| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 12.80 Billion |
| Market Size (2030) | USD 28.30 Billion |
| CAGR (2025 - 2030) | 17.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Used Car Market Analysis
The Vietnam Used Car Market size is estimated at USD 12.80 billion in 2025, and is expected to reach USD 28.30 billion by 2030, at a CAGR of 17.2% during the forecast period (2025-2030).
The used car market in Vietnam has been experiencing significant growth, driven by the rising demand for affordable transportation options, the increasing availability of imported used cars, and the expanding middle-income population in Vietnam.
Various factors influence the decision to purchase a used car, including customer preference for personal mobility and hesitance when making big-ticket purchases like cars.
The influx of imported used vehicles, particularly from neighboring countries like India, Japan, and South Korea, has also been a key factor pushing the Vietnamese market for used cars. Additionally, the government's decision to reduce import taxes on used cars has made them more accessible and affordable for Vietnamese consumers. 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.
The growing middle-income population in Vietnam has also contributed to the growth of the used car market. According to a report by the World Bank published in April 2023, the middle-income population in Vietnam is expected to reach 25 million people by 2026, up from 13 million in 2020. This demographic shift has increased the demand for personal vehicles, with many middle-income consumers opting for affordable used cars as their first vehicle purchase.
Overall, the market is expected to grow due to increased digitalization and the introduction of new automotive start-ups with cutting-edge business models.
Vietnam Used Car Market Trends
Online Booking is Witnessing Major Growth
The online booking segment is expected to play a crucial role in the development of the Vietnamese used car market during the forecast period. In recent years, with the growing advancements in technology, customers have preferred purchasing used car vehicles through online sales.
The increasing number of internet users across the country will likely enhance the use of online booking platforms in the coming few years.
- In January 2023, Vietnam had 77.93 million internet users, with an internet usage rate of 79.1% of the total population.
In addition, there has been a rise in the number of new players entering the used car market, which may 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 in the market, these companies focus on providing value-added services to prospective clients, reducing service costs, and introducing premium, well-maintained vehicle models and features into their fleets to capture a significant market share.
With the growing trend of buying used cars online through apps, app developers are improving mobile applications by adding advanced features that offer more vehicle options and comparable prices on a single platform. For example, in Vietnam, multiple online platforms, such as Bonbanh, facilitate the purchase and sale of used cars. These apps showcase various used cars that are available for sale, providing a wide range of choices.
Hence, owing to such developments, the online booking segment is expected to be the fastest-growing segment in the market during the forecast period.
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Sedans Hold a Significant Market Share
Sedans continue to dominate the used car market in Vietnam. The enduring popularity of sedans in the secondhand market can be attributed to affordability, practicality, and consumer preference for traditional body styles.
- A report by the Vietnam Automobile Manufacturers' Association (VAMA) released in January 2023 highlighted that seven of the top 10 best-selling used car models in 2022 were sedans.
Many young customers 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.
The preference for sedans in Vietnam's used car market is also influenced by cultural factors. An article by Tuoi Tre News published in February 2023 reported that sedans are often perceived as a symbol of status and success in Vietnamese society. Owning a used sedan, even an entry-level model, can be a source of pride for many consumers, further fueling the demand for this body style in the secondhand market.
Additionally, 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 challenging, but a wide range of used sedans are affordable and dependable.
Hence, with such developments across the country, the demand for sedans is likely to grow in the Vietnamese market during the forecast period.
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Vietnam Used Car Industry Overview
The Vietnamese used car market is dominated by several key players, such as Carmudi Vietnam, Oto, Bonbanh.com, and LSH Auto International Limited. While some prominent players are 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, 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 offer a detailed description of all the listed used cars.
- 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 to be built in the capital.
Vietnam Used Car Market Leaders
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Bonbanh.com
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Viet Han Used Cars
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LSH Auto International Limited
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Carmudi Vietnam
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Hien Toyota
- *Disclaimer: Major Players sorted in no particular order
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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 Industry Segmentation
A used car, also known as a pre-owned or secondhand car, is a vehicle that has had one or more previous retail owners. These cars can be purchased from various 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 vehicle age. By vehicle type, the market is segmented into hatchback, sedan, and sports utility vehicle (SUV) and multi-purpose vehicle (MPV)). By fuel type, the market is segmented into ICE and electric. By booking type, the market is segmented into online and offline. By vehicle age, the market is segmented into up to 5 years and above 5 years. For each segment, market sizing and forecast have been done based on value (USD).
| By Vehicle Type | Hatchback |
| Sedan | |
| Sports Utility Vehicle (SUV) and Multi-purpose Vehicle (MPV) | |
| By Fuel Type | ICE |
| Electric | |
| By Booking Type | Online |
| Offline | |
| By Vehicle Age | Up to 5 years |
| Above 5 years |
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Vietnam Used Car Market Research FAQs
How big is the Vietnam Used Car Market?
The Vietnam Used Car Market size is expected to reach USD 12.80 billion in 2025 and grow at a CAGR of 17.20% to reach USD 28.30 billion by 2030.
What is the current Vietnam Used Car Market size?
In 2025, the Vietnam Used Car Market size is expected to reach USD 12.80 billion.
Who are the key players in Vietnam Used Car Market?
Bonbanh.com, Viet Han Used Cars, LSH Auto International Limited, Carmudi Vietnam and Hien Toyota are the major companies operating in the Vietnam Used Car Market.
What years does this Vietnam Used Car Market cover, and what was the market size in 2024?
In 2024, the Vietnam Used Car Market size was estimated at USD 10.60 billion. The report covers the Vietnam Used Car Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Vietnam Used Car Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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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 Intelligenceā¢ 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.
