Focus on Increasing Internet Penetration Rate, Tourism and Urbanization to contribute towards development of Car Rental Market in Vietnam.
COVID affected market growth: Due to the impact of COVID-19, there has been a decrease in tourism resulting in a reduction in demand for car rentals and car rental prices in Vietnam. In 2020, the market became very distorted. The development of information technology has created a very favorable environment for online travel services to develop, especially in the context of the Covid-19 epidemic. Online travel services, such as, car rentals and travel programs. Businesses in the travel business have linked up with each other. to develop product packages to stimulate tourism.
Role of technology in car rental market: With ID Check capabilities, car rental agencies can run a quick background check on the customer by accessing local or federal records. Rental service providers can verify and retain a digital record of customer details, their ID proofs, and other documents, which can be stored on a cloud-based vault. Businesses who use outdated vehicles or don't do routine or preventive maintenance would spend far more on operating their automobile than they would earn from renting it out. Fortunately, top-notch digital solutions based on reliable data have been developed by telematics to maintain and improve fleet health.
Hatchbacks dominated the car rental market: They offer ample cabin room and are perfect for driving on untarred roads and inclement weather conditions due to their powerful engine. Hatchbacks are often roomier than a mid-sized sedan and can navigate through city streets, squeeze into small parking spaces and offers a combination of elegant designs and huge versatility.
Analysts at Ken Research in their latest publication “Vietnam Car Rental Market Outlook to 2027F- Driven by Increasing Internet Penetration Rate, Tourism and Urbanization” by Ken Research observed that car rental market is a growing automotive market in Vietnam after the Pandemic. The rising government policies and demand for car rental industry, increase in disposable income along with rising Tourism in Vietnam is expected to contribute to the market growth over the forecast period. The market is expected to grow at 16.7% CAGR during 2022-2027F owing to increase in tourism, rise in demand for car rentals due to high living standards and few government initiatives.
Key Segments Covered in the report
Vietnam Car Rental Market
By Type of Booking
Online
Offline
By Car Type
Hatchback
Sedan
SUV
By Purpose
Business
Leisure
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Vietnam Car Ride Sharing Market
By Region
Metropolitan
Non- Metropolitan
By Point of Service
Rest Area
Airport
By Type of Car
Hatchback
Sedan
UV
By Distance
Short Distance
Long Distance
Vietnam Car Leasing Market
By Lease Duration
1 Year
2 Year
3Year
4 Year or more
By Type of Car
Premium
Sedan
SUV
By Region
Metropolitan
Non- Metropolitan
By End-User
Corporate
Individual
Car Ride Hailing Market
By Region
Metropolitan
Non- Metropolitan
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By Type of Car
Sedan
SUV
Compact
Vietnam Car Self Drive Market
By Type of Car
Hatchback
Sedan
SUV
By Point of Service
Rest Area
Airport
By Duration
Around a Month
1-2 Days
Around a Week
By Cities
Metropolitan
Non- Metropolitan
By Booking Channel
Online
Offline
By Booking Period
Weekends
Weekdays
By Segment of Car
Standard
Luxury
By Status of Ownership
Owned
Leased
Key Target Audience
Car Rental Service Providers
Car Rental Companies Aiming to Establish in Vietnam
Vietnam Automotive Industries
Government Bodies & Regulating Authorities
Venture Capitalist Targeting the Car Rental Market
Automotive Industry Association
Car Manufacturers
Existing Car Rental Companies
OEM Dealerships
New Market Entrants
Investors
Car Rental Associations
Time Period Captured in the Report
Historical Period: 2017-2022
Base Period: 2022
Forecast Period: 2022-2027F
Companies Covered
Leading companies
Hertz
Trust Car Rental
Kayak
Mai Linh
Avis
Budget
VN Rental
Green World Car Rental
Car for Rent
Enterprise
Key Topics Covered in the Report
Overview of Automotive Industry in the Vietnam
Overview and Genesis of Car Rental Market in Vietnam
Ecosystem of Vietnam Car Rental Market
Business Cycle and Value Chain Analysis of Car Rental Market in Vietnam
Vietnam Car Rental Market Sizing, 2017- 2022
Market Segmentations of Car Rental Market
SWOT Analysis of Vietnam Car Rental Market
Growth Drivers of Vietnam Car Rental Market
Government Regulations and Incentives of Vietnam Car Rental Market
Trends and Developments of Vietnam Car Rental Market
Challenges of Vietnam Car Rental Market
Competitive Analysis of Car Rental Market in Vietnam
End User Analysis of Car Rental Market in Vietnam
Future Outlook and Projections of Car Rental Market in Vietnam, 2022-2027F
Market Opportunities and Analyst Recommendations
Disclaimer
Research Methodology
For more insights on the market intelligence, refer to the link below:-
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