Market Size of Philippines Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.40 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Philippines Used Car Market Analysis
The Philippines used car market was valued at USD 75.18 Million in the current year and is projected to grow to USD 115.37 Million in the coming five years, registering at a CAGR of 7.4% in terms of revenue during the forecast period.
With the COVID-19 outbreak, consumers were seen to be more concerned about personal health and hygiene. As a result, the preference for private transportation increased rather than the public transportation system. The shift in consumer behavior and preferences created new opportunities for the Philippines' used car market. Considering these opportunities several new players and OEMs are expected to enter the market. The pandemic demonstrated that, while the new car market becomes more vulnerable, the used car market becomes more resilient.
Used car for sale in the Philippines has evolved at an incredible rate over the last decade. Emerging countries, such as the Philippines, create a favorable ecosystem for used car ownership when compared to developed countries. The Philippines is one of the region's fastest-growing markets, with used car sales skyrocketing as a result of a rising population, improved opportunities, affordability, and a higher GDP growth rate.
Despite the fact that used passenger car sales are increasing, there is always a risk factor involved in purchasing a used car. The trust between buyers and sellers regarding the quality of used cars has not been completely established, which may have an impact on target market growth.
Philippines Used Car Industry Segmentation
A used car is a resale vehicle that has been previously owned. Used cars are sold through a variety of outlets either offline or online.
The Philipines Used Car market is segmented by vendor type, fuel type, vehicle type, and sales channel.
The Philipines Used Car Market is segmented by Vendor Type as Organized and Unorganized. By Fuel Type, the market is segmented into Petrol, Diesel, and Others. By Vehicle Type, the market is segmented into Hatchbacks, Sedans, Sports Utility Vehicles (SUV), and Multi-Purpose Vehicles (MPV). By Sales Channel, the market is segmented into Online and Offline. The report covers the market size and forecast in value (USD Million) for all the above segments.
| Vendor Type | |
| Organized | |
| Unorganized |
| By Vehicle Type | |
| Hatchbacks | |
| Sedans | |
| Sports Utility Vehicles (SUV) and Multi-Purpose Vehicles (MPV) |
| By Fuel Type | |
| Petrol | |
| Diesel | |
| Others |
| By Sales Channel | |
| Online | |
| Offline |
Philippines Used Car Market Size Summary
The Philippines used car market is experiencing significant growth, driven by a shift in consumer preferences towards private transportation due to health and hygiene concerns heightened by the COVID-19 pandemic. This shift has opened new avenues for market expansion, attracting new players and original equipment manufacturers (OEMs) to the sector. The market is characterized by a rapid evolution over the past decade, with the Philippines emerging as one of the fastest-growing markets in the region. Factors such as a rising population, improved economic opportunities, and increased affordability have contributed to the surge in used car sales. However, challenges remain, particularly in the form of trust issues between buyers and sellers regarding the quality of used cars, largely due to the dominance of unorganized market players who often engage in malpractices.
Despite these challenges, the organized segment of the used car market is gaining traction, offering better services and transparency, which have helped establish fair pricing and reduced the risks associated with purchasing used vehicles. Companies like Toyota have strengthened their presence through initiatives like the Toyota Certified Used Vehicle program, which enhances customer loyalty and ensures high-quality standards. Technological advancements, including the rise of e-commerce and the use of artificial intelligence, are further transforming the market landscape, making consumers more informed and facilitating smoother transactions. The market remains fragmented, with numerous startups and regional players, but the entry of established companies like Carsome, through joint ventures, is expected to bolster market growth and competitiveness in the coming years.
Philippines Used Car Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Restraints
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Threat of New Entrants
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Bargaining Power of Suppliers
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3
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2. MARKET SEGMENTATION (Market Size in Value - USD Million)
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2.1 Vendor Type
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2.1.1 Organized
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2.1.2 Unorganized
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2.2 By Vehicle Type
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2.2.1 Hatchbacks
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2.2.2 Sedans
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2.2.3 Sports Utility Vehicles (SUV) and Multi-Purpose Vehicles (MPV)
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2.3 By Fuel Type
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2.3.1 Petrol
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2.3.2 Diesel
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2.3.3 Others
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2.4 By Sales Channel
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2.4.1 Online
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2.4.2 Offline
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Philippines Used Car Market Size FAQs
What is the current Philippines Used Car Market size?
The Philippines Used Car Market is projected to register a CAGR of 7.40% during the forecast period (2024-2029)
Who are the key players in Philippines Used Car Market?
Carmudi , Carousell, CarMax Enterprise Services, LLC, Philkotse.com and LausGroup Holdings, Inc. are the major companies operating in the Philippines Used Car Market.
