), By Vehicle Age, By Mileage, By Customer Age and By Region (DKI Jakarta, East Java, West & Central Java, North Sumatera & Others)

  10. Saudi Arabia Used Car Market Outlook to 2025- By Market Structure (Organized & Unorganized), By Type of Car (Sedans & Hatchbacks, SUVs & Crossovers, Pick-ups and Luxury), By Brand (Toyota, Hyundai, GMC & Chevrolet, Ford and Others), By Type of Sourcing, By Age of Vehicle (Less than 1 year, 1-3 years, 3-5 years & More than 5 years), By Kilometers Driven (Less than 50,000 Km, 50,000-80,000 Km, 80,000-120,000 Km & More than 120,000 Km) and By Region (Northern, Southern, Central, Eastern and Western)

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