Thailand Used Car Market Growth 2023, Emerging Trends, Key Players, Competitive Analysis and Future Share 2022-2032: SPER Market Research
The growth of the used car market can be ascribed to the effective growth in internet dissemination coupled with the accessibility of information on online platforms, and the efficient growth in the collective requirement for off-lease vehicles from auto dealers, franchises, and leasing offices snowballing admiration of services for car subscription. The market has observed proficient growth during the last few years as the price competitiveness among the new players has been one shining spot in the used car industry. In addition, aspects such as accessibility of used cars, affordability, the hike in the requirement for personal mobility, and the appearance of different online players to organize the market have caused market growth.
According
to the SPER market research, ‘Thailand
Used Car Market Share- By Market Type, By Vehicle Type, By Fuel Type, By
Booking Type, By Kilometres Driven, By Age of Vehicle, By Age of Buyers -
Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state
that Thailand Used Car Market is predicted to reach USD 11.05 billion by 2032
with a CAGR of 7.28%.
The
COVID-19 epidemic had a negligible impact on the used car industry. With the
augmented number of people desiring individual mobility and more finance
options accessible in the used car market, the market is set to rise
considerably. Owing to the pandemic’s diminished cash inflow, buyers have been forced
to look for a substitute for new cars, and the used car industry has high
growth potential in this esteem. As the pandemic has hampered new vehicle sales
and production, purchasers are gravitating towards the used automobile market.
Aspects
accountable for Indian customers selecting used vehicles over new vehicles are
a requirement for mobility for personal and business growth, budget limitations
and macroeconomics uncertainty, supreme quality cars with warranties,
progressive industry players proposing refurbished, trust, and transparency,
and the value of money nature of used card when compared to new cars. The advent
of organized online and substantially used car platforms combined with an enlarge
in the prerequisite for personal mobility and favorable government support, is
also foreseen to drive growth.
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In
both underdeveloped and developed countries, the used to new vehicle ratio has
augmented during the last few years, accounting for the causes specified
earlier. Moreover, the franchised dealers with assistance from OEM involvement
in certification and marketing programs, admittance to supreme contracts, and
online inventory pooling are in a robust position to benefit from the growth in
the market.
The
Asia Pacific used vehicle market is projected to rise at the fastest CAGR from
2022 to 2030. Some car dealers carry a rich series of improved
technology-enabled tool, which involve mobile-based applications, a virtual
online showroom, tracking sales performance, cloud services for lead management
systems, and digital marketing assistance. In addition, China used vehicle
market controlled the largest market share, and the India used vehicle market
was the fastest increasing market around the Asia-Pacific region.
For More Information, refer to below link: –
Thailand
Used Car Market Forecast
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