Vietnam Car Rental Market to Witness Price War

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.
By: Makreo Research and Consulting
 
HANOI, Viet Nam - Nov. 22, 2022 - PRLog -- Market Performance: Vietnam car rental market is expected to showcase stable growth outlook in next five years considering stabilizing economy after the setback of COVID-19, rising foreign investments in the market, recovery of tourism and also rising population. Vietnam Car Rental Industry is on developing stage though fragmented market is giving both domestic and international companies tremendous opportunities to enter into the market and capitalize on technical improvements while also taking the lead in numerous mergers and acquisitions.

After falling by more than 30% in 2020, Vietnam car rental market including both traditional taxi and ride hailing service providers witnessed rise in fuel prices that led to rise in fare charges and in result increased ARPU from USD 107 in 2020 to 150 in 2021.

Impact of COVID-19: The COVID-19 pandemic has significantly changed how people travel. As social isolation becomes the new normal, people are beginning to place greater importance on personal mobility than ever before.

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Infrastructure Development in Vietnam

This will fuel business opportunities and so as taxi market will benefit The Vietnamese government spends 6% of its GDP on infrastructure, compared to other countries in the region who spend 2.3 percent.

Cost of Renting a Car in Vietnam
Renting a car in Vietnam is expensive compared to most other modes of transportation. This is mainly due to the affordable and accessible public transportation system that runs throughout the country.

Increasing Inflation Rate, 2021
A 3.9% inflation rate was recorded in September 2021, up from a 2.9% rate in August 2021. Inflation reached its highest level since March 2020 in September.

Contribution of Tourism
As one of the main contributors to the Vietnamese economy, travel and tourism plays a key role.

Key topics discussed in the report:
Vietnam Car Rental Market

§  By Type of Service Providers
-        Traditional Taxi Services
-        Ride Hailing Services

§  By Type of Services
-        Self-Driven
-        Chauffeur Driven

§  By Cities

Major Companies Discussed in Vietnam Car Rental Market Report

Vietnam Sun Corporation (Vinasun)
Mai Ling Group
Vina (Vietnam) Rent A Car
Avis Vietnam
Budget Vietnam
Grab Vietnam
Aber
Go-Jek

For more information on the research report, refer to below link:

Vietnam Car Rental Market – Ride Hailing and Taxi Services Outlook (2018-2027) Edition-2022 (https://www.makreo.com/report/vietnam-car-rental-market-r...)

Related Reports by Makreo Research:-

Thailand Car Rental Market Future Outlook to 2026-Self Drive to Propel Growth (https://www.makreo.com/report/thailand-car-rental-market-...)

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Industry:Tourism
Location:Hanoi - Hanoi - Viet Nam
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