Overview Of Vietnam Automotive Aftermarket Service Industry
Vietnam‘s automotive aftermarket
service industry generated a revenue of USD
~XX million in FY’20, expanding at a CAGR of XX% during FY’15 and FY’20. The market is fragmented with various players operating
in the Automotive Aftermarket Service Ecosystem, consisting of OEM/Authorized,
Large Multi Brand and Small/Unorganized workshops. Historically,
motor bikes remain the top choice among the consumers due to high
concentration of population belonging to rural regions having low purchasing
power. However, due to rapid
urbanization and fast growing middle class, the demand for passenger
cars has been growing significantly in recent times, which in turn is
contributing to the growth of automotive aftermarket service industry. The growth of vehicle parc serve as one of the major growth drivers for
the aftermarket industry in Vietnam in recent years. It has been estimated that
vehicle parc expanded with a CAGR of XX% in between FY’15 and FY’20. Most
number of vehicles serviced in FY’20 were in the city of Hanoi (XX units),
followed by Ho Chi Minh (XX units), Haiphong (XX units) and Can Tho (XX units).
Competitors in Vietnam aftermarket service
industry compete based on services offered, service fee, number of cars
serviced, quality of service, sourcing of spare parts, and booking mode. Major
OEM/authorized workshops operating in Vietnam automotive aftermarket service
industry includes Hyundai Vietnam, Toyota Motors Vietnam, Honda Vietnam, Ford
Vietnam, THACO, and Vinfast among others. Multi brand players include Vietnam
Car Care, Thanh Phong Auto, Vuong Phat Auto, Vu Khoi Garage, and Garage Doanh
Workshop among others.
Vietnam Automotive
Aftermarket Service Industry Segmentation, FY’20
By Type of Workshop
Small/Unorganized workshops was estimated to dominate
aftermarket service industry in Vietnam. Small/Unorganized workshops
constituted XX% of the overall workshop in FY’20 followed by large multi brand
workshops and OEM. Consumers prefer small/unorganized workshops due to lower
priced services they offer compared to OEMs post warranty period.
By Type of
Vehicles Serviced
Vietnam’s
automotive aftermarket industry was observed to be dominated by Sedan in FY’20
on the basis of revenue generated (USD ~XX million) as well as number of
vehicles serviced (XX units) followed by SUV, Hatchback, Compact SUV and MPV.
Affordability of vehicles classified under Sedan segment is the major
determinant for the demand of purchasing and servicing these type of vehicles.
By Age of Car
Vehicles in the age group 0-3 years contributed the
majority share of XX% on the basis of number of vehicles serviced in FY’20
followed by age group between 3-6 years, 6-9 years, and 9 years & above.
The number of vehicles serviced between the age group 0-3 years has been on the
rise since FY’18 due to the import tax reduction to 0% for cars imported from
ASEAN region which enhanced the growth prospect of passenger vehicle sales.
By Region
Northern
and Southern region of Vietnam dominated the automotive aftermarket with a
combined share of XX% in terms of number of vehicles serviced in FY’20.
By Booking Mode
Offline medium remained the preferred choice of
consumers for consuming aftermarket services in FY’20, garnering a revenue
share of XX% on the basis of number of vehicles serviced. Due to the lack of
technological adoption by OEM and multi brand workshops, online booking system
has remained inefficient over the years.
By Service Split
Vehicle
maintenance services contributed in generating a revenue of USD ~XX million in
FY’20, garnering up to XX% of revenue share. Services under vehicle maintenance
includes oil change, engine oil filter, drain plug gasket, brake fluid, tire
re-alignment, and radiator coolant among others.
Request For Sample Report:- https://www.kenresearch.com/sample-report.php?Frmdetails=NDkzMDY3
Vietnam Spare Parts Aftermarket Industry
Vietnam’s spare
parts aftermarket industry generated a revenue of USD ~XX million in FY’20,
expanding at a CAGR of XX% in between FY’15 and FY’20. Demand for spare parts is indirectly driven by
the fast growing middle class shifting their outlook from availing public
transport to private transportation medium. As more consumers utilize private
transportation, demand for aftermarket services especially for spare parts
replacement will rise. Major Tier 1 spare parts suppliers in Vietnam include
Denso, Yazaki, Sumitomo Electric, and VPIC among others. Major Tier 2/3 spare
parts suppliers include Casumina, Kumho Tires, Estec, and Pinaco among others.
By Type of Spare Parts (Tires,
Battery, Shocks & Struts, Alternator & Starter, Drain Plug Gasket, and
Oil & Lubricants) : Tires and batteries dominated the spare parts aftermarket in FY’20,
contributing to a combined share of XX% of the overall revenue generated by the
industry followed by shocks & struts, oil & lubricants, alternator
& starter, and drain plug gasket.
Competitive Landscape in Vietnam
Automotive Aftermarket Service Industry, FY’20
The
competition structure in Vietnam automotive aftermarket service industry is
highly competitive with OEM/Authorized dealers competing with Multi Brand and
unorganized players for the market share. These workshops compete on the basis
of services offered, service fee, number of cars serviced, quality of service,
sourcing of spare parts, and booking mode. Warranty on auto parts is regarded
as one of the major parameters of competition between OEM service companies.
OEM automotive servicing companies offer periodic maintenance pricing packages
based on kilometers driven or completion of certain months of availing a vehicle.
On the other hand, multi brand workshops offer vast portfolio of vehicle
services at lower prices compared to OEM service companies.
Future outlook of Vietnam
Automotive Aftermarket Service Industry
The
market size based on revenue is expected to grow at a five-year CAGR of XX%
increasing from USD XX million in FY’20 to USD XX million in FY’25. The market
size based on number of vehicles serviced is expected to grow at a five-year
CAGR of XX% from FY’20 to FY’25 increasing from XX cars serviced in FY’20 to XX
units in FY’25. Vehicle parc is estimated to stand at XX units by the end of FY’25E. Surging vehicle parc
will positively contribute to the growth
of the automotive aftermarket services industry. Small and unorganized workshops will continue to dominate the aftermarket
services industry contributing to a share of XX% the basis of number of
vehicles serviced. Number of vehicles serviced will continue to increase
rapidly in the coming years as government
initiatives such as periodic inspection every 18 months will need car
owners to maintain and service their vehicles regularly.
Key Segments Covered in Vietnam Automotive Aftermarket Service
Industry:-
By Type of Workshop
OEM/Authorized
Large Multi Brand
Small/Unorganized
By Type of Vehicle Serviced
Sedan
SUV
Hatchback
Compact SUV
MPV
By Age of Car
0-3 years
3-6 years
6-9 years
9 years & above
By Region
North
Central
South
By Booking Mode
Online
Offline (including telephonic as well as Physical Booking)
By Service Split
Maintenance
Car Care
Accident Repair
Vietnam Spare Parts Aftermarket Segmentation
By Type of Spare Parts
Tires
Battery
Shocks & Struts
Oil & Lubricants
Drain Plug Gasket
Alternator & Starter
Others
Key Target Audience:-
Automotive Companies
OEM Vehicle Service Companies
Multi Brand Vehicle Service Companies
Automotive Spare Parts Companies
Government Bodies
Automotive Associations
Time Period Captured in the Report:-
Historical Period: 2015-2020
Forecast Period: 2020-2025
Automotive
Aftermarket Service Companies in Vietnam:-
OEM/Authorized Vehicle Service Companies
Hyundai Vietnam
Toyota Motors Vietnam
Honda Vietnam
Mitsubishi Vietnam
Ford Vietnam
Suzuki Vietnam
Vinfast
Lexus
THACO
Multi Brand Vehicle Service Companies
Vietnam Car Care
Thanh Phong Auto
Vuong Phat Auto
Garage Doanh Workshop
Thanh Tam Auto
Vu Khoi Garage
Pham Vu
Ngyuen Khoi
Liem Gia Phat
Spare Part
Suppliers
Denso
Yazaki
Sumitomo Electric
Toyota Boshoku
Harada
Hanoi Plastics
Casumina
Kumho Tires
Estec
Pinaco
Tam Hop
Key Topics
Covered in the Report:-
Vietnam Automotive Aftermarket Service Industry Overview
Value Chain Analysis of Vietnam Automotive Aftermarket Service
Industry
Ecosystem of Major Entities of Vietnam Automotive Aftermarket Service
Industry
Market Size of Vietnam Automotive Aftermarket Service Industry on the
basis of Revenue and Number of Vehicles Serviced, FY’15-FY’20
Passenger Vehicle Sales in Vietnam, FY’15-FY’20
Vehicle Parc in Vietnam, FY’15-FY’20
Vietnam Automotive Aftermarket Service Industry Segmentation, FY’20
Competitive Analysis of Vietnam Automotive Aftermarket
Competition in Vietnam OEM Automotive Aftermarket Service Industry
Competition in Vietnam Multi Brand Automotive Aftermarket Service
Industry
Company Profiles of Hyundai, Toyoto Motors, Vinfast, Mitsubishi
Motors, Honda, Vietnam Car Care, Thanh Phong Auto, Vuong Phat Auto, Garage
Doanh Workshop and Thanh Tam Auto
Pricing of Major OEM Automotive Service Companies
Pricing of Major Multi Brand Automotive Service Companies
Trends and Developments in Vietnam Automotive Aftermarket Service
Industry
Issues and Challenges in Vietnam Automotive Aftermarket Service
Industry
Porter 5 Forces Analysis of Vietnam’s Automotive Aftermarket Service
Industry
Government Regulations in Vietnam Automotive Aftermarket Service
Industry
For More Information on the research report,
refer to below link:-
Vietnam Automotive Aftermarket Service Market
Related Reports:-
Indonesia Automotive Aftermarket Service Market Outlook to 2026:
Influx of new players and car variants from abroad are contributing to the
growth of automotive aftermarket service industry in Indonesia
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
