Vietnam automobile industry is a fast growing
sector, mainly dependent on domestic sales. The industry is one of the largest
economic sector by revenue. All currently produced models are generally
designed abroad by foreign brands, and many rely on knock-down kit production.
Owing to high import taxes on automobiles, the Vietnamese government defends
domestic manufacturing.
Automobile is a motorized vehicle that consists of
four wheels and powered by an internal combustion engine. It is used to
transport people and goods from one location to another location. It generally
uses gasoline to fuel the internal engine, but growth of technological advances
have led to the design of cars that run on electricity and even water.
According to study, “Vietnam
Automobile Comprehensive Report Q4/2019”
the key companies operating in the Vietnam automobile industry are Truong Hai
Auto, Ford Vietnam, Toyota Vietnam, Mercedes-Benz Vietnam, Lexus Vietnam, Hino
Motor Vietnam, Honda Vietnam, Isuzu Vietnam.
Based on vehicle type, Vietnam automobile industry
is segmented into passenger cars, heavy commercial vehicles (HCV), light
commercial vehicles, Battery Electric Vehicle (BEV), Hybrid electric vehicle
(HEV) and plug-in hybrid electric vehicle (PHEV). Based on fuel used, market is
segmented into diesel, hydrogen, solar and petrol. Based on number of wheels,
market is segmented into two-wheeler, three-wheeler, four-wheeler, six-wheeler
and more. Based on transmission, market is segmented into manual (conventional)
transmission vehicle, automatic transmission vehicle and semi-automatic
transmission vehicle. Manual transmission includes synchronous gearbox,
synchronous gearbox with overdrive, constant mesh gearbox and sliding mesh
gearbox. Automatic transmission includes torque converter drive and hydraulic
drive. Semi-automatic transmission includes fluid torque drive, electric
controlled with or without overdrive. Based on drive availability, market is
segmented into four-wheel drive and all-wheel drive. In addition, based on
application, market is segmented into performance, safety & security and
comfort & convenience.
The Vietnam automobile industry is driven by rise in
demand for vehicles in tier 2 and tier 3 cities, followed by increase in per
capital income, growth in demand for safety & convenience features, strict
safety regulations set by government, surge in demand of electric vehicles,
growth in IoT (internet of things), rise in urbanization, increase in
investments in research & development (R&D) activities, rise in
standard of living and increase in component aftermarket. However, intense
competition and high cost of vehicle may impact the market. Moreover, rise in
availability of credit system is a key opportunity for market. Furthermore,
growth in technological advancements is a major trend for market.
In Q4/2019, growth of the Vietnam automobile
industry is reached at rapid pace owing to increase in number of automotive
enterprises & supporting industries in the country. In near future, it is
expected that this development of supporting industry will create favorable
condition for enterprises to join the global value chain and attract more
foreign direct investment along with improve the production capacity and
innovate their technologies. The supporting industry will also contribute to
the extension of industry clusters, and creates a network of traders of input
products for other businesses in the country. In upcoming years, it is
estimated that future of the market will be optimistic due to growth in
improvement of the quality of life and strong socio-economic development during
the forecast period.
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Related
Reports:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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