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Vietnam Used Car Market Size, Share, Growth, Analysis: By Vehicle Type: Hybrid, Conventional, Electric; By Body Type: Hatchback, Sedan, Sport Utility Vehicle and Multi-Purpose Vehicle; By Sales Channel: Online, Offline; By Vendor Type: Organised, Unorganised; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Vietnam Used Car Market Size
The Vietnam used car market reached approximately USD 10.30 billion in 2023. The market is projected to grow at a CAGR of 14.4% between 2024 and 2032, reaching a value of around USD 34.57 billion by 2032.
| Vietnam Used Car Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 10.30 |
| Market Size 2032 | USD Billion | 34.57 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 14.4% |
| CAGR 2024-2032 - Market by Region | Mekong River Delta | 15.3% |
| CAGR 2024-2032 - Market by Region | South Central Coast | 14.7% |
| CAGR 2024-2032 - Market by Vehicle Type | Electric | 18.4% |
| CAGR 2024-2032 - Market by Vendor Type | Organised | 16.1% |
| Market Share by Region | Red River Delta | 21.3% |
Vietnam Used Car Market Outlook
- Toyota, a Japanese multinational automotive manufacturer, continues to be the top choice among consumers in the Vietnam pre-owned car market.
- The Vietnamese government anticipates a yearly average growth of 14.26% in automobile production from 2021 to 2030.
- By 2025, it is anticipated that 9% of Vietnamese households will possess a car and by 2030 it is expected to reach 30%.
Vietnam Used Car Market Growth
The strong economic expansion in Vietnam has resulted in higher disposable incomes, allowing a larger number of individuals to purchase cars. With new car prices staying relatively steep, a significant portion of consumers opt for second-hand cars as a more budget-friendly alternative. Additionally, rapid urbanisation is driving the need for personal mobility solutions, particularly used cars, as urban populations grow and necessitate transportation for work commutes and daily tasks. Trends indicate that by 2040, over half of the country's population is anticipated to live in urban areas.
Moreover, the imposition of high import taxes and fees on new cars in Vietnam results in making them unaffordable for many consumers. As a result, used cars have become a more appealing and budget-friendly alternative. Government regulations that enforce hefty taxes on new car imports directly influence the accessibility of new vehicles, leading consumers to opt for used cars instead.
Furthermore, the presence of appealing financing choices and bank loans for buying used cars has simplified the process for consumers to acquire second-hand vehicles. Financial organisations are progressively providing competitive interest rates for used car financing. Both dealerships and financial institutions are introducing adaptable payment schemes, thus enhancing the feasibility of purchasing pre-owned cars for consumers, consequently driving the market expansion.
Vietnam Used Car Industry Segmentation
“Vietnam Used Car Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| CAGR 2024-2032 - Market by | Vehicle Type |
| Electric | 18.4% |
| Conventional | 11.3% |
| Hybrid | XX% |
Market Breakup by Vehicle Type
- Hybrid
- Conventional
- Electric
Market Breakup by Body Type
- Hatchback
- Sedan
- Sport Utility Vehicle and Multi-Purpose Vehicle
Market Breakup by Sales Channel
- Online
- Offline
| CAGR 2024-2032 - Market by | Vendor Type |
| Organised | 16.1% |
| Unorganised | XX% |
Market Breakup by Vendor Type
- Organised
- Unorganised
| CAGR 2024-2032 - Market by | Region |
| Mekong River Delta | 15.3% |
| South Central Coast | 14.7% |
| Southeast | XX% |
| Red River Delta | XX% |
| Others | XX% |
Market Breakup by Region
- Southeast
- Red River Delta
- Mekong River Delta
- South Central Coast
- Others
Vietnam Used Car Market Share
Based on the vehicle type, the market is segmented into hybrid, conventional, and electric. The electric vehicle type is projected to grow at 18.4% during 2024-2032. Electric vehicles emit no tailpipe emissions, leading to a substantial decrease in air pollution and greenhouse gas emissions in contrast to internal combustion engine vehicles.
| Market Share by | Region |
| Red River Delta | 21.3% |
| Southeast | XX% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
Leading Companies in the Vietnam Used Car Market
Market players are investing heavily in the expansion of offline and online distribution channels to gain a competitive edge.
- Kypernet Vietnam Joint Stock Company (Bonbanh.com)
- Hien Toyota
- LSH Auto International Limited
- Viet Han Used Car
- Carmudi.vn
- Viet Ventures (Vietwheels)
- Siam Motor World
- Others
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 Vehicle Type |
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| Breakup by Body Type |
|
| Breakup by Sales Channel |
|
| Breakup by Vendor Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Used Car Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Used Car Historical Market (2018-2023)
8.3 Asia Pacific Used Car Market Forecast (2024-2032)
9 Vietnam Used Car Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Used Car Historical Market (2018-2023)
9.3 Vietnam Used Car Market Forecast (2024-2032)
10 Vietnam Used Car Market by Vehicle Type
10.1 Hybrid
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Conventional
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Electric
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Vietnam Used Car Market by Body Type
11.1 Hatchback
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Sedan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Sport Utility Vehicle and Multi-Purpose Vehicle
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 Vietnam Used Car Market by Sales Channel
12.1 Online
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Offline
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Vietnam Used Car Market by Vendor Type
13.1 Organised
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Unorganised
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Vietnam Used Car Market by Region
14.1 Southeast
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Red River Delta
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Mekong River Delta
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 South Central Coast
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Kypernet Vietnam Joint Stock Company (Bonbanh.com)
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Hien Toyota
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 LSH Auto International Limited
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Viet Han Used Car
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Carmudi.vn
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Viet Ventures (Vietwheels)
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Siam Motor World
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Used Car Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Used Car Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Used Car Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
4. Vietnam Used Car Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
5. Vietnam Used Car Historical Market: Breakup by Body Type (USD Billion), 2018-2023
6. Vietnam Used Car Market Forecast: Breakup by Body Type (USD Billion), 2024-2032
7. Vietnam Used Car Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
8. Vietnam Used Car Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
9. Vietnam Used Car Historical Market: Breakup by Vendor Type (USD Billion), 2018-2023
10. Vietnam Used Car Market Forecast: Breakup by Vendor Type (USD Billion), 2024-2032
11. Vietnam Used Car Historical Market: Breakup by Region (USD Billion), 2018-2023
12. Vietnam Used Car Market Forecast: Breakup by Region (USD Billion), 2024-2032
13. Vietnam Used Car Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 10.30 billion.
The market is estimated to grow at a CAGR of 14.4% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 34.57 billion by 2032.
The market is being driven by the rise in disposable income and high import taxes on new cars.
The key trends aiding the market include the expansion of online distribution channels and the growth of the automobile sector.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different vendor types considered in the market report include organised and unorganised.
The major players in the market are Kypernet Vietnam Joint Stock Company (Bonbanh.com), Hien Toyota, LSH Auto International Limited, Viet Han Used Car, Carmudi.vn, Viet Ventures (Vietwheels), and Siam Motor World, among others.
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