The Vietnamese used car market was found to be in its early stages of development and showed strong growth as a result of rising disposable income, a quicker rate of vehicle replacement, an expanding middle class, an increase in the average ticket size, and expanding government initiatives regarding import tariffs, taxes, and regulations. In Vietnam, many choose to purchase second-hand cars over brand-new ones since the former are more affordable for those in the middle- or lower-income brackets.
According to the research report, “Vietnam Used Car Market Outlook to 2025 – By Type of Cars (Sedans, SUV, MPVs, Hatchbacks, CTVs, and Others), By Vehicle Age (0-2 Years, 2-4 Years, 4-6 Years, and more than 6 Years), By Region (North, South, and Central), By Cities (Hanoi, HCMC, Hai Phong, Da Nang, and Others) and By Brand (Toyota, Mazda, Kia, Honda, Ford, Chevrolet, Mitsubishi, and Others)” asserts that the long wait times for new cars and chip shortages have accelerated the demand for used cars, especially since these trends have had a significant impact on Vietnamese consumer behaviour recently. This trend is expected to boost the Vietnam Used Car Market during the forecasted period of 2025. Additionally, the online booking section offers extra tools for keeping track of all the necessary paperwork, the vehicle’s performance, and its service history, which will help the Vietnam Used Car Market flourish.
The majority of sales were made in the northern areas because of the region’s propensity for flooding, which results in a high average replacement period and a preference among buyers for used vehicles over new ones for ease of replacement. The Southern region with the biggest population came next, and the Central region snatched up the remaining market share.
Hanoi and Ho Chi Minh City accounted for the largest proportion in terms of sales volume in 2018 due to their large populations and sophisticated infrastructure. The remaining portion of the country’s total used car sales volume was contributed by Hai Phong, Da Nang, and other cities.
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Japanese and Korean brands are the most popular in Vietnam due to their strong brand loyalty, trustworthiness, longer life duration, and better resale value of used cars. In terms of sales volume, Toyota had the largest market share, followed by Ford, KIA, Mazda, and Honda. The remainder of the market for used car sales volume was accounted for in 2018 by other brands like Mitsubishi and Chevrolet.
The Vietnam Used Car Industry is highly fragmented into more than 1500 organized and unorganized players. Some of the major organized key players are Hien Toyota, ANycar, Hoa Binh Auto, Viet Han Used Car, and Others. Whereas, the unorganized key players constitute Hyundai Dong Do, Thanh Xuan Ford, Toyota an Suong, and others. With only four to five big businesses present, including Bonbanh, Oto, Carmudi, Choxe, and Chotot, the online auto classifieds market in Vietnam is highly consolidated. These companies account for over 80.0% of the market share.
In terms of sales volume, Vietnam used car Sector is anticipated to expand in the future at a double-digit CAGR throughout the forecast period. Future used car sales are expected to be boosted by rising government measures like the EVFTA Agreement and the ban on motorcycles, a growing middle class, rising disposable income, a rising rate of car replacement, and rising consumer confidence. Also, the Vietnamese government has also implemented a number of strategies to lower the cost of new cars on the domestic market, such as offering an SCT (Special Consumption Tax) rebate on a select number of vehicles based on the size of their engines, which has increased competition in the used car market.
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