The Vietnam Used Car Market size was estimated to hit around USD XX billion by 2030 and is poised to grow at a compound annual growth rate (CAGR) of 15.47% from 2022 to 2030.
Vietnam Used Car Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The rise of the middle class, rising earnings, and changes in consumer behaviour have all contributed to the rapid growth of the used automobile industry in Vietnam in recent years. We will go into more detail about the present situation of the used automobile market in Vietnam and some of the difficulties the sector is currently facing in this section.
In Vietnam, the used automobile market has been growing quickly and is predicted to do so in the years to come. Over 500,000 used vehicles were sold in Vietnam in 2020, making up 70% of all automobiles sold in the nation, according to the Vietnam Automobile Manufacturers Association.
The report states that the main factors influencing the used automobile market in Vietnam are the expansion of the middle class, rising purchasing power, and the accessibility of financing alternatives. The demand for used automobiles is growing as a result of Vietnamese customers looking for more economical options to purchase a car due to rising salaries.
The most popular brands of used cars in Vietnam are Toyota, Honda, and Mazda, all of which are Japanese automakers. The most common makes and models of used automobiles sold in the nation are sedans and SUVs. Vietnamese buyers favour these vehicles because they are strong, dependable, and fuel-efficient.
Despite the potential for growth, the used car market in Vietnam is faced with a number of challenges. One significant obstacle is the lack of transparency within the industry, resulting in a significant information imbalance between sellers and buyers. Many used cars have undisclosed defects that erode consumer trust and dissuade some individuals from purchasing used cars.
Furthermore, there is a scarcity of high-quality used cars available in the market. Most used cars in Vietnam are imported from Japan, which often have high mileage and require frequent maintenance and repairs. Additionally, the proliferation of counterfeit spare parts has made it challenging for consumers to find authentic components, resulting in a decline in the reliability of used cars.
Finally, the government’s high taxes and fees on imported used cars have constricted the supply of vehicles and driven up prices. These policies have made it challenging for many consumers, particularly those from low-income households, to afford a used car.
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