Passenger Cars - Vietnam | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$6.9bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.08%, resulting in a projected market volume of US$7.3bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$2.8bn in 2024.
Passenger Cars market unit sales are expected to reach 225.00k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$32.08k in 2024.
With a vehicle unit sales share of 22.7% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 24.4% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Vietnam is experiencing significant growth and development.

Customer preferences: In recent years, there has been a shift in customer preferences towards passenger cars in Vietnam. This can be attributed to several factors such as rising disposable incomes, changing lifestyles, and increased urbanization. As people's purchasing power increases, they are more inclined to invest in passenger cars for personal use. Additionally, the growing middle class in Vietnam has led to an increase in demand for passenger cars as a status symbol and a means of transportation.

Trends in the market: One of the key trends in the passenger cars market in Vietnam is the increasing popularity of compact and fuel-efficient cars. With rising fuel prices and a growing awareness of environmental issues, customers are looking for cars that are cost-effective and eco-friendly. As a result, car manufacturers are focusing on producing smaller, more fuel-efficient models to cater to this demand. Furthermore, there is a growing trend of customers opting for technologically advanced features in their cars, such as touchscreen infotainment systems, GPS navigation, and advanced safety features.

Local special circumstances: Vietnam is a country with a young population and a rapidly growing economy. This has created a favorable environment for the growth of the passenger cars market. The government has also implemented policies and initiatives to promote the development of the automotive industry, such as reducing import taxes and providing incentives for car manufacturers to set up production facilities in the country. Additionally, the improving infrastructure in Vietnam, including the expansion of road networks and the development of smart cities, has further contributed to the growth of the passenger cars market.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the passenger cars market in Vietnam. The country's GDP has been steadily increasing, leading to higher disposable incomes and greater purchasing power among consumers. Additionally, Vietnam has experienced rapid urbanization, with more people moving to cities and requiring personal transportation. Furthermore, the government's focus on industrialization and economic development has attracted foreign investments in the automotive sector, leading to the establishment of manufacturing plants and the availability of a wider range of car models in the market. In conclusion, the passenger cars market in Vietnam is growing and evolving due to changing customer preferences, the emergence of new trends, local special circumstances, and underlying macroeconomic factors. As the country continues to develop and its population becomes more affluent, the demand for passenger cars is expected to further increase in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.