Myanmar Used Car Market Size (2024 - 2029)

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).