South Korea Used Car Market Outlook Report 2021-2026 with a Snapshot on the Online Used Car Landscape

Dublin, June 21, 2022 (GLOBE NEWSWIRE) — The “South Korea Used Automobile Market Outlook to 2026: Relaxed Authorities Rules on Massive Corporations Coming into Used Automobile Market to Facilitate Enhance within the Used Automobiles Gross sales and Enhance the Organized Market Share” report has been added to ResearchAndMarkets.com’s providing.

Market is predicted to extend at a 5 12 months CAGR of 1.0% (by gross sales quantity in models) from 2021P to 2026F

South Korea Used Automobile Market Outlook to 2026 gives a complete evaluation of the used automobile market developments and efficiency in South Korea.

The used automobile business in South Korea is predicted to reveal a good progress sooner or later. It’s anticipated that the share of the organized phase within the used automobiles house will improve over time as extra manufacturers are planning to enter the OEM pre-owned licensed house.

Sure overseas established C2B gamers are too contemplating South Korea Used Automobile market a rising and worthwhile enterprise. Furthermore, individuals in South Korea are realizing the benefits of shopping for a pre-owned automobiles via approved shops as there was a shift within the normal client preferences.

South Korea Used Automobile Market Overview and Dimension:

South Korea Used Automobile market elevated at a CAGR of 0.8% (by gross sales quantity in models) throughout 2015-2021P. The market has reached its maturity section. A mixture of restrictions on public transport and a motion in the direction of personal journey have accelerated the sale of used automobiles. Furthermore, the supply of varied financing amenities supplied via banks and NBFIs, excessive web penetration and elevated authorities spending have been instrumental components in facilitating the expansion of the South Korean used automobile market.

Snapshot on On-line Used Automobile Panorama

The variety of on-line used automobile portals and marketplaces have risen considerably together with rising web penetration in South Korea over the previous couple of years. Main sellers equivalent to Okay-Automobiles, Aj SellCar, Autoplus and others are utilizing on-line platforms to extend their gross sales. Therefore, there was an inevitable enlargement within the lead technology of used automobiles through the web means.

Story continues

Social networking websites together with Fb and Instagram play a key function in increasing the used automobiles market in South Korea. Emergence of on-line auto-portals and categorised platforms equivalent to Encar and Kb Cha Cha Cha have supplied elevated visibility and credibility to the customer-to-customer transactions within the unorganized phase.

South Korea had one of many quickest web networks around the globe. The web infrastructure has been a excessive precedence in quite a few governmental laws that led to its fast and thorough enlargement, contributing positively to the expansion of the business.

Aggressive Panorama of South Korea Used Automobile Market

Varied approved dealerships, multi-brand shops & unbiased (standalone in addition to clustered sellers) working within the business have led to elevated competitors within the used automobile market. Most multi-brand sellers are offering worth added companies together with straightforward financing choices, dealing with the paperwork and guarantee, to broaden their market share and to compete with approved sellers.

South Korea Used Automobile Market Segmentations

• By Market Construction (Organized, and Unorganized): The organized phase dominates the South Korean used automobile market overlaying about 90% of the general market house. The elimination of restrictions on huge completed automobile makers’ entry into the native used automobile market in 2019 and the formal entry of those gamers in 2022 will additional contribute to growing the organized used automobile market.

• By Organized Market Supply of Lead technology (On-line, Dealership walk-ins): The lead technology for used automobiles is South Korea has primarily taken place through the web platforms. The Licensed Sellers showcase the out there used automobiles on the market primarily via their very own web sites. Whereas, a number of multi-brand sellers choose itemizing their stock on the categorised platforms as nicely. For purchasing and promoting used automobiles in South Korea, social networking websites like Kakaotalk, Fb, and Instagram are gaining traction.

• By Gross sales Channel (B2C and C2C):

• – B2C gross sales in South Korea primarily happen via dealership walk-in and stock listed on on-line categorised platforms or via sellers’ web sites and Instagram pages, whereas C2C gross sales are largely generated primarily based on On-line Classifieds & Offline References from buddies & household. Social Media platforms like Kakaotalk and Fb, are used extensively for C2C promotions and ads with a purpose to attain a big set of potential clients shortly and freed from price.

• By Sort of Automobile: SUVs and Luxurious Sedans are fairly well-liked in South Korea. SUVs, Sedans and Luxurious Sedans account for greater than 70% of the market share.

• By Model: Hyundai is the market chief in South Korea accounting for the key share of used automobiles offered by quantity. Korean made manufacturers equivalent to Hyundai, Kia Motors and Ssangyong Motor, are among the most most popular automobile manufacturers as a result of sturdy model choice, reliability and longer life span of the pre-owned automobile. Amongst the continental automobiles, BMW and Mercedes Benz are probably the most most popular.

• By Area: A lot of the used automobiles market is concentrated within the Gyenonggi and Seoul area in South Korea.

• By Age: Typically, any new automobile in South Korea is owned for 3 – 4 years earlier than being offered to a different proprietor. Due to this fact, the typical age of used automobiles within the nation additionally lies throughout the identical bracket.

• By Kilometers Pushed: Automobiles with a mileage of 60,000-80,000 kilometers dominated the used automobiles market in South Korea within the 12 months 2021P.

• By Gas: Petrol and diesel run automobiles dominate the used automobile market in South Korea. Electrical and hybrid automobiles accounted for about 10% in 2021P.

Key Subjects Lined within the Report

• South Korea Used Automobile Market Overview

• South Korea Used Automobile Market Dimension, 2015-2021P

• South Korea Used Automobile Market Segmentation, 2021P

• Progress Drivers in South Korea Used Automobile Market

• Points and Challenges in South Korea Used Automobile Market

• Authorities Rules

• Ecosystem and Worth Chain of Used Automobile Business in South Korea

• Prospects Buy Resolution Making Parameters

• Cross Comparability between Main Licensed Sellers and Multi-brand Sellers

• Snapshot on On-line used automobile market

• Future Market Dimension and Segmentations, 2021P – 2026F

• Covid-19 Impression on the Business & the way in which ahead

• Analysts’ Suggestions

Aggressive Panorama

By Model

Licensed Sellers

• Benz Hansung

• BMW Deutsch Motor

• BMW Bavarian Motors

• KCC Auto

C2B/C2B2C/B2C

• Okay-Automobiles

• Aj SellCar

• Autohands

• Hey Seller

• U-Automobile

• Autoplus

On-line Portals – On-line Auto Categorised Platforms

Public sale Gamers

• Hyundai Glovis

• Lotte Rental – Public sale

• Aj SellCar Public sale

• Okay Automobile Public sale

Key Segments Lined

By Market Construction

By Organized Channel Supply of Lead technology

• On-line

• Dealership walk-ins

By Gross sales Channel

By Sort of Automobile

By Engine Dimension

• 2000 CC and Under

• 2000 CC – 3000 CC

• 3000 CC – 4000 CC

• 4000 CC and Above

By Area

• Gyeonggi

• Seoul

• Gyeongnam

• Gyeongbuk

• Incheon

• Busan

• Chungnam

• Dae-Gu

• Jeonnam

• Jeonbuk

• Chungbuk

• Gangwon

• Gwangju

• Daejeon

• Ulsan

• Jeju

• Sejong

By Age

• 0-2 Years

• 2-4 Years

• 4-6 Years

• 6-8 Years

• 8-10 Years

• Greater than 10 Years

By Mileage

• Lower than 20,000

• 20,000 – 40,000 Km

• 40,000 – 60,00 Km

• 60,000 – 80,000 Km

• 80,000 – 100,000 Km

• Over 100,00 Km

By Gas

By Transmission Sort

• Auto

• Handbook

• Others (Semi-Auto, CVT)

Time Interval Captured within the Report

For extra details about this report go to https://www.researchandmarkets.com/r/pkb5ik

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