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The Used Car Market in Southeast Asia is Predicted to Grow until 2028

Akbar Ridwan 17/04/2026 15:54 WIB

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According to TNB Aura's projections, the used car market in Southeast Asia has the potential to grow until 2028, amid the risk of the adoption of electric vehicles.

Projection of the Used Car Market Size in Southeast Asia* (2020-2028)

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Projection of the Used Car Market Size in Southeast Asia* (2020-2028)

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According to projections from Singapore-based venture capital firm TNB Aura, the used car market in Southeast Asia has the potential to grow in the next few years, despite the risk of electric vehicle (EV) adoption.

In 2020, the estimated size of the used car market in Southeast Asia was still US$54.8 billion. After that, it is expected to continue to increase, reaching US$92.9 billion by 2028.

This growth is supported by rising incomes and changing consumer demand in Indonesia, Malaysia, Thailand, Vietnam, and the Philippines.

"The used car segment continues to grow rapidly, with an average annual growth rate (CAGR) of 6% until 2028," said TNB Aura in its report.

According to TNB Aura, Malaysia, Thailand, and Indonesia are the markets with the largest used car transactions, while Vietnam and the Philippines are the fastest-growing markets.

One factor supporting the used car market in Southeast Asia is the emergence of digital platforms, especially in markets with large transaction volumes, such as Indonesia, Malaysia, and Thailand.

"Online platforms increase price transparency, stock visibility, and dealer connectivity, enabling more efficient regional expansion," said TNB Aura.

Another factor is the maturity of the market or consumer segments. "Higher resale activity in Malaysia and Thailand provides short-term monetization depth, while markets with lower per capita income such as Indonesia, Vietnam, and the Philippines show additional room for structural growth," said TNB Aura.

TNB Aura also expects the used car market to be influenced by the dynamics of the transition to EVs. "The rapid growth of electric vehicle adoption in Southeast Asia is changing the vehicle ownership cycle and introducing new supply and maintenance structures, contributing to short-term volatility in the used car market," they said.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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The Used Car Market in Southeast Asia is Predicted to Grow until 2028

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