Vietnam Used Car Market Size, Share 2021: Research by Business Analysis, Growing CAGR of XX% Growth Strategy, Industry Trends and Forecast to 2026: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Overview of Vietnam Used Car Industry and Market Size The report “Vietnam Used Car Market Outlook to 2026: Driven by growing disposable income and shifting consumer preference from two-wheelers to four-wheelers” was valued at USD ~XX billion in 2021, contracting at a CAGR of XX% in between 2015 and 2021 on the basis of gross transaction value. The decline in GTV as well as sales volume of used car industry is attributed to various government initiatives to support the growth of domestic automotive industry, and policies implemented such as reduction in import tax to 0% for cars imported from ASEAN region. These factors contributed in the reduction of new car prices post 2018, negatively impacting the used car market. Historically, motor bikes have always remained the top choice among the consumers due to high concentration of population belonging to rural regions having low purchasing power. However, due to rapid urbanization and fast growing middle class, the demand for passenger cars has been growing significantly in recent times which in turn is contributing to the growth of automotive industry. Passenger vehicle sales expanded with a CAGR of XX% in between 2015-2021. However, increased awareness on health and hygiene followed by the advent of COVID-19 is acting as a catalyst for the shift in consumer’s preference towards availing private transportation medium compared to public transportation. Coupled with that, financial constraints of consumers will enhance the Growth of Vietnam Used Car Market in coming years as fast growing middle class population in Vietnam prefers lower priced used vehicle as compared to expensive newer vehicles. The average ticket size remained at a band of USD XX-XX in between 2015 and 2021. Leveraging the growing internet penetration rate, various online classified players launched their operation in Vietnam post 2013, such as Oto and Carmudi. The increasing preference of consumers towards availing digital medium for their purchases has enhanced the sales prospect via C2C channel through classified platforms. As of 2021, used car sales via C2C channel through both peer and classified platforms expanded with a CAGR of XX%. Vietnam Used Car Market Future Outlook, 2021 By Type of Vehicle: Sedans accounted for the highest market share of XX% in the year 2021. Sedans remained the most popular car type in the country due to its affordable price and higher average life as compared to Hatchback and MPVs. SUV’s accounted the second highest market share followed by Hatchbacks, and MPVs. By Region: The northern regions accounted for the highest share of XX% in 2021, as this region is prone to floods due to which the average replacement period is usually high and consumers prefer to buy a used car as compared to new cars for ease of replacement. It was followed by the Southern region with the highest population and the remaining market share was captured by the Central region. By Vehicle Age: Used cars under the age bracket of 0-3 years accounted for highest market share of XX% in 2021 attributed to the average depreciation rate of new vehicles in Vietnam which is around 3 years due to poor road condition which leads to wear and tear. The sale of used cars is followed by 3-5 years of vehicle age as these cars have heavy body type, better engine capacity (high horse power) and have high re-sale value. By Mileage: Vehicles not driven for more than 30,000 Km are most preferred in Vietnam, capturing a share of XX% out of overall sales in 2021. Consumer’s purchasing a used vehicle prefers car which has not been used extensively, as the quality of vehicles might drastically fall with the increase in usage. By Price: The average ticket size of used cars in Vietnam is growing over the years. The price range of VND 400 Million – VND 600 Million accounted for highest percentage share of XX% in 2021 due the faster replacement rate along with the depreciation charged over the years on new vehicles. The average resale price at which Sedan’s and SUV’s are sold in Vietnam lies within the price band of VND 400-600 million, which are the top two preferred car types by Vietnamese consumers. By Vehicle Brand: Toyota dominated the market by accounting highest market share of XX% in 2021 followed by KIA, Hyundai, Ford and Honda in terms of sales volume. Other brands such as Mitsubishi and Chevrolet captured the remaining market share of used cars sales volume in 2021. Request For Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTE1MTg2 By Supply Type: Domestic supply accounted for the highest share of XX% on the basis of sales volume in 2021. Imported supply of used vehicles is financially taxing to the consumers due to various taxes and levy’s charged. By Mode of Sales: Sale of used cars through offline medium was the preferred choice of consumers which contributed to XX% of the overall sales in 2021 compared to online medium. Low internet penetration rate (~XX% in 2021) in Vietnam is a major reason for the lack of sales through online medium. By Channel of Purchase: XX% of the user car purchases in Vietnam was through unorganized channel on the basis of sales volume in 2021 which accounted for the highest share. Presence of large number of unorganized multi brand dealers spread across the rural regions of Vietnam contributed to the majority share of unorganized purchases. Overview of Vietnam Auto-FInance and Auto-Insurance Market Banking institutions, NBFCs and captive companies are the major entities offering financing facilities to customers willing to purchase used car. Banking institutions dominate the market when it comes to credit disbursal capturing a share of XX% in 2021. The leading banks for the used-car segment are VP Bank, TP Bank, VIB and Techcom Bank. It is estimated as of 2021 that the current split of people taking a loan to finance their used car purchase v/s those who pay from their own pocket would be about XX% to XX%. Banks like Shinhan Bank and VIB are preferred by the people in general, for their lower interest-rate loans. Vietnam Auto-finance market is expected to be valued at USD XX billion in 2025, expanding at a CAGR of 17.6% in between 2021 and 2025 on the basis of total credit loans disbursed. Growth in auto-insurance market is also expected which is estimated to be valued at USD XX Million by the end 2025. 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