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Myanmar Used Car Market Size (2024 - 2029)

The Myanmar used car market is projected to experience significant growth over the forecast period, driven by factors such as increased purchasing power and the availability of financing options. The market's expansion is further supported by rising digitalization and the presence of online platforms, which facilitate the buying and selling of used cars. Consumers are increasingly opting for used cars due to their affordability and the financial flexibility offered by non-banking finance companies. Despite potential challenges posed by high interest rates, the market's dynamics favor the used car sector, reflecting a shift in consumer preferences and creating opportunities for growth.

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Market Size of Myanmar Used Car Industry

Myanmar Used Car Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 0.72 Billion
Market Size (2029) USD 1 Billion
CAGR (2024 - 2029) 5.80 %
Market Concentration Medium

Major Players

Myanmar Used Car Market Major Players

*Disclaimer: Major Players sorted in no particular order

Myanmar Used Car Market Analysis

The Myanmar Used Car Market size is estimated at USD 0.72 billion in 2024, and is expected to reach USD 1 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).

Over the medium term, factors such as increasing purchasing power and easy availability of finance are expected to contribute positively to the market's growth. Further, rising digitalization, internet penetration, and an increase in online players are likely to act as critical factors in boosting used car sales. They have made the overall process of selling and buying used cars quite convenient and prompt.

Consumers are refraining from investing hugely in newer vehicles and are opting to purchase used cars. As a result, the used car industry is on the rise. Used car platforms are widely safe, accessible, and available at reasonable prices.

The rise in the value-added service offering and the variety of finance providers offering credit for used cars will also contribute to the growth of the used car market in the country. However, the higher interest rates might turn around some potential customers, hampering the market's growth. Another major factor aiding the market growth is the emergence of various Non-Banking Finance Companies offering low interest rates compared to banks and flexible installment options.

Due to the better offers provided by the used car companies and the relatively lesser initial cost of owning a car, the preference of buying a vehicle is inclined toward the used car market, especially due to the limited money flow because of the COVID-19 pandemic. This has increased the ratio of used cars to new cars in countries, which is a key indicator of the potential opportunities for the used cars market during the forecast period.

Myanmar Used Car Industry Segmentation

A used car is a pre-owned vehicle that has previously had one or more retail owners. These cars are sold through a variety of outlets through independent dealers, online sales channels, and others.

The Myanmar used car market is segmented into vehicle type, vendor type, and fuel type. Based on the vehicle type, the market is segmented into hatchbacks, sedans, sports utility vehicles, and multi-purpose vehicles. Based on the vendor type, the market is segmented into organized and unorganized. Based on the fuel type, the market is segmented into gasoline, diesel, electric, and other fuel types. 

For each segment, the market sizing and forecasts have been done based on the value (USD).

Vehicle Type
Hatchback
Sedan
Sport Utility Vehicles (SUVs)
Multi-Purpose Vehicles (MUVs)
Vendor Type
Organized
Unorganized
Fuel Type
Gasoline
Diesel
Electric
Other Fuel Types
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Myanmar Used Car Market Size Summary

The Myanmar used car market is experiencing significant growth, driven by factors such as increasing purchasing power, easy access to financing, and the rise of digital platforms. Consumers are increasingly opting for used cars over new ones due to the affordability and value-added services offered. The market is benefiting from the convenience of online platforms, which have made the buying and selling process more accessible and efficient. The emergence of Non-Banking Finance Companies offering competitive interest rates and flexible payment options is further propelling market expansion. Despite challenges like higher interest rates, the overall trend indicates a shift towards used cars, supported by the limited financial flow post-COVID-19.

The market is also seeing a shift towards OEM-certified used car dealerships, which offer higher quality guarantees and more reliable sales terms. These dealerships are gaining traction due to their focus on safety, transparency, and convenience, appealing to consumers who prioritize these factors. The introduction of advanced mobile applications and online channels by OEMs is enhancing the buying experience, offering features like home delivery and test drives. Key players in the market, such as Toyota Aye and Sons and CarsDB, are capitalizing on these trends, with initiatives like Hyundai's Smart Deal financing solution. Regulatory changes and digital platforms are further shaping the market landscape, indicating robust growth prospects in the coming years.

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Myanmar Used Car Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Rise in Price of New Cars

    2. 1.2 Market Restraints

      1. 1.2.1 Trust And Transparency In Used Car Remained A Key Challenge For Consumers

    3. 1.3 Porters Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value - USD)

    1. 2.1 Vehicle Type

      1. 2.1.1 Hatchback

      2. 2.1.2 Sedan

      3. 2.1.3 Sport Utility Vehicles (SUVs)

      4. 2.1.4 Multi-Purpose Vehicles (MUVs)

    2. 2.2 Vendor Type

      1. 2.2.1 Organized

      2. 2.2.2 Unorganized

    3. 2.3 Fuel Type

      1. 2.3.1 Gasoline

      2. 2.3.2 Diesel

      3. 2.3.3 Electric

      4. 2.3.4 Other Fuel Types

Myanmar Used Car Market Size FAQs

The Myanmar Used Car Market size is expected to reach USD 0.72 billion in 2024 and grow at a CAGR of 5.80% to reach USD 1 billion by 2029.

In 2024, the Myanmar Used Car Market size is expected to reach USD 0.72 billion.

Myanmar Used Car Market Report Snapshots

Myanmar Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)