Reports
Sale
Philippines Used Car Market Size, Share, Growth, Analysis: By Vehicle Type: Hybrid, Conventional, Electric; By Body Type: Hatchback, Sedan, Sport Utility Vehicle and Multi-Purpose Vehicle; By Sales Channel: Online, Offline; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Philippines Used Car Market Size
The Philippines used car market was valued at USD 649.2 million in 2023. The market is further projected to grow at a CAGR of 6.30% between 2024 and 2032, reaching a value of USD 1130.3 million by 2032.
Philippines Used Car Market Outlook
- As per industry reports, on an average, approximately 5.6 tonnes of CO2 is released during a petrol or diesel car's production. Rising eco-consciousness thus aids the demand for second-hand cars in the country.
- Prominent online companies selling used cars in the Philippines include Automart.Ph, Autodeal, Carmudi, and Philkotse.
Philippines Used Car Market Growth
There is a rising demand for used cars owing to the financial benefits it offers consumers. Further, new cars depreciate faster than used cars, aiding the market growth. For instance, a new car depreciates 20-30% as soon as the owner drives it off the dealership. In the first three years, it further depreciates by up to 50%. Since the previous owner has already taken the brunt of the depreciation, it is significantly beneficial to second-hand car buyers. Brands, such as Toyota, Isuzu, and Mitsubishi are known for reliability and low maintenance costs. These cars have great resale value and work efficiently.
Additionally, the government is encouraging the purchase of second-hand cars as it recognises the importance of sustainable driving. The government has implemented several initiatives and policies to stimulate the adoption of used cars. For instance, secondhand cars are exempt from the Tax Reform for Acceleration and Inclusion (TRAIN) Act which is expected to aid their adoption. Further, incentives for purchasing used vehicles and the growing demand for private transportation aid the market growth. Additionally, buying a used car helps eliminate the carbon emissions that would otherwise be released in manufacturing a new car.
Philippines Used Car Industry Segmentation
Philippines Used Car Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments.
Market Breakup by Vehicle Type
- Hybrid
- Conventional
- Electric
Market Breakup by Body Type
- Hatchback
- Sedan
- Sport Utility Vehicle and Multi-Purpose Vehicle
Market Breakup by Sales Channel
- Online
- Offline
Philippines Used Car Market Share by Body Type
Based on body type, SUVs occupy a significant share in the market due to their huge space and versatility. SUVs are affordable for families who need more cargo space and higher ground clearance.
Sedans are a popular option for many people because they provide a good mix of space, comfort, and fuel efficiency. To meet a variety of demands, they are offered in sizes ranging from compact to full-size. In addition, they are typically utilised for family mobility and everyday commute.
Leading Companies in Philippines Used Car Market
The key players in the used car market in Philippines are providing customers with a range of second-hand cars at reasonable prices.
- CardekhoSEA (Carmudi)
- Carousell Pte. Ltd
- CarMax Enterprise Services, LLC
- LausGroup Holdings, Inc.
- Toyota Motor Corp.
- QMarketz (Automart)
- Maxspeed Autoportal Inc. (Philkotse)
- Tsikot.com
- Car Empire
- The SirQo Group
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Vehicle Type |
|
| Breakup by Body Type |
|
| Breakup by Sales Channel |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Used Car Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Used Car Historical Market (2018-2023)
8.3 Asia Pacific Used Car Market Forecast (2024-2032)
9 Philippines Used Car Market Overview
9.1 Key Industry Highlights
9.2 Philippines Used Car Historical Market (2018-2023)
9.3 Philippines Used Car Market Forecast (2024-2032)
10 Philippines Used Car Market by Vehicle Type
10.1 Hybrid
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Conventional
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Electric
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Philippines Used Car Market by Body Type
11.1 Hatchback
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Sedan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Sport Utility Vehicle and Multi-Purpose Vehicle
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 Philippines Used Car Market by Sales Channel
12.1 Online
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Offline
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 CardekhoSEA (Carmudi)
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Carousell Pte. Ltd
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 CarMax Enterprise Services, LLC
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 LausGroup Holdings, Inc.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Toyota Motor Corp.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 QMarketz (Automart)
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Maxspeed Autoportal Inc. (Philkotse)
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Tsikot.com
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Car Empire
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 The SirQo Group
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Used Car Market: Key Industry Highlights, 2018 and 2032
2. Philippines Used Car Market: Key Industry Highlights, 2018 and 2032
3. Philippines Used Car Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
4. Philippines Used Car Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
5. Philippines Used Car Historical Market: Breakup by Body Type (USD Million), 2018-2023
6. Philippines Used Car Market Forecast: Breakup by Body Type (USD Million), 2024-2032
7. Philippines Used Car Historical Market: Breakup by Sales Channel (USD Million), 2018-2023
8. Philippines Used Car Market Forecast: Breakup by Sales Channel (USD Million), 2024-2032
9. Philippines Used Car Market Structure
Key Questions Answered in the Report
In 2023, the used car market reached an approximate value of USD 649.2 million.
The market is expected to grow at a CAGR of 6.30% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 1130.3 million by 2032.
443 or the Used Car Lemon Act of the Philippines aims to protect the rights of consumers when it comes to the sale of second-hand motor vehicles and covers any defects or safety issues that can harm individuals.
Popular car brands in the Philippines include Toyota and Mitsubishi owing to their quality, durability, and reliability and a wide dealership network.
The major drivers of the market include rising demand for used cars to enhance the sustainability of the transportation sector, lower costs and depreciation of used cars, and the presence of large dealerships selling used cars.
Key trends aiding market expansion include the rising demand for used cars as they are more environmentally friendly, rising demand for private transportation and favourable government policies.
The vehicle types of used cars are hybrid, conventional, and electric.
Key players in the market are CardekhoSEA (Carmudi), Carousell Pte. Ltd, CarMax Enterprise Services, LLC, LausGroup Holdings, Inc., Toyota Motor Corp., QMarketz (Automart), Maxspeed Autoportal Inc., Tsikot.com, Car Empire, The SirQo Group, and others.
Purchase Options 10% off
Call us
Purchase Full Report
Datasheet
$ 2199
$1999
-
Selected Sections, One User
-
Printing Not Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Single User License
$ 3299
$2999
-
All Sections, One User
-
One Print Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Five User License
$ 4399
$3999
-
All Sections, Five Users
-
Five Prints Allowed
-
Email Delivery in PDF
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Corporate License
$ 5499
$4999
-
All Sections, Unlimited Users
-
Unlimited Prints Allowed
-
Email Delivery in PDF + Excel
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Why Expert Market Research?
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.
NEWSLETTER