SOUTH KOREA USED CAR MARKET

 

INTRODUCTION

 

The preponderance of such market dominance in South Korea is accounted for by organised dealers, which include approved or multi-brand dealerships with a larger inventory or a greater number of physical locations.

 

 

Because the used automobile industry has a bigger number of organised competitors, many dealers have turned their attention to delivering value-added services in order to withstand the growing competition.

 

Numerous multi-brand dealerships have begun to provide extra services also including extended warranties, insurance, after-sales solutions, documentation support, and so on, in order to become a “one-stop” location for used vehicle purchasers.

 

SOUTH KOREA USED CAR MARKET DEVELOPMENTS AND INNOVATIONS

 

S No	Overview of Development	Development Detailing	Region of Development	Possible Future Outcomes
1	Hyundai Motor makes its entry to used car market official	Hyundai Motor, South Korea’s largest automaker, has entered the used automobile market in the country.	South Korea	This would enhance better Technological Controls
2	Carmakers gearing up to reshape used car market	Following the Ministry of SMEs and Start-ups’ approval of big automakers’ entry into the used automobile market,	South Korea	This would enhance better Technological Controls
3	K Car’s evolution into top Korean used car sales platform	Hahn & Co. develops a used vehicle dealership into a prominent online used automobile sales and rental platform.	South Korea	This would enhance better Technological Controls
4	Gov’t Allows Large Firms to Advance into Used Car Market	Despite criticism from small participants in the industry, the government opted to allow huge corporations to enter the used automobile market.	South Korea	This would enhance better Technological Controls
5	Autowini, the Largest Used-Car Marketplace for Korean Vehicles, Is Leading Its Market Share in Latin America	It also has a market position from over 50% in Guatemala, Honduras, Georgia, Azerbaijan, as well as Armenia.	South Korea	This would enhance better Technological Controls

 

 

SOUTH KOREA USED CAR  MARKET SIZE AND FORECAST

 

South Korea Used Car  Market is expected to gain market growth in the forecast period of 2020 to 2027. It is analyzed that the market is growing with a CAGR of XX.X% in the forecast period of 2020 to 2027 and is expected to reach USD XXXX million by 2027. 

 

COMPETITIVE LANDSCAPE

 

To prevent scams, buyers have either been duped by a dealership or attempt to buy a used automobile straight from the owner. Consumers face significant objective and subjective losses as a result of the current predicament.

 

As a result, multinational carmakers are actively operating second-hand automobile companies in South Korea, complete with their own brand identification methods, in order to build faith in drivers purchasing used automobiles. 

 

Autowini Inc.  is a leading mobiliser of the various explorer oriented used cars requirements in the market. Autowini is a wholesale platform for experienced auto traders looking to acquire automobiles, trucks, buses, heavy machinery, and spare parts in South Korea from reputable vendors.

 

Users may identify any automobiles that fit what they’re looking for and acquire them simpler, safer, and even cheaper using the online transaction mediation service B.I.S.

 

Carbay Inc. is part of the component manufacture trending companies in the current industry. The Carbay Korea has played a key role in partitioning and refining each phase of Jungin World’s primary business, used automobile export.

 

They successfully established the BEFORWARD Export Support Centre, an official partner in Korea, to settle the continuous network in the Korean used automobile market.

 

COMPANIES PROFILED

• Autowini Inc.
• Used Car Korea
• Carbay
• Sena Trading
• Hyundai Motors
• Kafesta Inc.
• Car Vision
• Be Forward Korea
• Corea Auto
• Pick Plus Inc.
• PicknBuy24

 

THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS

1. What is the average selling price of the South Korea Used Car  Market right now and how will it change in the next 5-6 years? 
2. Market share of South Korea Used Car vendors right now and their upcoming products
3. The cost advantage for OEMs who manufacture South Korea Used Car  in-house
4. 5 key predictions for the next 5 years in South Korea Used Car Market right now, the latest trends in every market segment
5. The market size (both volume and value) of South Korea Used Car Market in 2022-2027 and every year between
6. Production breakup of South Korea Used Car Market by suppliers and their OEM relationship
7. What is happening overall in South Korea Used Car Market right now?
8. Who are the major players in South Korea Used Car Market?
9. What are the business opportunities in South Korea Used Car Market right now and What is the target group?
10. What are the plans for the South Korea Used Car Market in five years?
11. What are the Threats in South Korea Used Car Market in the next five years?