Report Overview

Rapid urbanization, growing middleclass population and income, increasing disposable income, improved road infrastructure, a desire for personal transportation, expanding online platforms for buying and selling, and the affordability and availability of used cars compared to new ones are propelling the growth of Vietnam Used Car Market during the forecast period between 2023 and 2029.

Vietnam Used Car Market – Industry Trends & Forecast Report, 2029

Vietnam used car market size was estimated at USD 7.87 billion in 2022. During the forecast period between 2023 and 2029, the size of Vietnam used car market is projected to grow at a CAGR of 16.77% reaching a value of USD 23.12 billion by 2029. The major factor driving the growth of Vietnam used car market is a significant increase in demand for used cars as affordability and accessibility have improved. This growth can be attributed to rising disposable incomes and a burgeoning middle class. Also, there has been a shift towards online platforms for buying and selling used cars, with consumers increasingly relying on digital marketplaces and classified websites. Further, there has been a surge in the import of used cars, particularly from Japan and South Korea, due to their reliability and competitive pricing. There is a growing preference for eco-friendly and fuel-efficient used cars as environmental consciousness gains momentum in the country. Overall, Vietnam used car market is experiencing dynamic changes driven by changing consumer preferences and evolving market dynamics.

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.

Growth Drivers

Rising Affordability and Shifting Consumer Preferences

In recent years, Vietnam used car market has experienced a significant surge, primarily driven by two key factors. The increasing affordability of used cars has empowered a larger section of the population to fulfill their transportation needs. This has been propelled by a growing middle class and improved access to financing options. There has also been a notable shift in consumer preferences towards preowned vehicles due to their cost-effectiveness, wider variety, and reduced depreciation rates. Thus, Vietnam used car market is witnessing robust growth, catering to the evolving demands of consumers and creating new opportunities for dealerships and related industries.

Restraints

Regulatory Challenges

Vietnam used car market encounters significant regulatory obstacles hindering its growth potential. The government's stringent import policies, aimed at controlling the influx of older vehicles, restrict the availability of quality used cars. High import taxes, complicated registration procedures, and strict emission standards further impede market expansion. Also, limited financing options and inadequate consumer protection laws create hesitancy among potential buyers. The absence of a comprehensive database for vehicle history and transparency poses challenges in assessing the condition and authenticity of used cars. These regulatory restraints not only dampen market competition but also hamper consumer confidence, preventing the Vietnam used car market from reaching its full potential.

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 has 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

Segmental Coverage

Vietnam Used Car Market – By Type of Vehicle

On the basis of type of vehicle, Vietnam used car market is divided into Sedans, SUVs, MPVs, and Hatchbacks segments. Sedans and SUVs are generally considered to be the dominant segments in many automotive markets, including Vietnam. Sedans are known for their sleek design, affordability, and fuel efficiency, making them popular among urban commuters. On the other hand, SUVs offer versatility, spaciousness, and a rugged appeal, attracting a broad range of buyers. Sedans and SUVs are likely to be the leading segments, reflecting the preferences of used car buyers in the country.

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, and 5–7 years, each catering to different customer preferences and budgets.

Vietnam Used Car Market – By Mode of Sales

Based on mode of sales, Vietnam used car market is split into Online and Offline segments. The online is a larger mode of sales segment. With the rapid advancement of technology and the increasing popularity of online platforms, more consumers in Vietnam are opting to buy used cars through online channels. Online platforms provide convenience, extensive choices, and transparent information to buyers, attracting a significant portion of the market share. The Online segment offers benefits, such as easy browsing, price comparisons, and the ability to connect with sellers directly, making it a preferred choice for a growing number of consumers in Vietnam used car market.

Vietnam Used Car Market – By Channel Purchase

By channel purchase, Vietnam used car market is bifurcated into Organized purchase and Non-organized Purchase segments. The organized purchase is a larger segment, as car buyers typically engage with established dealerships, car manufacturers' certified pre-owned programs, and online platforms that specialize in selling used cars. These organized channels offer buyers a greater sense of trust, reliability, and transparency in the transaction process. They often provide additional services, such as warranty options, vehicle inspection reports, and financing facilities. Thus, the organized purchase segment attracts a significant portion of consumers who prefer a more structured and secure buying experience in Vietnam used car market.

Vietnam Used Car Market – By Mileage

On the basis of mileage, Vietnam used car market is divided into 0–30,000 Km, 30,000–60,000 Km, 60,000–80,000 Km, and More than 80,000 Km segments. In Vietnam used car market, the largest segment is the "More than 80,000 Km" category. This segment refers to vehicles that have been driven for more than 80,000 kilo meters. It indicates that there is a significant demand for used cars with higher mileage in Vietnam. This could be due to factors such as affordability or the availability of cheaper options for those who require vehicles with a higher distance covered. It suggests that consumers in Vietnam are open to purchasing used cars that have already accumulated a considerable amount of mileage.

Vietnam Used Car Market – By Region

Geographically, Vietnam used car market is divided into Northern, Central, and Southern regions. Southern Vietnam is the largest region, as it encompasses major cities, such as Ho Chi Minh City and surrounding provinces, which are highly populated and economically developed areas. The region's strong urbanization, industrialization, and higher purchasing power contribute to a larger demand for used cars. Also, the Southern region is a key transportation hub and attracts a significant number of buyers and sellers, making it the most prominent segment within Vietnam used car market.

Competitive Landscape

Major players in Vietnam used car 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. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In June 2022 - Oto.com.vn, a used car online platform in Vietnam, that specializes in providing solutions for car buying and selling, entered a strategic partnership with CARRECT, a provider of routine car maintenance with a focus on on-demand car care, to deliver cohesive & innovative experiences to customers throughout the journey of searching, buying, and using their vehicles.

• In April 2022, Spinny, a used car buying and selling platform, entered the luxury car used vehicle segment under the Spinny max brand in the Vietnamese market. The platform will operate at a national scale and offers over 500 cars from various brands including Mercedes-Benz, BMW, Audi, Jaguar, and Land Rover with an all-India delivery service through 250 cities.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Million
Market Coverage	Vietnam
Product/ Service Segmentation	Type of Vehicle, Vehicle Age, Mode of Sales, Channel Purchase, Mileage, Region
Key Players	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, Choxe

 

By Type of Vehicle

• • Sedans

  • SUVs

  • MPVs

  • Hatchbacks

By Vehicle Age

• • 0–3 years

  • 3–5 years

  • 5–7 ears

  • More than 7 years

By Mode of Sales

• • Online

  • Offline

By Channel Purchase

• • Organized purchase

  • Non-organized Purchase

By Mileage

• • 0–30,000 Km

  • 30,000–60,000 Km

  • 60,000–80,000 Km

  • More than 80,000 Km

By Region

• • Northern

  • Central

  • Southern

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3.  Vietnam Used Car Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Disposable Income and Middle-Class Population
         2. Increasing Demand for Affordable Transportation
         3. Expanding Urbanization and Infrastructure Development
      2. Restraints
         1. Lack of Trust and Transparency in the Used Car Market
      3. Opportunities
         1. Growing Online Marketplaces and Digital Platforms
         2. Demand for Environmentally Friendly and Fuel-Efficient Vehicles
      4. Challenges
         1. Counterfeit and Fraudulent Practices in the Used Car Market
         2. Lack of Standardization and Quality Control
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
   6. Price Point Analysis: Global Automotive Memory, 2019-2022
4.  Vietnam Used Car Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type of Vehicle
         1. Sedans
         2. SUVs
         3. MPVs
         4. Hatchbacks
         5. Others
      2. By Vehicle Age
         1. 0–3 years
         2. 3–5 years
         3. 5–7 ears
         4. More than 7 years
      3. By Mode of Sales
         1. Online
         2. Offline

4.2.4. By Channel Purchase

1. 1. 1. 1. Organized purchase
         2. Non-organized Purchase

4.2.5. By Mileage

1. 1. 1. 1. 0–30,000 Km
         2. 30,000–60,000 Km
         3. 60,000–80,000 Km
         4. More than 80,000 Km

4.2.6. By Region

4. 1. 1. 1. Northern
         2. Central
         3. Southern
5. Northern Vietnam Used Car Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type of Vehicle
      2. By Vehicle Age
      3. By Mode of Sales
      4. By Channel Purchase
      5. By Mileage
6. Central Vietnam Used Car Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type of Vehicle
      2. By Vehicle Age
      3. By Mode of Sales
      4. By Channel Purchase
      5. By Mileage
7. Southern Vietnam Used Car Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type of Vehicle
      2. By Vehicle Age
      3. By Mode of Sales
      4. By Channel Purchase
      5. By Mileage
8. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Vietnam Used Car Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
9. Impact of Covid-19 on Vietnam Used Car Market
10. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook and SWOT Analysis)
    1. Thanh Xuan Ford
    2. Mercedes Benz An Du
    3. Hyundai Dong Do
    4. Toyota An Suong
    5. Hien Toyota
    6. Anycar
    7. Viet Han Used Car
    8. Hoa Binh Auto
    9. Viettin Auto
    10. Oto
    11. Bonbanh
    12. Carmudi
    13. Chotot
    14. Choxe
    15. Other prominent players
11. Key Strategic Recommendations
12. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

 

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

Lists of Figures

 

Figure 1     Vietnam Used Car Market Segmentation

Figure 2     Vietnam Used Car Market Value Chain Analysis

Figure 3     Company Market Share Analysis, 2022

Figure 4     Vietnam Used Car Market Size, By Value (USD Billion), 2019–2029

Figure 5     Vietnam Used Car Market Share, By Type of Vehicle, By Value, 2019–2029

Figure 6     Vietnam Used Car Market Share, By Vehicle Age, By Value, 2019–2029

Figure 7     Vietnam Used Car Market Share, By Modes of Sales, By Value, 2019–2029

Figure 8     Vietnam Used Car Market Share, By Channel Purchase, By Value, 2019–2029

Figure 9     Vietnam Used Car Market Share, By Mileage, By Value, 2019–2029

Figure 10   Vietnam Used Car Market Share, By Region, By Value, 2019–2029

Figure 11   Northern Vietnam Used Car Market Size, By Value (USD Billion), 2019–2029

Figure 12   Northern Vietnam Used Car Market Share, By Type of Vehicle, By Value, 2019–2029

Figure 13   Northern Vietnam Used Car Market Share, By Vehicle Age, By Value, 2019–2029

Figure 14   Northern Vietnam Used Car Market Share, By Modes of Sales, By Value, 2019–2029

Figure 15   Northern Vietnam Used Car Market Share, By Channel Purchase, By Value, 2019–2029

Figure 16   Northern Vietnam Used Car Market Share, By Mileage, By Value, 2019–2029

Figure 17   Northern Vietnam Used Car Market Share, By Region, By Value, 2019–2029

Figure 18   Central Vietnam Used Car Market Size, By Value (USD Billion), 2019–2029

Figure 19   Central Vietnam Used Car Market Share, By Type of Vehicle, By Value, 2019–2029

Figure 20   Central Vietnam Used Car Market Share, By Vehicle Age, By Value, 2019–2029

Figure 21   Central Vietnam Used Car Market Share, By Modes of Sales, By Value, 2019–2029

Figure 22   Central Vietnam Used Car Market Share, By Channel Purchase, By Value, 2019–2029

Figure 23   Central Vietnam Used Car Market Share, By Mileage, By Value, 2019–2029

Figure 24   Central Vietnam Used Car Market Share, By Region, By Value, 2019–2029

Figure 25   Southern Vietnam Used Car Market Size, By Value (USD Billion), 2019–2029

Figure 26   Southern Vietnam Used Car Market Share, By Type of Vehicle, By Value, 2019–2029

Figure 27   Southern Vietnam Used Car Market Share, By Vehicle Age, By Value, 2019–2029

Figure 28   Southern Vietnam Used Car Market Share, By Modes of Sales, By Value, 2019–2029

Figure 29   Southern Vietnam Used Car Market Share, By Channel Purchase, By Value, 2019–2029

Figure 30   Southern Vietnam Used Car Market Share, By Mileage, By Value, 2019–2029

Figure 31   Southern Vietnam Used Car Market Share, By Region, By Value, 2019–2029

 

List of Tables

 

Table 1      Vietnam Used Car Market Size, By Type of Vehicle, By Value, 2019–2029

Table 2      Vietnam Used Car Market Size, By Vehicle Age, By Value, 2019–2029

Table 3      Vietnam Used Car Market Size, By Modes of Sales, By Value, 2019–2029

Table 4      Vietnam Used Car Market Size, By Channel Purchase, By Value, 2019–2029

Table 5      Vietnam Used Car Market Size, By Mileage, By Value, 2019–2029

Table 6      Vietnam Used Car Market Size, By Region, By Value, 2019–2029

Table 7      Northern Vietnam Used Car Market Size, By Type of Vehicle, By Value, 2019–2029

Table 8      Northern Vietnam Used Car Market Size, By Vehicle Age, By Value, 2019–2029

Table 9      Northern Vietnam Used Car Market Size, By Modes of Sales, By Value, 2019–2029

Table 10    Northern Vietnam Used Car Market Size, By Channel Purchase, By Value, 2019–2029

Table 11    Northern Vietnam Used Car Market Size, By Mileage, By Value, 2019–2029

Table 12    Northern Vietnam Used Car Market Size, By Region, By Value, 2019–2029

Table 13    Central Vietnam Used Car Market Size, By Type of Vehicle, By Value, 2019–2029

Table 14    Central Vietnam Used Car Market Size, By Vehicle Age, By Value, 2019–2029

Table 15    Central Vietnam Used Car Market Size, By Modes of Sales, By Value, 2019–2029

Table 16    Central Vietnam Used Car Market Size, By Channel Purchase, By Value, 2019–2029

Table 17    Central Vietnam Used Car Market Size, By Mileage, By Value, 2019–2029

Table 18    Central Vietnam Used Car Market Size, By Region, By Value, 2019–2029

Table 19    Southern Vietnam Used Car Market Size, By Type of Vehicle, By Value, 2019–2029

Table 20    Southern Vietnam Used Car Market Size, By Vehicle Age, By Value, 2019–2029

Table 21    Southern Vietnam Used Car Market Size, By Modes of Sales, By Value, 2019–2029

Table 22    Southern Vietnam Used Car Market Size, By Channel Purchase, By Value, 2019–2029

Table 23    Southern Vietnam Used Car Market Size, By Mileage, By Value, 2019–2029

Table 24    Southern Vietnam Used Car Market Size, By Region, By Value, 2019–2029

Table 25    Thanh Xuan Ford Company Overview

Table 26    Thanh Xuan Ford Financial Overview

Table 27    Mercedes Benz An Du Company Overview

Table 28    Mercedes Benz An Du Financial Overview

Table 29    Hyundai Dong Do Company Overview

Table 30    Hyundai Dong Do Financial Overview

Table 31    Toyota An Suong Company Overview

Table 32    Toyota An Suong Financial Overview

Table 33    Hien Toyota Company Overview

Table 34    Hien Toyota Financial Overview

Table 35    Anycar Company Overview

Table 36    Anycar Financial Overview

Table 37    Viet Han Used Car Company Overview

Table 38    Viet Han Used Car Financial Overview

Table 39    Hoa Binh Auto Company Overview

Table 40    Hoa Binh Auto Financial Overview

Table 41    Viettin Auto Company Overview

Table 42    Viettin Auto Financial Overview

Table 43    Oto Company Overview

Table 44    Oto Financial Overview

Table 45    Bonbanh Company Overview

Table 46    Bonbanh Financial Overview

Table 47    Carmudi Company Overview

Table 48    Carmudi Financial Overview

Table 49    Chotot Company Overview

Table 50    Chotot Financial Overview

Table 51    Choxe Company Overview

Table 52    Choxe Financial Overview