South Korea Used Car Market Introduction and Overview
According to SPER Market Research, the South Korea Used Car Market is estimated to reach USD 35.44 billion by 2033 with a CAGR of 5.05%.
The report includes an in-depth analysis of the South Korea Used Car Market, including market size and trends, product mix, applications, and supplier analysis. A used car is a previously owned vehicle that has been operated and is now available for sale. These cars range in age, mileage, and condition, offering purchasers a less expensive alternative to new vehicles. When purchasing a used car, it is critical to study the vehicle's history, maintenance records, and overall condition. Many second-hand automobiles are inspected and reconditioned before being sold to ensure that they fulfil specific quality standards. Buyers can discover a wide choice of used cars on the market, from economy cars to luxury models, with alternatives to meet all preferences and budgets.
- February 2023: The Korean International Trade Association (KITA) published a report indicating that South Korea's used vehicle exports to Russia increased by 1,163% in 2022 as new car releases were prohibited due to the ongoing conflict in Ukraine. Additionally, the organisation reported that, with 19,626 used cars shipped in 2022, Russia represented 4.9% of all foreign used car shipments from South Korea.
- August 2022: Han Sung Motor opened its largest service centre in South Korea, combining the Yongdap and Seongdong Service Centres for Mercedes-Benz customers. The new facility will offer auto repair services for both used and new Mercedes-Benz vehicles around the country.
Market Opportunities and Challenges
Opportunities: The selling of old automobiles has increased as a result of limitations on public transportation and a shift towards private transportation. This industry increased at the fastest rate, which benefited the online platforms and e-commerce the most. A number of factors, including the ease with which financing is available from banks and non-bank financial institutions, have helped to drive up used automobile market income. Sales of used automobiles have increased due in large part to increased digitalization, internet penetration, and a loosening of government laws permitting large domestic companies in the used car market.
Challenges: The rise in the number of on-demand taxi companies poses a significant challenge to the pre-owned car market. Due to budgetary constraints for certain consumers, on-demand taxi services have evolved as a practical alternative to acquiring a new car. On-demand taxi services provide a convenient and comfortable mode of transportation while saving time and energy in finding suitable parking. Furthermore, unlike self-drive automobile rental companies, on-demand taxi operators do not need to maintain a fleet and can reach potential customers via smartphone apps. The business model is more adaptable and easier to run than self-driving car rental companies.
Market Competitive Landscape
South Korea's automotive market is highly fragmented and competitive. It features a large number of home dealers, both organised and unorganised, dispersed around the country. Autowini Inc., Robert's Used Car, KB Cha Cha Cha, K Car, Encar, Used Car Korea, Sena Trading, Car Vision, Be Forward, PicknBuy24, and Han Sung Motor are among the leading competitors in this market.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Vendor Type, By Fuel Type, By Sales Channel
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| Regions covered | Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region)
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| Companies Covered | Autowini Inc, Robert's Used Car, KB Cha Cha Cha, K Car, Encar, Used Car Korea, Sena Trading, Car Vision, Be Forward, PicknBuy24, Han Sung Motor, Aj Sell Car, Pickplus, Hyundai Glovis, Corea-Auto.
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COVID-19 Impact on South Korea Used Car Market
The pandemic made owning a car an inescapable part of an individual's life, as taking public transport can be unsafe. People who favoured public transit before the Covid pandemic are now potential buyers in the used automobile market. As a result, the pandemic does not appear to be going away anytime soon, and demand for used automobiles will continue to rise. Since most of these folks who couldn't afford a car in the first place would pick the most optimal alternative available, which is to buy a used car.
Key Target Audience:
- Individual Consumers
- Used Car Dealerships
- Automobile Auction Houses
- Online Car Marketplaces
- Financial Institutions
- Vehicle Inspection and Certification Services
- Automobile Service Centers and Garages
- Car Rental Companies
- Insurance Companies
- Government and Regulatory Bodies
Our in-depth analysis of the South Korea Used Car Market includes the following segments:
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By Vehicle Type:
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Hatchbacks
Sedans
Sports Utility Vehicles
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By Vendor Type:
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Organized
Unorganized
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By Fuel Type:
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Petrol
Diesel
Electric
Other Fuel Types
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By Sales Channel:
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Offline
Online
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Key Topics Covered in the Report:
- South Korea Used Car Market Size (FY’2024-FY’2033)
- Overview of South Korea Used Car Market
- Segmentation of South Korea Used Car Market By Vehicle Type (Hatchbacks, Sedans, Sports Utility Vehicles/Multi-Purpose Vehicles)
- Segmentation of South Korea Used Car Market By Vendor Type (Organized, Unorganized)
- Segmentation of South Korea Used Car Market By Fuel Type (Petrol, Diesel, Electric, Other Fuel Types)
- Segmentation of South Korea Used Car Market By Sales Channel (Online, Offline)
- Statistical Snap of South Korea Used Car Market
- Expansion Analysis of South Korea Used Car Market
- Problems and Obstacles in South Korea Used Car Market
- Competitive Landscape in the South Korea Used Car Market
- Impact of COVID-19 and Demonetization on South Korea Used Car Market
- Details on Current Investment in South Korea Used Car Market
- Competitive Analysis of South Korea Used Car Market
- Prominent Players in the South Korea Used Car Market
- SWOT Analysis of South Korea Used Car Market
- South Korea Used Car Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Used Car Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Used Car Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Used Car Market
7. South Korea Used Car Market, By Vehicle Type (USD Million) 2020-2033
7.1. South Korea Used Car Market Size, Share and Forecast, By Vehicle Type, 2020-2026
7.2. South Korea Used Car Market Size, Share and Forecast, By Vehicle Type, 2027-2033
7.3. Hatchbacks
7.4. Sedans
7.5. Sports Utility Vehicles
8. South Korea Used Car Market, By Vendor Type (USD Million) 2020-2033
8.1. South Korea Used Car Market Size, Share and Forecast, By Vendor Type, 2020-2026
8.2. South Korea Used Car Market Size, Share and Forecast, By Vendor Type, 2027-2033
8.3. Organized
8.4. Unorganized
9. South Korea Used Car Market, By Fuel Type (USD Million) 2020-2033
9.1. South Korea Used Car Market Size, Share and Forecast, By Fuel Type, 2020-2026
9.2. South Korea Used Car Market Size, Share and Forecast, By Fuel Type, 2027-2033
9.3. Petrol
9.4. Diesel
9.5. Electric
9.6. Other Fuel Types
10. South Korea Used Car Market, By Sales Channel (USD Million) 2020-2033
10.1. South Korea Used Car Market Size, Share and Forecast, By Sales Channel, 2020-2026
10.2. South Korea Used Car Market Size, Share and Forecast, By Sales Channel, 2027-2033
10.3. Offline
10.4. Online
11. South Korea Used Car Market Forecast, 2020-2033 (USD Million)
11.1. South Korea Used Car Market Size and Market Share
12. South Korea Used Car Market, By Region, 2020-2033 (USD Million)
12.1. South Korea Used Car Market Size and Market Share By Region (2020-2026)
12.2. South Korea Used Car Market Size and Market Share By Region (2027-2033)
12.3. Seoul Capital Area
12.4. Yeongnam (Southeastern Region)
12.5. Honam (Southwestern Region)
12.6. Hoseo (Central Region)
12.7. Others
13. Company Profile
13.1. Autowini Inc
13.1.1. Financial outlook
13.1.2. Product summary
13.1.3. Recent developments
13.2. Robert's Used Car
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. KB Cha Cha Cha
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. K Car
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Encar
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Used Car Korea
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Sena Trading
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Car Vision
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Be Forward
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. PicknBuy24
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. Han Sung Motor
13.11.1. Company details
13.11.2. Financial outlook
13.11.3. Product summary
13.11.4. Recent developments
13.12. Aj Sell Car
13.12.1. Company details
13.12.2. Financial outlook
13.12.3. Product summary
13.12.4. Recent developments
13.13. Pickplus
13.13.1. Company details
13.13.2. Financial outlook
13.13.3. Product summary
13.13.4. Recent developments
13.14. Hyundai Glovis
13.14.1. Company details
13.14.2. Financial outlook
13.14.3. Product summary
13.14.4. Recent developments
13.15. Corea-Auto
13.15.1. Company details
13.15.2. Financial outlook
13.15.3. Product summary
13.15.4. Recent developments
13.16. Others
14. Conclusion
15. List of Abbreviations
16. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
