Vietnam's Car Rental Market Navigates Growth and Challenges - Makreo Research

HO CHI MINH, Viet Nam - Sept. 28, 2023 - PRLog -- Market Landscape and Growth Prospects
The car rental sector in Vietnam is experiencing substantial growth, mirroring mature markets' levels, mainly due to the entry of international corporations. The market is expected to grow at a CAGR of 7.34% from 2022 to 2027, emphasizing its enduring potential. In 2021, it achieved revenue of USD 1.99 billion, showcasing resilience and catering to a diverse customer base.

Tourism Driving Demand
Vietnam's tourism industry is rebounding, with a remarkable surge in foreign visitor arrivals in 2022. However, it's yet to reach pre-pandemic levels. The tourism sector significantly contributes to the economy, generating substantial revenue.

Challenges and Industry Dominance
Rising fuel prices and inflation pose challenges to the car rental industry. In this competitive landscape, Vinasun and Mai Linh dominate the on-airport car rental market due to strategic advantages, exclusive airport presence, and embracing technology.

Challenges Faced by Ride-Hailing Providers
Ride-hailing providers like Grab face challenges due to surging fuel prices, impacting cost dynamics and leading to loyalty erosion and driver shortages. Traditional taxis show a positive demand outlook, regaining popularity for their reliability.

Market Outlook and Industry Report
The future of Vietnam's car rental industry remains uncertain, with traditional taxi companies leveraging their advantages, while ride-hailing providers navigate challenges. Makreo Research's report offers comprehensive insights into this dynamic landscape, covering both ride-hailing and traditional taxi services, crucial for industry stakeholders to navigate the evolving market effectively. It provides historical, current, and future analysis, addressing key industry shifts.

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

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