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The growing living standards in Vietnam, Tourist visits and the increase in car rental segment offerings is giving impetus to Vietnam car rental market: Ken Research

Focus on Increasing Internet Penetration Rate, Tourism and Urbanization to contribute towards development of Car Rental Market in Vietnam.

COVID affected market growth: Due to the impact of COVID-19, there has been a decrease in tourism resulting in a reduction in demand for car rentals and car rental prices in Vietnam. In 2020, the market became very distorted. The development of information technology has created a very favorable environment for online travel services to develop, especially in the context of the Covid-19 epidemic. Online travel services, such as, car rentals and travel programs. Businesses in the travel business have linked up with each other. to develop product packages to stimulate tourism.

Role of technology in car rental market: With ID Check capabilities, car rental agencies can run a quick background check on the customer by accessing local or federal records. Rental service providers can verify and retain a digital record of customer details, their ID proofs, and other documents, which can be stored on a cloud-based vault. Businesses who use outdated vehicles or don’t do routine or preventive maintenance would spend far more on operating their automobile than they would earn from renting it out. Fortunately, top-notch digital solutions based on reliable data have been developed by telematics to maintain and improve fleet health.

Hatchbacks dominated the car rental market: They offer ample cabin room and are perfect for driving on untarred roads and inclement weather conditions due to their powerful engine. Hatchbacks are often roomier than a mid-sized sedan and can navigate through city streets, squeeze into small parking spaces and offers a combination of elegant designs and huge versatility.

Analysts at Ken Research in their latest publication Vietnam Car Rental Market Outlook to 2027F- Driven by Increasing Internet Penetration Rate, Tourism and Urbanization by Ken Research observed that car rental market is a growing automotive market in Vietnam after the Pandemic. The rising government policies and demand for car rental industry, increase in disposable income along with rising Tourism in Vietnam is expected to contribute to the market growth over the forecast period. The market is expected to grow at 16.7% CAGR during 2022-2027F owing to increase in tourism, rise in demand for car rentals due to high living standards and few government initiatives.

vietnam-car-rental-market

Key Segments Covered in the report

Vietnam Car Rental Market

By Type of Booking

Online

Offline

By Car Type

Hatchback

Sedan

SUV

By Purpose

Business

Leisure

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Vietnam Car Ride Sharing Market

By Region

Metropolitan

Non- Metropolitan

By Point of Service

Rest Area

Airport

By Type of Car

Hatchback

Sedan

UV

By Distance

Short Distance

Long Distance

Vietnam Car Leasing Market

By Lease Duration

1 Year

2 Year

3Year

4 Year or more

By Type of Car

Premium

Sedan

SUV

By Region

Metropolitan

Non- Metropolitan

By End-User

Corporate

Individual

Car Ride Hailing Market

By Region

Metropolitan

Non- Metropolitan

Request For customization

By Type of Car

Sedan

SUV

Compact

Vietnam Car Self Drive Market

By Type of Car

Hatchback

Sedan

SUV

By Point of Service

Rest Area

Airport

By Duration

Around a Month

1-2 Days

Around a Week

By Cities

Metropolitan

Non- Metropolitan

By Booking Channel

Online

Offline

By Booking Period

Weekends

Weekdays

By Segment of Car

Standard

Luxury

By Status of Ownership

Owned

Leased

Key Target Audience

Car Rental Service Providers

Car Rental Companies Aiming to Establish in Vietnam

Vietnam Automotive Industries

Government Bodies & Regulating Authorities

Venture Capitalist Targeting the Car Rental Market

Automotive Industry Association

Car Manufacturers

Existing Car Rental Companies

OEM Dealerships

New Market Entrants

Investors

Car Rental Associations

Time Period Captured in the Report

Historical Period: 2017-2022

Base Period: 2022

Forecast Period: 2022-2027F

Companies Covered

Leading companies

Hertz

Trust Car Rental

Kayak

Mai Linh

Avis

Budget

VN Rental

Green World Car Rental

Car for Rent

Enterprise

Key Topics Covered in the Report

Overview of Automotive Industry in the Vietnam

Overview and Genesis of Car Rental Market in Vietnam

Ecosystem of Vietnam Car Rental Market

Business Cycle and Value Chain Analysis of Car Rental Market in Vietnam

Vietnam Car Rental Market Sizing, 2017- 2022

Market Segmentations of Car Rental Market

SWOT Analysis of Vietnam Car Rental Market

Growth Drivers of Vietnam Car Rental Market

Government Regulations and Incentives of Vietnam Car Rental Market

Trends and Developments of Vietnam Car Rental Market

Challenges of Vietnam Car Rental Market

Competitive Analysis of Car Rental Market in Vietnam

End User Analysis of Car Rental Market in Vietnam

Future Outlook and Projections of Car Rental Market in Vietnam, 2022-2027F

Market Opportunities and Analyst Recommendations

Disclaimer

Research Methodology

For more insights on the market intelligence, refer to the link below:-

Vietnam Car Rental Market

Related Reports By Ken Research:-

Belgium Car Rental Market Outlook 2027F

Japan Car Rental Market Outlook to 2027F

Egypt Car Rental Market Outlook to 2027F

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