Published on : Aug 16, 2016
ALBANY, New York, August 16, 2016: The used car market in China has been performing well for the past 30 years. From 1999, this market has recorded many changes and has grown significantly. In 1999, the annual trade volume of used cars in China was 180 thousand, which reached 9 million in 2015. The growth of car reserves and the rising sale of used cars are two of the factors responsible for the growth of the annual trade volume of used cars in China. The average unit price of second-hand cars in China was CNY 30 thousand in 2005 and reached CNY 60 thousand in 2015. This shift was possible because of the consistently growing economy in China.
The sales volume of brand new cars in China reached 24.6 mn in 2015, state a new report added by ResearchMoz.us to its online repository. As per the report, titled ‘Used Car E-Commerce Industry Overview in China, 2011-2020,’ by 2015, the vehicle reserve in China had surpassed 170 mn. Considering the growing sales of used cars, the profit from the sale of new cars declined in 2015, state the analysts. Currently, the automotive market in China is facing a huge stock of used cars and the government and auto industries are making efforts to improve their trade. Thus, government support and the efforts taken by key auto companies are expected to propel the used car market in China.
The report highlights relevant concepts, classifications, and parameters of used car e-commerce platforms in China. A detailed analysis on the China used car e-commerce industry is done by analysts by considering factors such as economic environment, changing policies, development strategies, the status of supply and demand, and the technological environment.
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The development of internet and mobile technologies have boosted many e-commerce modes in the second-hand car market. Since 2014, the used car e-commerce industry has grown steadily. This has attracted many investors and entrepreneurs to enter the market. At present, the used car e-commerce industry in China is in its transitional phase. The penetration rate in the market is on the lower side but the trading volume, trading rate, and release volume are on the higher side. New e-commerce platforms are focusing on developing novel commercial modes to create their ecosphere of cars.
In China, around 70% of the total profit in the auto industry is derived from after-sales services. The used cars segment is an important segment in the China auto industry. Vendors are working towards adding more after-sales services for the used cars segment. The entry of e-commerce enables transparent, convenient, and efficient modes and channels for the effective trade of used cars.
The report offers a competitive analysis of used cars in China. A detailed study on new and potential entrants is carried out by considering various barriers related to policy, capital, entry, and channels. Potential entrants or dealers of new cars are predicted to face many other challenges from the key companies. Cheyipai, Youxinpai, PAHAOCHE, Chexiangpai, and Car King are some of the prominent companies operating in the China used car e-commerce industry.
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