The Vietnam motor insurance market size reached around USD 826.20 Million in 2023. The market is projected to grow at a CAGR of 4.90% between 2024 and 2032 to reach nearly USD 1270.76 Million by 2032.
Base Year
Historical Year
Forecast Year
The number of electric cars in Vietnam, including hybrid, plug-in hybrid, and all-electric vehicles is significant. It included 140 units in 2019, 900 units in 2020, and more than 600 units were reportedly sold during the first quarter of 2021. At the Los Angeles Auto Show in November 2021, VinFast-a wholly owned subsidiary of VinGroup and the first homegrown electric vehicle company in Vietnam-debuted two models of electric cars, the VF e35 and VF e36. Additionally, Vingroup has also developed VinBus, an electric bus brand to offer services in key cities such as Hanoi, Ho Chi Minh City, Haiphong, Da Nang, and Can Tho.
As per the Vietnam motor insurance market analysis, by 2022, VinFast aims to produce 20,000 electric vehicles and approximately 1,500 buses. The growing adoption of electric vehicles in Vietnam continues to transform the motor insurance business through increased demand for more customised forms of insurance cover. The presence of high voltage batteries and electric powertrain systems in electric vehicles necessitates the development of tailored insurance coverage options. As more consumers opt for environment-friendly transportation, insurers have been coming up with different products to cater to these requirements, which include battery damage, issues related to charging stations, and repair costs.
Value in USD Million
2024-2032
Vietnam Motor Insurance Market Outlook
*this image is indicative*
Vietnam motor insurance market growth can be attributed to rising economic growth, growing vehicle ownership, rising vehicle mandates by the government, heightened road safety awareness, and enhanced insurance offerings.
One of the notable trends in the market is the rising number of car ownership in the region. There is a rising demand for vehicles due to rapid urbanisation and increased disposable income, thereby leading to the Vietnam motor insurance market expansion.
The Vietnamese government is implementing stringent regulations which facilitates the demand for third-party liability insurance. Third-party liability insurance provides fundamental financial protection to vehicle owners, thereby leading to market growth.
Motor insurance facilitates safety and financial protection against a wide number of potential damages and liabilities that can result from accidents. As a greater number of people become aware of the potential risk associated with driving, they are more likely to invest in insurance coverage that safeguards their financial well-being.
Insurance companies have now started providing more comprehensive packages of motor insurance that are also covered under natural disasters and theft. Market diversification is encouraged, as diversified policy options enable customers to have customised and affordable solutions.
The motor insurance sector in Vietnam is growing significantly, influenced by several key trends. One of the key trends is the rise in vehicle ownership, which is spurred by economic development and a rise in disposable income. Another trend that has expanded the market landscape is government mandates that require third-party liability insurance for all vehicles. Additionally, with increased awareness among the Vietnamese people for financial protection, insurers are responding by offering a diverse array of affordable and customised products. Besides, the developments of digital insurance platforms and mobile applications that can provide easier access to motor insurance for consumers are assisting in further stimulating market growth.
The EMR’s report titled “Vietnam Motor Insurance Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Breakup by Premium Type
Breakup by Policy Type
Breakup by Distribution Channel
Breakup by Region
Based on the distributional channel, the market is segmented into insurance agents, banks, and online, among others. The online segment is projected to grow at a CAGR of 7.8% during the forecast period of 2024-2032. The online sale of motor insurance has experienced significant growth, fuelled by several factors such as competitive pricing, convenience, and enhanced digital accessibility.
Major players are focusing on the adoption of technological advancements to gain a competitive edge in the market and to improve Vietnam motor insurance market outlook.
United Insurance Company of Vietnam was founded in 2008 and is headquartered in Hanoi, Vietnam. The company deals in a wide range of products including motor insurance, health insurance, and life insurance.
The company was founded in 2003 and is headquartered in Ho Chi Minh City, Vietnam. Liberty Insurance Limited I...
AAA Corporation was established in the year 1999 and is headquartered in Hanoi, Vietnam. The company aims to p...
Bao Viet Group was founded in 1965 and is headquartered in Hanoi, Vietnam. It is one of the significant insura...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other major players in the Vietnam motor insurance market are BIDV Insurance Corporation, Fubon Financial Holdings, Phu Hung Assurance Corporation, HSBC Holdings plc, Prudential plc, and Dai-ichi Life Holdings, Inc., among others.
*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.*
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
In 2023, the market attained a value of nearly USD 826.20 Million.
The market is assessed to grow at a CAGR of 4.90% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 1270.76 Million by 2032.
The major drivers of the market are rising economic growth, growing vehicle ownership, and increasing vehicle and road safety concerns.
As per the EMR report, the different distribution channels in the market are insurance agents, banks, and online, among others.
Major regions considered in the market are the Southeast, Red River Delta, Great Lakes, Mekong River Delta, and South Central Coast, among others.
The major players in the market are United Insurance Company of Vietnam, Liberty Insurance Limited, AAA Insurance Corporation, Bao Viet Group, BIDV Insurance Corporation, Fubon Financial Holdings, Phu Hung Assurance Corporation, HSBC Holdings plc, Prudential plc, and Dai-ichi Life Holdings, Inc., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| 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 Premium Type |
|
| Breakup by Policy Type |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Purchase Full Report
Datasheet
Single User License
One User
Five User License
Five Users
Corporate License
Unlimited Users
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
Share