Vietnam Used Car Market Size Booming to Reach USD 23.12 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam used car market size at USD 7.87 billion in 2022. During the forecast period between 2023 and 2029, Vietnam used car market size is to grow at a robust CAGR of 16.77% reaching a value of USD 23.12 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam used car market size at USD 7.87 billion in 2022. During the forecast period between 2023 and 2029, Vietnam used car market size is to grow at a robust CAGR of 16.77% reaching a value of USD 23.12 billion by 2029. As cost and accessibility have improved, there has been a considerable rise in demand for used cars, which is the main reason fueling the expansion of the Vietnam used car industry. A growing middle class and more disposable incomes are responsible for this expansion. Also, there has been a shift towards using internet markets and classified websites as a means of purchasing and selling old cars. Due to their dependability and affordable prices, secondhand car imports, mainly from Japan and South Korea, have increased significantly. As the nation's environmental consciousness grows, there is an increasing preference for secondhand cars that are environmentally friendly and fuel-efficient. The used car industry in Vietnam is generally undergoing dynamic changes due to shifting consumer preferences.
Vietnam Used Car Market – Overview
Used cars refer to vehicles that have been previously owned by one or more individuals before being offered for resale. They are an alternative to purchasing new cars and are popular due to their lower price points and potential for cost savings. Used car markets are diverse, offering a wide range of makes, models, and conditions to cater to different budgets and preferences. Buyers can choose from dealerships, online platforms, or private sellers to find their desired used car. While some used cars may have higher mileage or show signs of wear, others are well-maintained and offer excellent value. Conducting thorough inspections and vehicle history checks is crucial to ensure a reliable and satisfactory purchase.
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Impact of COVID-19 on Vietnam Used Car Market
The COVID-19 pandemic significantly impacted Vietnam's used car market, reshaping the industry's landscape. With travel restrictions and economic uncertainties, demand for second-hand vehicles experienced a temporary slump, leading to a decline in sales and prices. Consumers shifted their priorities towards essential goods and services, causing a slowdown in the automotive sector. However, as the situation gradually improves, the market shows signs of recovery, driven by increased affordability and a desire for personal transportation. The pandemic also spurred the adoption of digital platforms for buying and selling used cars, revolutionizing the industry's traditional practices and paving the way for a more resilient and tech-driven future.
Vietnam Used Car Market – By Vehicle Age
On the basis of vehicle age, Vietnam used car market is divided into 0–3 years, 3–5 years, 5–7 years, and more than 7 years segments. In the Vietnam used car market, the largest segment is the "more than 7 years" category. This segment encompasses vehicles that are older than 7 years. It represents a significant portion of the market and indicates a demand for more affordable and budget-friendly options. The popularity of this segment can be attributed to factors such as lower prices and a wider range of vehicle choices. However, it's worth noting that the market is also divided into other segments, namely 0–3 years, 3–5 years, 5–7 years, each catering to different customer preferences and budgets.
Competitive Landscape
Vietnam used car market is fiercely competitive. Major companies in the market include Thanh Xuan Ford, Mercedes Benz An Du, Hyundai Dong Do, Toyota An Suong, Hien Toyota, Anycar, Viet Han Used Car, Hoa Binh Auto, Viettin Auto, Oto, Bonbanh, Carmudi, Chotot, and Choxe. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Vietnam used car market.
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