With USD 5.7 Billion in 2023, Thailand Used Car Market to Record Nearly 7.5% CAGR Through 2032
As per the research report by Report Cube, the Thailand Used Car Market size is valued at USD 5.7 billion in 2023 and is estimated to grow at a CAGR of about 7.5% during the forecast period, 2024-32.
The large number & range of used cars across the nation reflect both the robust need for reasonably priced mobility solutions & the country’s growing automotive industry. Because of the growing middle-class population & greater urbanization, there is a significant demand for dependable & reasonably priced transportation options, which is driving the market for used automobiles nationwide. The dynamic & frequently shifting Thailand Used Car Market is influenced by a number of factors, including technology, consumer preference, laws, and the status of the economy.
Moreover, the growing need for affordable transportation is a lucrative area for the Used Car Market in Thailand. Many consumers are searching for more reasonably priced vehicles, but the cost of new cars is either too high or keeps growing up, therefore used cars end up being the best choice for these consumers. Consequently, this presents an opportunity for the market players to cater to a wide spectrum of consumers who are seeking affordable cars.
Additionally, the Thailand Used Car Industry has increased substantially & a greater number of tech-savvy consumers have been pulled in by the convenience of use offered by online platforms. Used automobiles are among the most alluring options for customers with limited cash, who are constantly searching for inexpensive substitutes that may meet their growing needs. As the automotive sector continues to diversify, it is anticipated that the market in Thailand would continue to grow & evolve.
Furthermore, many cars meet a wide range of budgets & tastes. Consumers can choose from a large selection of pre-owned vehicles made by both domestic & international automakers, with sizes ranging from compact hatchbacks to spacious SUVs. Hence, owing to these varieties, customers have more options, which increases the market size, further states the research study, Thailand Used Car Market Analysis, 2024.
Analyzing the Thailand Used Car Market Segmentation
Organized Segment to Lead the Market Expansion
By type of market, the Thailand Used Car Market is bifurcated into: Organized, Unorganized, and Others.
Given how customer views are seeing reliability, quality control, and post-purchase support in the Thailand Used Car Market, the Organized segment is expected to lead because of its potential market share. Value-added services like automotive inspections, warranty options, and uniform pricing are offered by an organized market as opposed to an unstructured one, which usually lacks accountability & transparency. These variables increase consumer confidence when purchasing used cars, increasing market share.
Furthermore, as consumers’ preferences for ease of use & streamlined processes grow, more & more people are drawn to well-organized vendors that offer full services, such as financing assistance, hassle-free documentation, and insurance options.
Thailand Used Car Market Companies Analysis
With the strategic analysis & market study the leading companies, including CARS24 Group Thailand Co Ltd., iCarAsia.com, UsedcarBangkok.com, SiamMotorworld, Honda Certified Used Car (Honda Automobile (Thailand) Co. Ltd, Motors.co.th Limited (Motors Co Ltd), Carsome, Motors.co.th Limited (Motors Co Ltd), Pixy Asia Co. Ltd, Asia Web Holding (Thailand) Co. Ltd, and Others, are predicted to contribute in the growing market outlook.