DUBLIN, Sept. 27, 2018 /PRNewswire/ --
The "China Used Vehicle Market Outlook to 2022 - by Type of Vehicle, by Vehicle Age, by Distribution Channels, by Region, by Price of Vehicle" report has been added to ResearchAndMarkets.com's offering.
China Used Vehicle Market Outlook to 2022 provides a comprehensive analysis of China's Used Vehicle market introduction and genesis, market size by value and volume, market ecosystem, value chain analysis and market segmentation. The report covers complete snapshot on online used vehicle market, used vehicle finance market and buying decision parameters.
The report provides a competition scenario with competitive landscape of major players in China online used vehicle market such as Guazi, Uxin Group and Renrenche. The report also covers SWOT analysis, future projections along with analyst recommendation.
The report is useful for major organized dealers/Large vehicle markets, online used vehicle companies, unorganized dealers and auto loan companies for used vehicles, potential entrants and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
China used vehicle market is in its early stage of growth. Globally, China is the largest market for new vehicles. This combined with falling average age of used vehicles shows ample scope for growth in the coming years. A gradual shift has been observed, an increasing number of people are now opting for vehicles under the age of 3 years.
On the overall level, China's used vehicle market size has increased three fold in last 5 years from 2012 to 2017. Introduction of major online companies such as Guazi, Uxin Group, and Renrenche has increased the penetration rate of online companies in China. Online penetration rate has increased in last 5 years as well.
By Type: Sedans (basic passenger cars) has remained the most used type of vehicle in China. SUVs are the second most preferable type and their sale has amplified from 2015-2017. On the other hand, used Micro Van sales have augmented from 2015 to 2017. These types of vehicles are mostly preferred by large families and for commercial purposes. Other types of vehicles such as Trailer, motorcycles and low speed trucks have registered the remaining proportionate share in 2017.
By Vehicle Age: Major trade of used vehicle has taken place within the age bracket of three to ten years. Sale of cars under 3 years of age is increasing significantly due to growing penetration of online channels and variety of finance schemes available to the public.
By Region: East China has accounted for majority of sales of used vehicles during the year 2017. The region covers provinces such as Shanghai, Jiangsu, Zhejiang, Anhui, Fujian, Jiangxi and Shandong. As of 25th April 2018, Shanghai has purchasing power parity (PPP) which is second highest in China. East China accounts for the highest population compared to all other regions. South Central China has accounted for second largest share in the year 2017. Major provinces covered in south central China are Henna, Hubei, Hunan, Guangdong, Guangxi, Hainan, Hong Kong and Macau.
Northern district encompasses Beijing, which is the capital city and commercial heart of the country with highest PPP. South West, North East and North West districts accounted for a combined share of around 27% in the total sales volume during 2017.
By Price: People in China generally prefer to purchase used vehicles in price range less than CNY 30,000. Cars priced between CNY 30,000-50,000 accounted for the second highest share.
Snapshot on China Online Used Vehicle Market:
People are shifting their preference towards online mode of purchase. Dealers in the market are charging higher margin which leads to increased final price of the vehicle. On the other hand, online websites are just charging a small commission on the transaction value. Online sellers of used vehicle claim to perform quality checks and fitness test. Online companies list vehicles only after performing rigorous vehicle inspection. This has enhanced level of trust of customers over online used vehicle companies leading to a shift in buyer's preference.
Snapshot on Used Vehicle Finance Market:
Loan on zero percent down payments is also provided, however in such cases, rate of interest charged has increased in 2017. Used vehicle finance penetration in China has increased from 2016 to 2017. Major companies which provide used vehicle financing services in China are 100credit.co, Pingan Bank, Weizhong Bank, Xin, Ant Financial, DBS, Hong Leong Finance, May Bank, Tokyo Century Leasing, United Overseas Bank, Pahouche and many others.
Competition Scenario - (Online Channel):
Major companies in used vehicle market in China are Guazi, Uxin Group, and Renrenche. Guazi has comprised of the maximum share in the sale of used vehicle in China from online channels during 2017. On the other hand, Uxin Group has comprised of the second highest market share in sale of used vehicle during the same year. Renrenche has been accounted for the third highest market share in the sale of used vehicles during 2017. These three companies cover majority of the total sales of used cars from online channels during 2017. Online used vehicle companies compete on various parameters such as the number of cities covered, providing value-added services, performing number of quality checks before listing vehicles and portfolio of Vehicles. They provide various services such as vehicle inspection, consultancy services, financing and insurance of Vehicles, door to door Vehicle delivery services, transfer of Vehicle registration and after sale services.
Guazi provides its services in more than 200 cities of China whereas Uxin Group has more than 200 offline stores to provide after sale services to its customers. Renrenche has a presence in over 80 cities in China. There are various business models prevailing in the online used vehicle market of China such as C2C, B2C, C2B, B2B, and C2B2C.
Future Outlook and Projections:
By Volume: It has been expected that there will be a reduction in average replacement age of vehicles in china. This will lead to increase in average ticket size of vehicles. Moreover, online penetration in the used vehicle market is expected to maintain the growth trend till 2022 showcasing maximum potential to grow. Online companies such as Guazi are focusing to expand its portfolio of services by expanding into used vehicle finance. Renrenche has planned to open multiple offline stores by 2018. In China, sale of used vehicles through financing is expected to reach up over 13 million units by 2022,
Key Topics Covered in the Report
- China Used Vehicle Market Size (2012-2017)
- China Used Vehicle Market Overview
- China Used Vehicle Market Segmentation by type of vehicle sale (Sedans, SUVs, Micro Vans, MPVs, Trucks, Buses, Cross Type Vehicles, Trailers, Motor Cycles and Low Speed Trucks)
- China Used Vehicle Market Segmentation by Vehicle Age (Three to Six Years, Less Than Three Years, Six to Ten Years and More Than Ten Years)
- China Used Vehicle Market Segmentation by Distribution channels (Organized Dealers/Large Vehicle Market, Online, Unorganized Dealers)
- China Used Vehicle Market Segmentation by Region Wise Distribution (East China, South Central China, Northern China, South West China, North East China, North West China)
- China Used Vehicle Market Segmentation by Price of Vehicle in CNY (Less than 30,000, 30,000-50,000, 50,000-80,000, 80,000-120,000, 120,000-150,000, 150,000-300,000 and More Than 300,000)
- China Used Vehicle Market Ecosystem and Value Chain Analysis
- Snapshot on China Online Used Vehicle Market.
- Snapshot on China Used Vehicle Finance Market.
- Buying decision parameters and trend and developments of China Used Vehicle Market
- Complete Competition Analysis including Heat Maps & Strength and Weakness of the top five major online companies.
- Competitive Landscape of Major Players in China Online Used Vehicle Market and overview of all Other Online Major Players in China
- SWOT Analysis of China Used Vehicle Market
- Government Regulations of China Used Vehicle Market
- Future Outlook and Projections of China Used Vehicle Market (2017E-2022E)
- Analyst Recommendation
- Economy Analysis including major Macro/Micro Economic factors affecting China Used Vehicle Market (2012-2022E)
For more information about this report visit https://www.researchandmarkets.com/research/gb6zrf/china_used?w=5
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