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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Vietnam Car Rental Market Size
The Vietnam car rental market is projected to grow at a CAGR of 14.0% between 2024 and 2032.
Vietnam Car Rental Market Outlook
- South Korea, China and the United States were the largest sources of tourists at 1.3 million, 399,000 and 307,000 respectively.
- In the year 2023, total tourist receipts reached VND 678 trillion, as per the Ministry of Culture, Sports, and Tourism in Vietnam.
- According to the Vietnamese government, domestic tourism saw 108 million trips in 2023, surpassing the planned target by over 6%.
Vietnam Car Rental Market Growth
The boost in the Vietnam car rental market is mostly driven by SUVs.
Economy/budget car rentals cater mostly to cost-conscious clients seeking practical transportation solutions for everyday use or short-term trips. For families, students or individuals seeking budget-friendly options budget car rentals serve as dependable and cost-effective solutions. These services provide economical options featuring fuel-efficient vehicles equipped with essential amenities.
In April 2024, Lotte Rental Co., one of South Korea's top car rental companies, announced the launch of its "Vietnam Driver-inclusive Rental Car" service within the domestic region. This service enabled customers to travel between airports and accommodations in rental cars with chauffeurs included. The service was introduced in Hanoi, Ho Chi Minh, and Da Nang, where the company had branch offices.
Individuals seeking outdoor adventures, versatility, and spaciousness in their rental cars find SUV rentals appealing. The SUV range in the car rental space has a wide array of models suitable for different travel scenarios and terrains, and they offer ample cargo space and comfortable seating. SUVs can also be considered an ideal choice for individuals seeking to travel for both business travel and leisure since they promise reliability, performance, and flexibility.
Vietnam Car Rental Market Segmentation
Vietnam Car Rental Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Booking Type
- Offline
- Online
Market Breakup by Rental Length Type
- Short-Term
- Long-Term
Market Breakup by Application Type
- Leisure/Tourism
- Business
Market Breakup by Vehicle Type
- Luxury/Premium Cars
- Economy/Budget Cars
- SUVs
- MUVs
Vietnam Car Rental Market Share
Mobile applications and third-party websites along with company websites and other online methods for booking are leading growth in the car rental market in Vietnam. Websites and applications offer a personalised touch to the booking experience along with on-the-go convenience.
Leading Companies in the Vietnam Car Rental Market
The car rental market in Vietnam is propelled by rising demand, tourism growth, urbanization, technological advancements, short-term rentals, diverse vehicle options, corporate usage, environmental consciousness, regulatory shifts, and heightened competition and consolidation.
- Avis Budget Group Inc.
- Enterprise Holdings, Inc.
- Hertz Global Holdings, Inc.
- Grab Holdings Limited
- PT GoTo Gojek Tokopedia Tbk
- Mai Linh Group
- Vietnam Trust Car Rental Company
- Vinasun Corp.
- Others
Mergers, acquisitions, and rising investment in sustainable practices and technological advancements in the industry help major market players expand their outreach.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Booking Type |
|
| Breakup by Rental Length Type |
|
| Breakup by Application Type |
|
| Breakup by Vehicle Type |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 14.0% between 2024 and 2032.
The car rental market is categorised according to booking type, which includes online modes of booking and offline modes of booking.
The car rental market key players are Avis Budget Group Inc., Enterprise Holdings, Inc., Hertz Global Holdings, Inc., Grab Holdings Limited, PT GoTo Gojek Tokopedia Tbk, Mai Linh Group, Vietnam Trust Car Rental Company, and Vinasun Corp., among others.
Based on the end use, the market is divided into leisure/tourism and business.
The market is broken down into luxury/premium cars, economy/budget cars, SUVs and MUVs.
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