Market Trends of Thailand Used Car Industry
Rising Internet Penetration Will Drive Online Segment Of The Market
The escalating internet penetration in Thailand has opened up vast opportunities for online engagement and commerce. With more Thai citizens gaining access to the internet through various devices, including smartphones and laptops, the online marketplace has become increasingly accessible and convenient. This has led to a surge in online activities, including research, shopping, and transactions related to used cars.
As of January 2023, Thailand had 61.21 million internet users, representing an internet penetration rate of 85.3% of the total population. This indicates a significant increase from the previous year, with 54.50 million internet users in January 2022, with an internet penetration rate of 77.8%. The consistent growth in internet penetration reflects the increasing digital adoption and connectivity among Thai residents.
Online platforms' convenience has revolutionized how consumers search for and purchase pre-owned vehicles. Traditionally, buying a used car involves visiting multiple dealerships or relying on classified newspaper ads.
However, with the advent of online digital platforms such as Carsome, buyers can browse extensive inventories, compare prices, and even schedule test drives from the comfort of their homes. This convenience factor has significantly accelerated the adoption of online channels in the used car market.
Additionally, the emergence of online digital platforms has streamlined the buying process, reducing the time and effort required to complete a transaction. Through these platforms, buyers can easily compare prices, explore financing options, and even arrange for doorstep delivery, eliminating the hassles associated with traditional car buying.
This seamless experience has resonated well with consumers and digital natives who prioritize convenience and efficiency in their purchasing journey.
Developments mentioned above are anticipated to indicate a positive outlook for the Thai used car market, especially the growth of the online segment, during the forecast period.
The Organized Segment of the Market to Witness Notable Growth During Forecast Period
One of the primary drivers propelling growth in the organized segment is the evolving consumer mindset toward reliability, quality assurance, and aftersales support. Unlike the unorganized sector, which often lacks transparency and accountability, organized players offer value-added services such as thorough vehicle inspections, warranty options, and standardized pricing. This instills confidence in buyers, especially those seeking reassurance when purchasing a used car, ultimately driving demand for vehicles from organized sellers.
Moreover, the rise of online digital platforms has played a pivotal role in amplifying the visibility and accessibility of organized players in the used car market. Platforms like Carsome provide a curated selection of pre-owned vehicles from reputable dealerships, allowing consumers to browse a diverse inventory, compare options, and make informed decisions.
Another contributing factor to the growth of the organized segment is the increasing emphasis on compliance and regulatory standards. Established dealerships and certified pre-owned programs adhere to strict quality control measures, ensuring that vehicles meet prescribed safety and performance standards.
Organized players often leverage innovative marketing and customer-centric initiatives to differentiate themselves in the competitive landscape. From targeted advertising campaigns to personalized customer experiences, these sellers prioritize customer satisfaction and loyalty, fostering long-term relationships and driving repeat business.
Additionally, the growing preference for convenience and streamlined processes drives more consumers toward organized sellers offering comprehensive services such as financing assistance insurance solutions and hassle-free documentation processes.
Such initiatives contribute to the growth of individual dealerships and elevate the overall reputation and credibility of the organized segment in the Thai used car market.
