DUBLIN–(Business enterprise WIRE)–The “South Korea Employed Vehicle Market place Outlook to 2026: Relaxed Govt Laws on Massive Companies Getting into Made use of Motor vehicle Market place to Facilitate Improve in the Utilized Automobiles Income and Enhance the Structured Marketplace Share” report has been additional to ResearchAndMarkets.com’s giving.
Market is expected to increase at a 5 yr CAGR of 1.% (by profits quantity in models) from 2021P to 2026F
South Korea Employed Vehicle Current market Outlook to 2026 supplies a in depth examination of the utilized auto market place tendencies and performance in South Korea.
The utilized auto industry in South Korea is anticipated to reveal a first rate expansion in the potential. It is expected that the share of the arranged segment in the used autos area will enhance in excess of time as extra models are scheduling to enter the OEM pre-owned licensed space.
Selected foreign recognized C2B players are way too thinking of South Korea Utilised Car sector a rising and financially rewarding enterprise. What’s more, men and women in South Korea are noticing the benefits of getting a pre-owned cars and trucks by way of approved shops as there has been a shift in the standard buyer tastes.
South Korea Utilized Automobile Industry Overview and Dimension:
South Korea Used Car marketplace elevated at a CAGR of .8% (by income volume in units) through 2015-2021P. The current market has attained its maturity stage. A combination of restrictions on general public transportation and a movement toward personal vacation have accelerated the sale of employed cars. Moreover, the availability of numerous financing amenities presented as a result of financial institutions and NBFIs, superior world wide web penetration and greater governing administration paying out have been instrumental aspects in facilitating the development of the South Korean employed auto current market.
Snapshot on On the internet Employed Vehicle Landscape
The variety of on the net used automobile portals and marketplaces have risen drastically alongside with rising world wide web penetration in South Korea above the past few a long time. Significant dealers such as K-Autos, Aj SellCar, Autoplus and others are utilizing online platforms to boost their profits. For this reason, there was an unavoidable growth in the guide era of made use of cars by using the online means.
Social networking web sites together with Facebook and Instagram participate in a key part in growing the applied vehicles industry in South Korea. Emergence of on-line auto-portals and categorised platforms these kinds of as Encar and Kb Cha Cha Cha have delivered elevated visibility and reliability to the buyer-to-shopper transactions in the unorganized phase.
South Korea experienced 1 of the swiftest web networks all around the world. The world-wide-web infrastructure has been a superior priority in quite a few governmental rules that led to its rapid and thorough enlargement, contributing positively to the progress of the field.
Competitive Landscape of South Korea Used Car Current market
Various approved dealerships, multi-brand shops & unbiased (standalone as nicely as clustered dealers) working in the field have led to increased competition in the utilized car or truck current market. Most multi-manufacturer sellers are delivering price included companies which include easy funding possibilities, managing the paperwork and guarantee, to extend their market place share and to compete with licensed sellers.
South Korea Employed Auto Market place Segmentations
- By Current market Construction (Structured, and Unorganized): The arranged section dominates the South Korean made use of car or truck market covering about 90% of the overall current market house. The removing of constraints on massive finished car or truck makers’ entry into the neighborhood made use of automobile sector in 2019 and the formal entry of these players in 2022 will additional add to growing the organized utilized car or truck current market.
- By Organized Market place Source of Direct generation (Online, Dealership walk-ins): The guide generation for made use of cars and trucks is South Korea has mainly taken position by means of the online platforms. The Approved Sellers showcase the obtainable utilized cars and trucks for sale predominantly as a result of their very own web-sites. While, numerous multi-manufacturer sellers desire listing their stock on the labeled platforms as well. For acquiring and advertising employed automobiles in South Korea, social networking web pages like Kakaotalk, Facebook, and Instagram are attaining traction.
- By Revenue Channel (B2C and C2C):
- – B2C profits in South Korea largely arise via dealership stroll-in and inventory mentioned on on line labeled platforms or via dealers’ web-sites and Instagram internet pages, while C2C sales are typically generated dependent on On the internet Classifieds & Offline References from friends & relatives. Social Media platforms like Kakaotalk and Fb, are employed thoroughly for C2C promotions and adverts in get to arrive at a massive set of likely buyers rapidly and free of charge of value.
- By Kind of Motor vehicle: SUVs and Luxurious Sedans are fairly well known in South Korea. SUVs, Sedans and Luxury Sedans account for extra than 70% of the market place share.
- By Brand name: Hyundai is the marketplace leader in South Korea accounting for the main share of made use of cars bought by quantity. Korean manufactured models these types of as Hyundai, Kia Motors and Ssangyong Motor, are some of the most most well-liked vehicle makes because of to potent model choice, trustworthiness and longer everyday living span of the pre-owned auto. Among the continental autos, BMW and Mercedes Benz are the most most popular.
- By Region: Most of the used cars and trucks marketplace is concentrated in the Gyenonggi and Seoul area in South Korea.
- By Age: Generally, any new vehicle in South Korea is owned for 3 – 4 several years in advance of becoming sold to a different operator. Thus, the normal age of made use of cars and trucks in the place also lies within the very same bracket.
- By Kilometers Driven: Automobiles with a mileage of 60,000-80,000 kilometers dominated the employed automobiles marketplace in South Korea in the calendar year 2021P.
- By Fuel: Petrol and diesel run cars dominate the made use of motor vehicle market place in South Korea. Electrical and hybrid autos accounted for about 10% in 2021P.
Essential Matters Lined in the Report
- South Korea Made use of Vehicle Market Overview
- South Korea Utilised Car or truck Current market Dimensions, 2015-2021P
- South Korea Used Automobile Market Segmentation, 2021P
- Growth Motorists in South Korea Used Vehicle Current market
- Troubles and Problems in South Korea Applied Car or truck Sector
- Federal government Regulations
- Ecosystem and Benefit Chain of Utilized Car or truck Market in South Korea
- Customers Order Final decision Creating Parameters
- Cross Comparison concerning Significant Authorized Dealers and Multi-manufacturer Sellers
- Snapshot on Online made use of automobile market place
- Potential Sector Dimensions and Segmentations, 2021P – 2026F
- Covid-19 Influence on the Sector & the way ahead
- Analysts’ Tips
- GM Korea
- Renault Samsung
- Others (Features both of those domestic and international brand names)
- Benz Hansung
- BMW Deutsch Motor
- BMW Bavarian Motors
- KCC Automobile
- Aj SellCar
- Hey Dealer
On the web Portals – On the net Automobile Categorized Platforms
- Hyundai Glovis
- Lotte Rental – Auction
- Aj SellCar Auction
- K Motor vehicle Auction
Essential Segments Covered
By Marketplace Structure
By Structured Channel Source of Direct era
- On the net
- Dealership walk-ins
By Profits Channel
By Variety of Car or truck
- Luxurious Sedan
- Other folks (Sporting activities auto, Station wagon)
By Engine Size
- 2000 CC and Below
- 2000 CC – 3000 CC
- 3000 CC – 4000 CC
- 4000 CC and Higher than
- -2 Yrs
- 2-4 A long time
- 4-6 Many years
- 6-8 A long time
- 8-10 A long time
- More than 10 A long time
- Much less than 20,000
- 20,000 – 40,000 Km
- 40,000 – 60,00 Km
- 60,000 – 80,000 Km
- 80,000 – 100,000 Km
- About 100,00 Km
- Electric powered
- Other folks (Petro-Electric, Diesel-Electrical, and many others.)
By Transmission Sort
- Other individuals (Semi-Vehicle, CVT)
Time Period Captured in the Report
- Historic Period – 2015-2021P
- Forecast Time period – 2021P – 2026F
For additional data about this report pay a visit to https://www.researchandmarkets.com/r/5f0k6i