Philippines Used Car Market Report and Forecast 2025-2034
Description
The Philippines used car market was valued at USD 649.20 Million in 2024. The market is further projected to grow at a CAGR of 6.30% between 2025 and 2034, reaching a value of USD 1195.94 Million by 2034.
Philippines Used Car Market Growth
There is a rising demand for used cars owing to the financial benefits it offers consumers. Further, new cars depreciate faster than used cars, aiding the market growth. For instance, a new car depreciates 20-30% as soon as the owner drives it off the dealership. In the first three years, it further depreciates by up to 50%. Since the previous owner has already taken the brunt of the depreciation, it is significantly beneficial to second-hand car buyers. Brands, such as Toyota, Isuzu, and Mitsubishi are known for reliability and low maintenance costs. These cars have great resale value and work efficiently.
Additionally, the government is encouraging the purchase of second-hand cars as it recognises the importance of sustainable driving. The government has implemented several initiatives and policies to stimulate the adoption of used cars. For instance, secondhand cars are exempt from the Tax Reform for Acceleration and Inclusion (TRAIN) Act which is expected to aid their adoption. Further, incentives for purchasing used vehicles and the growing demand for private transportation aid the market growth. Additionally, buying a used car helps eliminate the carbon emissions that would otherwise be released in manufacturing a new car.
Philippines Used Car Industry Segmentation
Philippines Used Car Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments.
Market Breakup by Vehicle Type:
Hybrid
Conventional
Electric
Market Breakup by Body Type:
Hatchback
Sedan
Sport Utility Vehicle and Multi-Purpose Vehicle
Market Breakup by Sales Channel:
Online
Offline
Philippines Used Car Market Share by Body Type
Based on body type, SUVs occupy a significant share in the market due to their huge space and versatility. SUVs are affordable for families who need more cargo space and higher ground clearance.
Sedans are a popular option for many people because they provide a good mix of space, comfort, and fuel efficiency. To meet a variety of demands, they are offered in sizes ranging from compact to full-size. In addition, they are typically utilised for family mobility and everyday commute.
Leading Companies in Philippines Used Car Market
The key players in the used car market in Philippines are providing customers with a range of second-hand cars at reasonable prices.
CardekhoSEA (Carmudi)
Carousell Pte. Ltd
CarMax Enterprise Services, LLC
LausGroup Holdings, Inc.
Toyota Motor Corp.
QMarketz (Automart)
Maxspeed Autoportal Inc. (Philkotse)
Tsikot.com
Car Empire
The SirQo Group
Others
Philippines Used Car Market Growth
There is a rising demand for used cars owing to the financial benefits it offers consumers. Further, new cars depreciate faster than used cars, aiding the market growth. For instance, a new car depreciates 20-30% as soon as the owner drives it off the dealership. In the first three years, it further depreciates by up to 50%. Since the previous owner has already taken the brunt of the depreciation, it is significantly beneficial to second-hand car buyers. Brands, such as Toyota, Isuzu, and Mitsubishi are known for reliability and low maintenance costs. These cars have great resale value and work efficiently.
Additionally, the government is encouraging the purchase of second-hand cars as it recognises the importance of sustainable driving. The government has implemented several initiatives and policies to stimulate the adoption of used cars. For instance, secondhand cars are exempt from the Tax Reform for Acceleration and Inclusion (TRAIN) Act which is expected to aid their adoption. Further, incentives for purchasing used vehicles and the growing demand for private transportation aid the market growth. Additionally, buying a used car helps eliminate the carbon emissions that would otherwise be released in manufacturing a new car.
Philippines Used Car Industry Segmentation
Philippines Used Car Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments.
Market Breakup by Vehicle Type:
Hybrid
Conventional
Electric
Market Breakup by Body Type:
Hatchback
Sedan
Sport Utility Vehicle and Multi-Purpose Vehicle
Market Breakup by Sales Channel:
Online
Offline
Philippines Used Car Market Share by Body Type
Based on body type, SUVs occupy a significant share in the market due to their huge space and versatility. SUVs are affordable for families who need more cargo space and higher ground clearance.
Sedans are a popular option for many people because they provide a good mix of space, comfort, and fuel efficiency. To meet a variety of demands, they are offered in sizes ranging from compact to full-size. In addition, they are typically utilised for family mobility and everyday commute.
Leading Companies in Philippines Used Car Market
The key players in the used car market in Philippines are providing customers with a range of second-hand cars at reasonable prices.
CardekhoSEA (Carmudi)
Carousell Pte. Ltd
CarMax Enterprise Services, LLC
LausGroup Holdings, Inc.
Toyota Motor Corp.
QMarketz (Automart)
Maxspeed Autoportal Inc. (Philkotse)
Tsikot.com
Car Empire
The SirQo Group
Others
Table of Contents
140 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Used Car Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Used Car Historical Market (2018-2024)
- 5.3 Asia Pacific Used Car Market Forecast (2025-2034)
- 6 Philippines Used Car Market Overview
- 6.1 Key Industry Highlights
- 6.2 Philippines Used Car Historical Market (2018-2024)
- 6.3 Philippines Used Car Market Forecast (2025-2034)
- 7 Philippines Used Car Market by Vehicle Type
- 7.1 Hybrid
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Conventional
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Electric
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 8 Philippines Used Car Market by Body Type
- 8.1 Hatchback
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Sedan
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Sport Utility Vehicle and Multi-Purpose Vehicle
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 9 Philippines Used Car Market by Sales Channel
- 9.1 Online
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Offline
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 10 Market Dynamics
- 10.1 SWOT Analysis
- 10.1.1 Strengths
- 10.1.2 Weaknesses
- 10.1.3 Opportunities
- 10.1.4 Threats
- 10.2 Porter’s Five Forces Analysis
- 10.2.1 Supplier’s Power
- 10.2.2 Buyer’s Power
- 10.2.3 Threat of New Entrants
- 10.2.4 Degree of Rivalry
- 10.2.5 Threat of Substitutes
- 10.3 Key Indicators for Demand
- 10.4 Key Indicators for Price
- 11 Competitive Landscape
- 11.1 Supplier Selection
- 11.2 Key Global Players
- 11.3 Key Regional Players
- 11.4 Key Player Strategies
- 11.5 Company Profiles
- 11.5.1 CardekhoSEA (Carmudi)
- 11.5.1.1 Company Overview
- 11.5.1.2 Product Portfolio
- 11.5.1.3 Demographic Reach and Achievements
- 11.5.1.4 Certifications
- 11.5.2 Carousell Pte. Ltd
- 11.5.2.1 Company Overview
- 11.5.2.2 Product Portfolio
- 11.5.2.3 Demographic Reach and Achievements
- 11.5.2.4 Certifications
- 11.5.3 CarMax Enterprise Services, LLC
- 11.5.3.1 Company Overview
- 11.5.3.2 Product Portfolio
- 11.5.3.3 Demographic Reach and Achievements
- 11.5.3.4 Certifications
- 11.5.4 LausGroup Holdings, Inc.
- 11.5.4.1 Company Overview
- 11.5.4.2 Product Portfolio
- 11.5.4.3 Demographic Reach and Achievements
- 11.5.4.4 Certifications
- 11.5.5 Toyota Motor Corp.
- 11.5.5.1 Company Overview
- 11.5.5.2 Product Portfolio
- 11.5.5.3 Demographic Reach and Achievements
- 11.5.5.4 Certifications
- 11.5.6 QMarketz (Automart)
- 11.5.6.1 Company Overview
- 11.5.6.2 Product Portfolio
- 11.5.6.3 Demographic Reach and Achievements
- 11.5.6.4 Certifications
- 11.5.7 Maxspeed Autoportal Inc. (Philkotse)
- 11.5.7.1 Company Overview
- 11.5.7.2 Product Portfolio
- 11.5.7.3 Demographic Reach and Achievements
- 11.5.7.4 Certifications
- 11.5.8 Tsikot.com
- 11.5.8.1 Company Overview
- 11.5.8.2 Product Portfolio
- 11.5.8.3 Demographic Reach and Achievements
- 11.5.8.4 Certifications
- 11.5.9 Car Empire
- 11.5.9.1 Company Overview
- 11.5.9.2 Product Portfolio
- 11.5.9.3 Demographic Reach and Achievements
- 11.5.9.4 Certifications
- 11.5.10 The SirQo Group
- 11.5.10.1 Company Overview
- 11.5.10.2 Product Portfolio
- 11.5.10.3 Demographic Reach and Achievements
- 11.5.10.4 Certifications
- 11.5.11 Others
Pricing
Currency Rates
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