Mumbai, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Asia Pacific is one of the emerging region in the world in terms of economic growth. According to the reports, South Asian Economic Focus, South Asia will continue to have high GDP growth, with growth projected to reach 6.6% in 2022 and 6.6% in 2023, respectively.
With the opening of borders and enterprises, economic activity in the region recovered, but supply chain disruptions brought on by the conflict between Russia and Ukraine, growing inflation, lockdowns brought on by the pandemic are preventing further economic growth.
Impact of Covid-19
Used car industry in Asia Pacific has been significantly harmed by the coronavirus pandemic. Recently, the nation's used car trading businesses have tried to increase their sales using tools like the Internet. A total of 71,100 used automobiles were sold in the used car market in February 2020, according to data supplied by the China Automobile Dealers Association, a steep decline of 92.8% from the previous month and a decline of 91.2% from the same time last year. Due to the preventive and control measures implemented during the pandemic, traditional on-site car purchases have been hampered. However, businesses that deal in used cars have started utilising online marketplaces.
Trade Facts
High Demand for Passenger Cars: With regards to the volume of exports, Nigeria, Angola, Benin, Mongolia, and Djibouti were the top five prominent export markets for China, with the country exporting 6,864 used cars, constituting 63% of total exports, and amounting to USD 31.81 million, or 46.2%. In terms of product types, used passenger cars consist for a larger share in exports as compared to commercial vehicles. The second-largest continent in the world, Africa, is a significant consumer of used Japanese cars. Nearly all African nations import used cars from Japan. The prevalence of used vehicles in huge numbers on African country streets contributes to the popularity of Japanese vehicles in these nations.
Further Key Findings
- Favorable Policy by the Chinese Government: For promoting green consumption, used car distribution and for removing all restrictions on the relocation of used cars and to expand used car circulation, the National Development and Reform Commission together with several governmental departments decided on January 2022, to introduce new reforms. Earlier, used cars from various provinces were prevented from entering into local markets and abolition of this rule is likely to help the used car market to become a new “blue ocean” according to Luo Lei, deputy secretary general of the China Automobile Dealers Association.
- Cap on average ownership: Indonesia do not allow vehicles to re-register after an average ownership period of 10 years. This can lead to both positive and negative impacts on the used car market. The positive impacts being vehicle quality which can augment the sale of used cars whereas the negative aspect would be reduction in sale of used cars in the long run.
- Online Inventory pooling: The market has become a single window market due to the online inventory pooling, which has eliminated all regional restrictions. Although inventory locations may be linked to several geographical regions, distinct products, or distinct customers, online inventory pooling in the automotive sector has made inventory management practical, simple, and effective. In recent years, this has boosted the viability of the Asia used car sales throughout the Asia-Pacific region.
- Social Acceptance for Used car industry in Asia Pacific: In the past, choosing to buy a used car was not viewed favorably by society. However, this view has gradually changed, and more individuals are now unconcerned about owning old cars. These used cars have good quality and are owned for shorter periods of time. Additionally, it is wise for a novice driver to possess a used automobile until he gains greater confidence in his driving abilities. It is simpler to own an automobile because to pre-owned car loans' widespread availability.
Makreo Research and Consulting has published a report titled “Asia Pacific Used Car Market Revenue and Forecast to 2027 –Segmentation by Fuel Type, Car Type, Country”, the report discusses market performance on virous parameters covering regional growth and outlook, country-wise market assessment wherein China, Japan, India, and Indonesian markets have been discussed in detail. Automobile market in Asia Pacific has been covered in the report that helps to understand scope of growth for used car market. Also Used car industry in Asia Pacific report helps to identify key growth factors and market challenges. There is a detailed section that discusses economy performance of Asia Pacific region and country level growth. Asia Pacific used car market report assesses market past, present and future expected performance.
| COVID-19 Impact Assessment | Impact of COVID-19 can be seen in almost all the sectors thus it is important to study its impact over the Used car demand and production and sales of new automobiles in Asia Pacific region. The section covers impact of COVID-19 over Used car industry in Asia Pacific and in different geographies of Asia Pacific. |
| Market Assessment: | The report examines Used car industry in Asia Pacific and discuss revenue and forecast in detail. Also country level assessment has been carried out including: - Automobile market in Asia Pacific - Asia Pacific used car market Revenue and forecast - Used Car Market Revenue and Forecast in China - Used Car Market Revenue and forecast in Japan - Used Car Market Revenue and forecast in India - Used Car Market Revenue and forecast in Indonesia |
| Segments Covered | Market by Geography Market by Fuel Type Market by Car Type |
| Company’s Mentioned | Cars24, Mahindra First Choice, eBay, Autohome INC, Carousell, Carro, Carsome, Maruti True Value, Unix Group, K Car, iCar Asia, SBT Co Ltd. |
The report on Asia Pacific used car market helps reader to gain information on following areas:
- How Asia pacific Used Car market performed in the past and how is it performing in present?
- What are the main factors affecting the micro and macro levels of the Asia Pacific Used Car Industry's growth?
- What is the expected future growth of Asia used car sales?
- Asia Pacific Used Car Market Revenue and Forecast.
- What major economies in the region have been adversely affected by the virus outbreak and how is the Asian economy doing as a result?
- Where does Asia-Pacific fit into global trade, and how is the used car industry doing right now?
- What is the Asia Pacific automotive market size?
- Was COVID-19 a chance for the used car market in Asia and the Pacific?
- What are the key segments of used car in Asia Pacific?
To know more about the publication, please refer to the link https://www.makreo.com/report/asia-pacific-used-car-market-revenue-and-forecast-to-2027-segmentation-by-fuel-type-car-type-country.
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