Vietnam Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers the Used Car Market in Vietnam and Its Market Share. The Market is Segmented by Vehicle Type (Hatchbacks, Sedans, and Sports Utility Vehicles (SUV) and Multi-Purpose Vehicles (MPVs)), Fuel Type (Gasoline, Diesel, and Others), Booking Type (Online Booking, Offline), and Vendor Type (Organized and Unorganized). The Report Offers Market Size and Forecast in Value (USD Billion) for the Above Segments.

Vietnam Used Car Market Size

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Vietnam Used Car Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 10.92 Billion
Market Size (2029) USD 24.14 Billion
CAGR (2024 - 2029) 17.20 %
Market Concentration Medium

Major Players

Vietnam Used Car Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Vietnam Used Car Market Analysis

The Vietnam Used Car Market size is estimated at USD 10.92 billion in 2024, and is expected to reach USD 24.14 billion by 2029, growing at a CAGR of 17.20% during the forecast period (2024-2029).

Over the medium term, the market is expected to grow due to increased digitalization and the introduction of new automotive startups with cutting-edge business models.

Various factors influence the decision to purchase a used car. Some of these factors include customers' preference for personal mobility and hesitance when making big-ticket purchases like cars.

The growth of the used car market may be hindered by certain factors such as standardized dealership experience, fair pricing experience, and high financing costs for used cars. The market is expected to see new opportunities due to government policies and the emergence of new technologies like electric mobility.

The Vietnamese government has implemented certain strategies to lower new car prices in the domestic market. These strategies include providing a SCT (Special Consumption Tax) rebate on certain automobiles based on engine displacement values. As a result, the used car market is experiencing intense competition as new car sales are expected to grow faster than used cars during the forecast period.

Vietnam Used Car Market Trends

Online Booking Witnessing Major Growth

During the forecast period, the online booking segment is expected to play a crucial role in the market's development. In recent years, with the growing trend in technology, customers have preferred purchasing used car vehicles through online sales.

The rise in the number of internet users across the country is likely to enhance the use of online booking platforms in the coming years. In January 2023, Vietnam had 77.93 million Internet users, with an Internet usage rate of 79.1% of the total population.

There is a rise in the number of new used car companies entering the market, which is expected to continue in the coming years. These companies compete with existing players by providing customized services, new vehicles, and a low-pricing strategy.

To stay ahead, companies focus on providing value-added services to prospective clients, reducing service costs, and introducing premium, well-maintained vehicle models and features into their fleet to capture a significant market share.

The platform offers extra features to keep track of all necessary documents, performance, and service records of a vehicle, which has been advantageous for consumers as they can easily compare from a wide range of options and apply their desired filters to find the most suitable used car that meets their requirements.

The trend of buying used cars online through apps has increased. As a result, app developers have been improving mobile applications by adding advanced features that offer more vehicle options and comparable prices on a single platform. Additionally, the increasing internet accessibility in the country is expected to support the demand for online car purchases. For example, in Vietnam, multiple online platforms, such as Bonbanh, facilitate the purchase and sale of used cars. These apps showcase various available used cars, providing a wide range of choices.

With the entry of new used car companies into the market, competition has increased, resulting in the provision of customized services, newer fleets, and a low-pricing strategy, all aimed at attracting potential customers. This trend is expected to continue in the coming years. For instance,

  • In June 2022, collaborated with CARRECT, a provider of routine car maintenance with a focus on on-demand car care, to deliver cohesive and innovative experiences to customers throughout the journey of searching, buying, and using their vehicles.

Companies are expected to continue focusing on staying ahead of the competition by offering value-added services to potential clients, reducing service costs, and introducing high-quality vehicle models and features into their fleet. This strategy is aimed at capturing a significant share of the market.

Vietnam Used Car Market: Number of Internet Users In Vietnam (Million Users), 2018-2023

Sedans Hold a Significant Market Share

Sedans Hold a Significant Market Share

Many young customers nowadays prefer pre-owned sedans over entry-level cars, which has become a significant driving force in the used car market. Additionally, middle-income consumers' purchasing power has increased over the past two decades, allowing them to own sedans. Sedans experience a depreciation rate of almost 30% in the first year and around 5-6% in the following years.

Old cars may seem like a cheaper option at first, but sedans are the more cost-effective choice when it comes to long-term costs. Unlike sedans with lower ownership costs, owning an SUV or a truck can be quite expensive due to maintenance and fuel expenses. Finding a reliable and economical car can be a challenge, but a wide range of used sedans are both affordable and dependable.

Sedans are a great choice for those looking for a car with extra interior space. They have features that provide passengers with better comfort, such as rear AC vents and rear armrests. The seats provide additional legroom and better support, which makes passengers feel more comfortable. Nowadays, most of these features are standard in almost all sedans and some hatchbacks available in the market.

Most sales in the country are from consumers who purchased vehicles that were not so high-end, primarily from youth and businesses. Vehicles with luxurious and sporty designs are frequently purchased by upper-income consumers with a reasonable level of comfort.

Due to the global semiconductor shortage, many auto brands have no luxury cars to supply Vietnamese customers. Over the last two years, supply from the world's largest producer, China, has faced severe disruptions due to the impact of the pandemic and associated restrictions.

According to reports, Mercedes-Benz customers are currently experiencing significant wait times for certain SUV and S-class sedan models, with some waiting for at least three months. The wait time can be up to a year for the ultra-luxury Maybach sedans and SUVs. Even some locally manufactured models, such as the E-class sedans and GLC SUVs, are in short supply, with expected delivery times of 1-2 months. As a result, many auto dealers are accepting deposits but not providing specific delivery dates.

Vinh Nam, an experienced luxury car salesperson in HCMC, said customers have gotten used to the current shortage. Buyers of Porsche, Lexus, and Land Rover have the longest waiting time at 12-14 months, depending on their choice of color and options, up from the earlier 6-9 months.

With such development across the country, the demand for sedans is likely to grow in the coming years.

Vietnam Used Car Market: Vietnam Passenger Car Sales (Thousand Units), By Vehicle Type, 2022

Vietnam Used Car Industry Overview

The Vietnamese used car market is dominated by several key players, such as Carmudi Vietnam, Oto,, and LSH Auto International Limited. While some prominent players focused on fleet expansion and collaborations, the new entrants are focused on widening their customer base by adopting varying strategies. Social media platforms such as Facebook Marketplace and online auto classifieds portals in Vietnam, such as Oto and Carmudi, have provided high user convenience to buyers looking forward to purchasing a used car as these platforms provide a detailed description of all the listed used cars. For instance,

  • In November 2023, the used car trading platform Carpla opened its fifth Automall in the system. The new Automall is located at 138 Pham Van Dong, Hanoi, and boasts an area of over 4,000 m2. It is also the second Automall that has been built in the capital.
  • In April 2022, Spinny, a used car buying and selling platform, entered the luxury car used vehicle segment under the Spinny Max brand in the Vietnamese market. The platform will operate nationally and offer over 500 cars from various brands, including Mercedes-Benz, BMW, Audi, Jaguar, and Land Rover, with an all-India delivery service through 250 cities.
  • In May 2022, Carsome acquired Malaysian digital automotive content producer WapCar and its sister website Auto Fun for an undisclosed sum. WapCar and AutoFun will become a subsidiary named WapCar AutoFun under Carsome after the completion of the acquisition. The vehicle content platform was set up in 2019, and it runs several websites and social media channels in Malaysia, Indonesia, Thailand, the Philippines, and Vietnam.
  • In April 2022, Fram Skandinavien AB announced that it had increased its ownership interest from 67% to 87.2 % in Carmudi Vietnam by netting off the debt from operational financing to Carmudi Vietnam previously.

Vietnam Used Car Market Leaders


  2. Viet Han Used Cars

  3. LSH Auto International Limited

  4. Carmudi Vietnam

  5. Hien Toyota

*Disclaimer: Major Players sorted in no particular order

Vietnam Used Car Market Concentration
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Vietnam Used Car Market News

  • December 2023: Carpla, one of the leading car trading platforms, expanded its services for buying and selling used cars in several areas of the country, such as Hanoi, Da Nang, Ho Chi Minh City, and Binh Duong.
  • May 2023: The new Mercedes-Benz Vietnam Star Hoan Kiem showroom, one of the top authorized dealers of new and pre-owned Mercedes-Benz cars, was inaugurated in Vietnam.

Vietnam Used Car Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

      1. 4.1.1 Increased Demand for Used Cars Compared to New Cars

    2. 4.2 Market Restraints

      1. 4.2.1 Trust and Transparency in Used Car Remained a Key Challenge for Consumers

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size in Value - USD)

    1. 5.1 By Vehicle Type

      1. 5.1.1 Hatchbacks

      2. 5.1.2 Sedans

      3. 5.1.3 Sports Utility Vehicles (SUV) and Multi-purpose Vehicles (MPVs)

    2. 5.2 By Fuel Type

      1. 5.2.1 Gasoline

      2. 5.2.2 Diesel

      3. 5.2.3 Others

    3. 5.3 By Booking Type

      1. 5.3.1 Online

      2. 5.3.2 Offline

    4. 5.4 By Vendor Type

      1. 5.4.1 Organized

      2. 5.4.2 Unorganized


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Oto (Semua Hak Cipta Dilindungi)

      2. 6.2.2

      3. 6.2.3 Hien Toyota

      4. 6.2.4 SiamMotorworld

      5. 6.2.5 Honda Certified Used Car (Honda Automobile (Thailand) Co. Ltd)

      6. 6.2.6 Carmudi Vietnam

      7. 6.2.7 Pixy Asia Co. Ltd

      8. 6.2.8 Asia Web Holding (Thailand) Co. Ltd

      9. 6.2.9 Thanh Xuan Ford

      10. 6.2.10 LSH Auto International Limited

      11. 6.2.11 Viet Han Used Cars



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Vietnam Used Car Industry Segmentation

A used car, also known as a pre-owned or second-hand car, is a vehicle that has had one or more previous retail owners. These cars can be purchased from a variety of sources, including franchise and independent car dealerships, rental car companies, buy-here-pay-here dealerships, leasing offices, auctions, and private party sales.

The Vietnamese used car market is segmented by vehicle type, fuel type, booking type, and vendor type. By vehicle type, the market is segmented into hatchbacks, sedans, and sports utility vehicles (SUV) and multi-purpose vehicles (MPVs)). By fuel type, the market is segmented into gasoline, diesel, and others. By booking type, the market is segmented into online and offline. By vendor type, the market is segmented into organized and unorganized. For each segment, market sizing and forecast have been done based on value (USD).

By Vehicle Type
Sports Utility Vehicles (SUV) and Multi-purpose Vehicles (MPVs)
By Fuel Type
By Booking Type
By Vendor Type
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Vietnam Used Car Market Research FAQs

The Vietnam Used Car Market size is expected to reach USD 10.92 billion in 2024 and grow at a CAGR of 17.20% to reach USD 24.14 billion by 2029.

In 2024, the Vietnam Used Car Market size is expected to reach USD 10.92 billion., Viet Han Used Cars, LSH Auto International Limited, Carmudi Vietnam and Hien Toyota are the major companies operating in the Vietnam Used Car Market.

In 2023, the Vietnam Used Car Market size was estimated at USD 9.04 billion. The report covers the Vietnam Used Car Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Used Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Key trends shaping the Vietnam Used Car Market are a) Growing acceptance of online sales b) Increased demand for certified pre-owned vehicles c) Shift towards more fuel-efficient and environmentally friendly cars

Used Cars in Vietnam Industry Report

The Vietnam used car market is undergoing a significant transformation, fueled by socio-economic developments and changing consumer behaviors. With rapid urbanization, an expanding middle class, and higher disposable incomes, there's a growing demand for personal transportation. Used cars are becoming increasingly popular due to their affordability and accessibility, with a notable shift towards online sales channels. This trend is amplified by the rising number of internet users, making online marketplaces and classified websites pivotal in the car market share in Vietnam. The market offers a variety of choices, with sedans and SUVs preferred for their style and efficiency, catering to diverse preferences and budgets. The southern region leads in demand, reflecting its economic vibrancy. Despite challenges like regulatory hurdles and competition from new car sales, the used car market is set for growth, capitalizing on the surge in online sales and interest in eco-friendly vehicles. This evolving landscape indicates a promising future for the car market in Vietnam. For detailed insights, Mordor Intelligence™ provides an analysis on the market share, size, and revenue growth rate, including a forecast outlook and historical overview available as a free report PDF download.

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Vietnam Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)