Malaysia Used Car Market is expected to grow at a CAGR of over 8% : Ken Research

1. Malaysia Used Car Market is expected to grow at a CAGR of over 8% over the next 5 years Used car sales to cross over 900,000 units by 2026, witnessing a CAGR of 8% over 2021-2026 with the market being dominated by local players: Ken Research 1.The automotive industry is dominated by local players & unorganized dealers along with increased popularity of Japanese brands. Gross Profit Margins in Malaysia Used Car Value Chain Unorganized Players in Malaysia Used Car Market: Click Here Used car sales in Malaysia are expected to cross over 955,000 units by 2026, witnessing a CAGR of around 8% over 2021-2026. Perodua and Proton are the most preferred vehicle brands, together accounting for more than half of overall market share by volume. Moreover, unorganized dealers are preferred especially in rural areas & outskirts of urban regions.

2. 2.Auction Houses act as a major source of Used cars across Malaysia for independent used car dealers. Used Cars Auctioned in Malaysia, 2020 Interested to Know More about this Report, Request a Sample Report Auction houses & companies are the main suppliers of cars for independent dealers who source used cars from these auction houses. Around 4,000 cars are sold through auction platform every year to dealers/ end consumers amounting to a GTV of around MYR 130 Mn. Moreover, around 85% of the sales of auction houses go to independent dealers while the remaining are bought directly by end-users/customers. Furthermore, used cars are mainly supplied by car leasing and rental companies to these auction houses. Large auction houses offer services such as member cards & collectable points, complete vehicle documents & history report and vehicle control card along with transparency in the buying process through live bidding. Some of the major used car auction houses in Malaysia include G-Mart, Pickles Auction, MUV, NG Chan Mau & Co. These players and have also ventured into online auctions.

3. 3.The industry is expected to grow at 8% over the next 5 years because of increasing preference towards personal owned vehicles and growth of online platforms. Visit this Link :- Request for custom report The used car sales surged in 2021 from 2020 by over 50% because of the sudden surge in demand due to Covid-19; however, with full vaccination happening and Malaysia adopting itself to the new normal, the sales reduced slightly in 2022 and are expected to stabilize further. Moreover, Multi-brand and authorized dealerships are likely to expand their network to different regions across Malaysia to enhance e their reach and expand customer base. The dependence on independent dealerships for facilitating transactions in the unorganized market is expected to decline with the growth of online classified platforms. Follow Us Facebook | Twitter | LinkedIn | Instagram