Market Size of Vietnam Car Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.82 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Car Rental Market Analysis
The Vietnam Car Rental Market is valued at USD 463.19 Million in 2021 and is expected to reach USD 884.71 Million by 2027 registering a CAGR of over 13.82% during the forecast period, 2022-2027.
The COVID-19 pandemic has caused a significant shift in how individuals travel. People are starting to prioritize personal mobility more than ever before as social isolation becomes the new norm. Additionally, car rental businesses see this situation as a chance to expand. Car rentals proved to be a more advantageous option than ride-hailing and a speedier, more cheap way to get a car, providing a secure replacement for personal transportation. Due to behavioral changes resulting due to pandemic-driven transition, the car rental market in Vietnam is poised to grow in the coming years.
Over the long term, with the rapid urbanization and rise of the middle class in Vietnam, car rental is expected to become one of the best-known services available in the urban transportation industry for local use, airport transportation, and out-of-town travel. The Vietnam car rental market has grown quickly as a result of the internet's increased penetration and the organised sector's steady growth.
Spending among middle class people increased as a result of accommodating financial conditions, strong infrastructural development, and an improving business climate. Additionally, the market has experienced significant expansion as a result of the frequent investments in technology and the investments made by large corporations.
