Myanmar Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Myanmar Used Car Market is Segmented by Vehicle Type (Hatchback, Sedan, Sports Utility Vehicle, and Multi-Purpose Vehicle), Vendor Type (Organized and Unorganized), and Fuel Type (Gasoline, Diesel, Electric, and Other Fuel Types).

(Myanmar Used Car Market Size)

Study Period - 2019 - 2029 
Base Year For Estimation- 2023
 Market Size (2024)- USD 0.72 Billion
 Market Size (2029)- USD 1 Billion
 CAGR (2024 - 2029)- 5.80 % 
Market Concentration -Medium

Myanmar Used Car Market Analysis 

The Myanmar Used Car Market size is estimated at USD 0.72 billion in 2024, and is expected to reach USD 1 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).

Over the medium term, factors such as increasing purchasing power and easy availability of finance are expected to contribute positively to the market's growth.

Further, rising digitalization, internet penetration, and an increase in online players are likely to act as critical factors in boosting used car sales.

They have made the overall process of selling and buying used cars quite convenient and prompt.

Consumers are refraining from investing hugely in newer vehicles and are opting to purchase used cars.

 As a result, the used car industry is on the rise. Used car platforms are widely safe, accessible, and available at reasonable prices.

The rise in the value-added service offering and the variety of finance providers offering credit for used cars will also contribute to the growth of the used car market in the country.

Myanmar Used Car Market Trends 

Rising Internet penetration and Online Digital Platforms to drive demand in the Market 

- Consumers are shifting from traditional methods and increasingly using online platforms for their used car buying/selling journey. With the growing trend in technology, used car vehicle purchase through online sales has become the most preferred choice for customers over the past few years.

- Moreover, it provides additional facilities to monitor all the required documents, performance, and service records of the vehicle. This has proven beneficial for consumers who can directly compare from a wide variety of choices and apply their desired filter to get the most relevant used car matching their choices.

- Increasing internet and smartphone penetration in the country has resulted in a large number of consumers preferring to buy and sell cars through online auto classifieds and social media. For instance, In 2022, around 21.03 million Internet users in the country, which is 1.5 percent more than in 2021.

- The trend of online purchasing a used car through apps has improved over the period. App developers have been designing mobile applications with more advanced features that offer more vehicle availability and comparable vehicle costs on a single platform.

- With the above-mentioned development across the country, the market is witnessing major growth during the forecast period.

(Source: mordorintelligence)

Myanmar Used Car Industry Overview 

Myanmar's Used Car Market is dominated by several key players such as Toyota Aye and Sons, CarsDB, Japan Auto Showroom, SBT CO., LTD, Capital Diamond Star Group Limited, and others. The rise in demand for used cars in the country, owing to an increase in the price of new cars, is likely to witness major growth for the market during the forecast period.

Myanmar Used Car Market Leaders 

1.Toyota Aye and Sons
2.CarsDB 
3.Japan Auto Showroom
4.SBT CO., LTD
5.Capital Diamond Star Group Limited

(Source: mordorintelligence)