Vietnam Car Rental Market Size and Forecast (2018-2027) – Analysis by type of service (Ride Hailing and Taxi Services)
Overview
Executive Summary
The Vietnam car rental market has shown strong growth momentum in the past and is expected to grow at a CAGR of 7.34% during 2022–2027. The market recorded revenue of USD ~ billion in 2021. As of now, the industry is in the development stage nevertheless, the fragmented market is giving both domestic and international companies tremendous opportunities to enter the market and capitalize on technical improvements while also taking the lead in numerous mergers and acquisitions. The car rental industry has only recently begun to approach levels seen elsewhere owing to the entry of significant international corporations. In Vietnam, demand for renting cars has been rising quickly in recent years, ranging from cheap to premium vehicles.
Key Driving Factors
Rise in International Tourists: The number of international visitors to Vietnam in the first eight months of 2022 has increased 13.7-fold from a year earlier, according to the Ministry of Tourism
Rise in Fuel Prices: Car rental companies, drivers, and passengers are affected by rising fuel prices and inflation.
Urbanization: In the long run, automobile rentals are anticipated to become one of the most well-known services offered in the urban transportation sector for local use, airport transit, and out-of-town travel due to Vietnam's increasing urbanization and development of the middle class.
Rising GDP Growth: Vietnam's economy has displayed remarkable resilience amid the pandemic around the globe. As a result of the post-pandemic global economic recovery, updated IMF forecasts for 2022 and 2023 indicate Vietnamese GDP growth of 6.6% and 6.8%, respectively.
Vietnam Car Rental Market Segmentation:
Types of Service Providers (Traditional Taxi and Ride-Hailing): Ride-hailing service providers hold a majority share of the market, but traditional taxi providers are also facing tough competition.
Vietnam Car Rental Market Segmentation by Type of Service (Self-Driven and Chauffeur-Driven): Demand for each segment depends on the target audience, as domestic tourists generally prefer self-drive cars, while chauffeur-driven cars are common among business groups and international travelers.
Vietnam Car Rental Market Segmentation by Cities: Ho Chi Minh City dominated the car rental market in Vietnam in terms of revenue generation. Being the most populous city, it accounted for the highest demand for car rental services.
Scope of the Study
Vietnam Car Rental Market—Ride Hailing and Taxi Services Outlook (2018-2027) is the latest edition published by Makreo Research. In the presence of uncertain economic conditions and dynamically changing competition in the market, it is essential to stay updated with current market developments Therefore, the report contains all major aspects of the industry. This report provides a detailed analysis of the Vietnam car rental market, with further discussion on the ride-hailing industry and traditional taxi market. The report also covers the market performance of major cities in Vietnam. This is a detailed evaluation that helps the reader review the past, present, and future outlooks of the industry. After the COVID-19 outburst, the market has experienced many changes, from the rise in fuel prices and a hike in fares to a shift in consumer demand. Therefore, it is essential to understand the expected performance of the industry in the future.
Vietnam Car Rental Market Segmentation:
Types of Service Providers
- Traditional Taxi
- Ride Hailing
Types of Services
- Self-Driven
- Chauffeur Driven
Geographical Distribution
- Discussed Major Cities, including Ho Chi Minh City, Hanoi, and Others
Companies covered in the Vietnam Car Rental Market Report
- Company Profile: Traditional Taxi Service Providers
- Company Profile: Ride-Hailing Service Providers
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Table of Contents
- Report Synopsis
- 1.Research Methodology
- 1.1Objective of the Study
- 1.2Research Process
- 1.2.1Data Collection Methods
- 2.Vietnam EPTD Analysis – Economy, Political, Technological, and Demographic Factors
- 2.1Country Overview – EPTD Analysis
- 2.2EPTD Analysis – Economic Overview
- 2.3EPTD Analysis – Political Overview
- 2.4EPTD Analysis – Technological Overview
- 2.5EPTD Analysis – Demographic Overview
- 3.Vietnam Car Rental Market Performance and Future Outlook
- 3.1Vietnam Personal Vehicle Industry – Key Facts
- 3.2Vietnam Car Rental Market Structure
- 3.3Vietnam Car Rental Industry - An Overview
- 3.4Vietnam Car Rental Market – COVID-19 Impact Assessment
- 3.5Vietnam Car Rental Market – Key Facts
- 3.6Vietnam Car Rental Market – Past and Present Performance
- 4.Vietnam Car Rental Market Segmentation
- 4.1Vietnam Car Rental Market Segmentation - by Type of Service Providers (Traditional Taxi and Ride Hailing)
- 4.2Vietnam Car Rental Market Segmentation - by Type of Services (Self-Driven and Chauffeur Driven)
- 4.3Vietnam Car Rental Market Segmentation – by Cities (Ho Chi Minh, Hanoi, Da Nang, Hue, Can Tho, Hai Phong and Others)
- 5.Vietnam Car Rental Market Future Outlook
- 5.1Vietnam Car Rental Market Revenue Forecast
- 5.2Vietnam Car Rental Market Future Growth Trends
- 6.Vietnam Car Rental – Competitive Landscape
- 6.1Vietnam Car Rental Market - Competitive Landscape
- 6.2Vietnam Ride-Hailing Apps Popularity
- 6.3Timeline of Ride-Hailing Services in Vietnam
- 7.Vietnam Car Rental Market – Company Profile (Traditional Taxi)
- 7.1Company Profile – Vietnam Sun Corporation (Vinasun)
- 7.2Company Profile - Other Traditional Taxi Providers
- 8.Vietnam Car Rental Market – Company Profile (Ride-Hailing Platform)
- 8.1Company Profile: Grab Vietnam
- 8.2Company Profile of New Players – Aber, Go-Jek, FastGo
- 8.3Company Profile of New Players – VATO, MVL, Xelo
- 9.Vietnam Car Rental Market - Industry Dynamics
- 9.1Vietnam Car Rental - Recent Trends & Developments
- 9.2Vietnam Car Rental - Market Drivers
- 9.3Vietnam Car Rental – Challenges
- 10.Vietnam Car Rental Market - Macro Economic Factors
- Key Takeaways
- List of Tables and Figures
- Average GDP Growth – Vietnam, 2016 – 2021
- Average Energy Imports by Vietnam, 2016 to 2019
- Vietnam Electric Automobiles (hybrid, plug-in hybrid, and pure electric), 2019-2021
- Vietnam Total Population, 2016-2021
- Vietnam Population by Age, 2016-2021
- Car Ownership in Vietnam vs. Others
- Vietnam Passenger Car Sales Volume, 2020 & 2021
- Total Number of New Cars Sold in Vietnam, Jan-Sep 2020 & Jan-Sep 2021
- Impact of COVID-19 on the Number of Grab Rides Vietnam, H12019- H12020
- Vietnam Ride Hailing Total Rides Taken, 2019-H1 2022
- Average Revenue Per User in Vietnam Car Rental Market, 2018-2022E
- Vietnam Number of International Tourists, 2018-2022E
- Vietnam Car Rental Market by Revenue, 2018-2022E
- Vietnam Car Rental Market by Traditional taxi vs. Ride Hailing Services, 2021
- Corporate Collaboration and Personal Trips Demand of Ride Hailing vs. Traditional Taxi, Survey Results, H1 2022
- On-Airport and Off-Air Port Demand of Ride Hailing vs. Traditional Taxi, Survey Results, H1 2022
- Vietnam Car Rental Market Segmentation By Self Drive vs. Chauffer Driven in Terms of Number of Trips, 2021
- Vietnam Car Rental Demand by Cities, Survey Results, H1 2022
- Vietnam Car Rental Revenue Forecast, 2023-2027
- Leading Ride-hailing and Taxi services market share based on Number of Rides in Vietnam, 2021 (%)
- Vietnam Car Rental Market Share in Hanoi, 2021
- Vietnam Ride Hailing Service Providers Market Share by Number of Rides in Hanoi, 2021
- Vietnam Sun Corporation Sales Performance by Service, 2020-2021
- Vietnam Sun Corporation Financial Performance, 2018-2021
- Vietnam Gasoline Prices compared with Food Prices, 2016-2021
- Vietnam Private Consumption Expenditure, 2016 – 2021
- Aggregate Investments in Public Transport Sector, 2006 to 2021 (5Yr Interval)
- Vietnam Foreign Direct Investment, 2016 – 2020
- The rise in Interest Rates in Vietnam, 2015 – 2021
- Mobile Phone Subscriptions in Vietnam - 2015 – 2020
- Number of International Tourist Arrivals in Vietnam 2015 – 2019
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