Vietnam Used Car Market Outlook, 2029

The used automobile market in Vietnam is a dynamic landscape affected by economic, cultural, and legal variables. As one of Southeast Asia's fastest-growing economies, Vietnam has seen a boom in demand for new and used automobiles, reflecting the country's expanding income and changing lifestyles. The used automobile industry, in particular, is critical to meeting a wide range of consumer wants and preferences. Vietnam's automobile industry has undergone significant modifications in recent years, owing to factors such as urbanization, a growing middle class, and increasing access to financing.

In this environment, the used automobile market is an important resource for individuals and families looking for economical yet dependable transportation solutions. The cost and variety provided by the used car sector make it a cornerstone of Vietnam's automotive ecosystem. Vietnam's distinctive geographical and cultural traits contribute to the unique characteristics of its used automobile market. The country's metropolitan areas, particularly Hanoi and Ho Chi Minh City, are experiencing rapid urbanization, necessitating the provision of simple and effective transportation solutions.

In such urban areas, used automobiles become more than just a mode of transportation; they also symbolize personal taste and goals. Furthermore, the rich cultural tapestry of Vietnam influences the types of automobiles desired in the used car market. Cultural considerations frequently shape customer preferences for specific brands, body shapes, and features, resulting in a diversified market in which consumers seek not only functionality but also a harmonious combination of tradition and contemporary in their car choices.

According to the research report 'Vietnam Used Car Market Overview, 2029', the Vietnam Used Car market is projected to add more than USD 3 Billion from 2024 to 2029. Due to fluctuating gasoline prices, many Vietnamese car purchasers place a high value on fuel efficiency. Smaller automobiles suit the budgets of those looking for reasonably priced and efficient modes of transportation because of their intrinsically higher fuel efficiency. Individuals and families looking for affordable daily transportation options make up the bulk of used automobile purchasers in Vietnam. Since small cars are ideal for urban travel, many people choose them when traversing the congested streets of Vietnamese cities.

In the Vietnamese used automobile market, cost concern is a key component influencing consumer behavior. Smaller cars are more affordable up front, which opens up the market to a wider variety of buyers. In a market where many consumers place a high priority on value for money, affordability is a crucial factor. In general, smaller cars are less expensive and easier to maintain. The affordability of replacement parts and their ease of maintenance make small-sized used car appealing in a market where ownership costs are a major factor. In the used automobile market in Vietnam, certain brands and models have become more well-known.

Because of their reputation for dependability and fuel efficiency, Japanese automakers like Honda and Toyota are frequently preferred. In the used automobile market, vehicles like the Honda Civic and Toyota Vios are usually in high demand. In the used automobile market in Vietnam, certain brands and models have become more well-known. Because of their reputation for dependability and fuel efficiency, Japanese automakers like Honda and Toyota are frequently preferred. Vehicles such as the Honda and Toyota Vios are frequently sought after in the used car segment.

Based on vehicle type segment market is divided into conventional, hybrid and electric. Conventional vehicle type is expected to dominate the Vietnam used car market. Vietnam has a developed infrastructure that can accommodate conventional vehicles, including service facilities and gas stations. Customers find conventional cars to be a convenient option because of the abundance of gas and diesel filling stations and the pre-existing network of repair and maintenance services. Vehicles with internal combustion engines have a lengthy history, and buyers are familiar with them. Traditional gasoline or diesel-powered vehicles are linked to a certain degree of comfort and confidence.

Newer technology not always is embraced in markets where people are more accustomed to conventional automobiles. The body type segment of the market is divided into hatchbacks, sedan, SUV & MUV and others (Coupe & Convertible). Sedan body type is projected to lead the Vietnam used car market in upcoming time frame. Vietnamese and many other markets have long been home to sedan enthusiasts. Sedans are a popular choice for a variety of uses, including everyday commuting and family use, due to their practicality, roomy interiors, and smooth ride. Due to their relatively small size, sedans are ideal for urban travel as they are easier to maneuver in crowded city traffic. In Vietnam's fast-urbanizing regions, where commuting effectiveness is crucial, sedans might be chosen over larger cars.

The fuel type segment of the market is divided into petrol, diesel, others (CNG, PNG, electric, etc.). Petrol fuel type is among major preferred used car in Vietnam. The initial cost of a gasoline-powered car is often lower than that of a diesel or hybrid car. Due to their more affordable price points, people frequently choose gasoline-powered cars in nations where affordability is a key factor, like Vietnam. Fuel prices are a major factor in car ownership. In Vietnam, gasoline is more widely available at fuel stations all around the nation and is frequently less expensive than diesel.

For many Vietnamese consumers, gasoline cars are a sensible option due to their accessibility and price. In comparison to diesel engines, gasoline engines are typically thought to require less maintenance and be easier to operate. Customers in the used automobile market find gasoline engines enticing because of their low maintenance costs and easy access to parts. Based on size segment market is divided into mid-size, compact and SUVs. SUVs are gaining traction in Vietnam used car market. SUVs are often associated with a certain lifestyle and status.

Consumers may be drawn to the perceived sense of adventure, ruggedness, and prestige that SUV ownership can bring. As lifestyles evolve, the appeal of SUVs as lifestyle vehicles has become more pronounced. The preference for larger vehicles is a global trend, and Vietnam is no exception. Consumers may find the spacious interiors and larger size of SUVs more comfortable, especially for family use. The desire for a more substantial and commanding presence on the road contributes to the popularity of SUVs.

Considered in this report:

• Geography: Vietnam
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report:

• Vietnam Used Car market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Vehicle:

• Conventional
• Hybrid
• Electric

By Body Type:

• Hatchbacks
• Sedan
• SUV
• Others (Coupe & Convertible)

By Fuel Type:

• Petrol
• Diesel
• Others (CNG, LPG, electric, etc.)

By Vendor Type:

• Organised
• Unorganised

By Size:

• Mid-Size
• Compact
• SUVs

By Distribution Channel:

• Offline
• Online

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Used Car industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.


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