- In recent years in Vietnam, especially in big cities, people have gradually become more familiar with car rental services. One of the main reasons for this is the fact that more young high-income people are opting to drive cars in order to reaffirm their personality and especially their social status. Furthermore, Vietnamese people prefer to drive on their own instead of hiring chauffeur-driven cars due to several reasons such as cheaper price and more privacy and flexibility. Another reason is the fast-increasing availability of car rental operators –a development which helped to increase consumer awareness of this service and eventually created stronger demand.
- Car rental remains a very fragmented area with no clear dominant players. In fact, many operators are small private businesses which typically only own less than 50 cars on average. Even though car rental services have been present in the country for many years, the concept of hiring a vehicle for self-driving remains relatively new to many Vietnamese users. Indeed, many consumers prefer chauffeur-driven car services, mainly because they do not have a driving licence. As a result, large companies find it quite unattractive to enter car rental – a fact which explains the high level of fragmentation in the area.
- As mentioned above, car rental is still a relatively new concept for many Vietnamese people and the area thus has potential to grow further over the forecast period in line with the increasing number of people in the middle and high income segments. Although in the short term, the roll-over of the economic downturn might be a threat to growth in this area, the Vietnamese economy is expected to recover during 2014-2015 thanks to the recent intensive efforts of the government. Furthermore, there is an increasing trend among consumers to hire vehicles for self-driving, mainly thanks to the greater privacy, comfort and flexibility offered. As a result, car rental has a strong projected forecast period constant value CAGR of 12%.
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Discover the latest market trends and uncover sources of future market growth for the Car Rental industry in Vietnam with research from Euromonitor's team of in-country analysts.
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The Car Rental in Vietnam market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Car Rental in Vietnam?
- What are the major brands in Vietnam?
- Is there a shift from airport car rental to non-airport?
- Is leisure car rental outpacing business car rental?
- Is insurance replacement recession-resistant?
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This industry report originates from Passport, our Travel And Tourism market research database.
Table of Contents
Car Rental in Vietnam - Category Analysis
- Table 1 Car Rental Sales by Category and Location: Value 2007-2012
- Table 2 Car Rental Sales by Channel: Value 2007-2012
- Table 3 Structure of Car Rental Market 2007-2012
- Table 4 Forecast Car Rental Sales by Category and Location: Value 2012-2017
- Table 5 Forecast Car Rental Sales by Channel: Value 2012-2017
Travel and Tourism in Vietnam - Industry Context
Intensive promotional activities boost tourism growth
National Tourism Year 2012 helps promote image of Vietnam
Greater focus on sustainable development
Domestic players retain dominant positions
Positive outlook for Vietnam’s tourism industry
KEY TRENDS AND DEVELOPMENTS
2012 national tourism strategy
Concerns over Vietnamese legislation
Online travel – an untapped tourism area
MICE tourism set to perform well
Many affluent Vietnamese tourists prefer outbound to domestic tours
Intensive promotional activities help boost Vietnamese tourism growth
- Table 6 Leave Entitlement: Volume 2007-2012
- Table 7 Holiday Takers by Age: % Breakdown 2007-2012
- Table 8 Seasonality of Trips 2007-2012
BALANCE OF PAYMENTS
- Table 9 Balance of Tourism Payments: Value 2007-2012
- Summary 2 Research Sources