The report
titled “Vietnam
Used Car Market Outlook to 2025 - By Type (Sedans, SUV’s, MPVs, Hatchbacks,
CTVs and Others), By Vehicle Age (0-2 Years, 2-4 Years, 4-6 Years and more than
6 Years), By Cities (Hanoi, HCMC, Hai Phong, Da Nang and Others) and By Brand (Toyota,
Mazda, Kia, Honda, Ford, Chevrolet, Mitsubishi and Others)” provides
a comprehensive analysis of the Used Car market in Vietnam. The report also
covers the overview and genesis, market size in terms of gross transaction
value and sales volume, business models, trends and developments, issues and
challenges, regulations in Vietnam, snapshot on Vietnam used car auto finance, online
auto classified. The report provides value chain and SWOT analysis, Buying
decision parameters, competitive scenario and company profiles. The report
concludes with market projection and analyst recommendations highlighting the
major opportunities and cautions.
Vietnam
Used Car Market Overview and Size
Vietnam Used Car
market in terms of sales volume increased at a double digit CAGR over the
review period 2013-2018. The market was observed to be at the early growth
stage owing to the faster vehicle replacement rate, reduction in new car launch
time, growing middle class population, increasing average ticket size and reduction
in import duty on new cars. In Vietnam, people prefer to buy a used car as new
ones are expensive and for middle or lower income group people,
used cars have become more popular choices.
Vietnamese government
has also adopted certain strategies to reduce new car prices in the domestic
market such as providing a SCT (Special Consumption Tax) rebate on certain
automobiles depending on their engine displacement values. This led to
intensive competition in the used car market as new car sales are growing at a faster
pace vis a viz used car.
Vietnam
Used Car Market Segmentation
By Type of Car: Sedans accounted
for highest market share in 2018. Sedans remained the most popular car type as
they are perceived as conferring a higher social status. SUV’s accounted the
second highest market share followed by Hatchbacks and Cross Type Vehicles
(CTV’s).
By
Vehicle Age: Used cars under the age
bracket of 2-4 years accounted for highest market share in 2018 due to the average
ownership period of 3.8 years in Vietnam. The sale of used cars is followed by
4-6 years of vehicle age as these cars have heavy body
type, better engine capacity (high horse power) and have high re-sale value.
By
Region: The northern regions accounted for the highest
share as this region is prone to floods due to which the average ownership period
is usually low and consumers prefer to buy a used car as compared to new cars
for ease of replacement. It was followed by the Southern region with the
highest population and the remaining market share was captured by the Central
region.
By
Cities: Due to high population and developed
infrastructure, Hanoi and Ho Chi Minh City accounted for the highest share in
terms of sales volume in 2018. Hai Phong and Da Nang along with other cities
contributed the remaining share in total sales volume of used cars in the
country.
By
Price Range: The average ticket size of
used cars in Vietnam is growing over the years. The price range of VND 400
Million – VND 600 Million accounted for highest percentage share due the faster
replacement rate along with the depreciation charged over the years on new
vehicles.
By
Brand: Japanese and Korean brands are the most preferred
brands in Vietnam due to their strong brand preference, reliability, longer
life span, and higher re-sale value of the used cars. Toyota dominated the
market by accounting highest market share followed by Ford, KIA, Mazda and
Honda in terms of sales volume. Other brands such as Mitsubishi and Chevrolet
captured the remaining market share of used cars sales volume in 2018.
Competitive Landscape
Used car market
in Vietnam is highly fragmented with presence of more than 1500 -2000 organized
and unorganized dealers across all the cities in Vietnam. Organized dealers include Multi Brand Dealership Outlets (Anycar, Viet
Han Used Car, Hien Toyota, Hoa Binh Auto and others) and captive dealers such
as Thanh Xuan Ford, Mercedes Benz An Du, Hyundai Dong Do and Toyota an Suong. Online
Auto-Classifieds has a highly concentrated space with presence of four to five
major companies such as Bonbanh, Oto, Carmudi, Choxe, Chotot and others
capturing almost 80.0% share.
Vietnam
Used Car Market Future Outlook
In future, it is
anticipated that used car sales volume will be fuelled by increasing government
initiatives such as EVFTA Agreement and Ban on Motorbikes, growing middle class
population, increasing disposable income, increasing car replacement rate and
growing customer confidence along with rise in average ticket size of a used
car over the years.
Key
Segments Covered:-
By
Type of Vehicle
Sedans
SUV’s
MPVs
Hatchbacks
Cross Type
Vehicles (CTVs)
Others
By
Vehicle Age
0-2 Years
2-4 Years
4-6 Years
More than 6
Years
By
Region
North
South
Central
By
Cities
Hanoi
HCMC
Hai Phong
Da Nang
Others
By
Price
Less Than VND
200 Million
VND 200 Million
– VND 400 Million
VND 400 Million
– VND 600 Million
VND 600 Million
– VND 800 Million
More Than VND
800 Million
By
Brand
Toyota
Mazda
Ford
Kia
Honda
Chevrolet
Mitsubishi
Others
Key
Target Audience:-
OEM’S Companies
Multi Brand
Dealers
Captive Dealers
Venture
Capitalist Firms
Government/
Regulatory Authorities
Online
Auto-Classifieds
Time
Period Captured in the Report:-
Historical
Period: 2013-2018
Forecast
Period: 2019E-2025E
Companies
Covered:-
Major
Online Players in Vietnam
Bonbanh
Oto
Carmudi
Choxe
Chotot
Major Captive Dealers:-
Than Xuan Ford
Mercedes Benz An Du
Hyundai Dong Do
Toyota An Suong
Multi-Brand Dealers
Anycar
Viet Han Used Car
Hien Toyota
Hoa Binh Auto
Key
Topics Covered in the Report:-
Vietnam Used Car Market Overview and Genesis (Overview and
Genesis, Business Cycle Graph)
Vietnam Used Car Market Ecosystem
Vietnam Used Car Market Value Chain Analysis
Vietnam Used Car Market Business Model
Used Car Market Size Vietnam
Vietnam Used Car Market Segmentation
Snapshot of Vietnam Used Car Finance
Snapshot of Vietnam Online Used Car Market
Buying Decision Parameters in Vietnam Used Car Market
Trends and Developments in Vietnam Used Car Market
Issues and Challenges in Vietnam Used Car Market
Vietnam Used Car Market Regulations
SWOT Analysis Vietnam Used Car
Vietnam Used Car Market Competition Scenario
Vietnam Used Car Market Future Projection, 2018-2025E
Future Outlook of Vietnam Used Car Market Segmentations,
2018-2025E
Analyst Recommendations
For more
information, refer to below link:-
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Reports:-
Contact Us:-
Ken Research
Ankur Gupta,
Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
+91-9015378249
