Due to the economic difficulties in Vietnam arising from the COVID-19 pandemic, consumers have tended to tighten their belts. This has resulted in the number of total car sales in the country decreasing by 8% according to the Automobile Manufacturers Association.
The Vietnamese market continues to show potential for the premium segment, while there is increasing competitiveness among mass products. High-end in-car speakers and in-dash media players attract high-income individuals who want to have their cars equipped with the latest and trendiest devices to improve the overall car interior and aesthetic, with reputable brands benefiting from this demand.
Among popular brands that use their own operating systems such as Pioneer, JVC, Kenwood or Alpine, customers now tend to switch to Android-based readers. Android entertainment readers are increasingly attracting Vietnamese car owners thanks to the fast connectivity, easy use and good sound quality of these devices.
In Vietnam, most people are used to riding motorbikes. However, as the economy is predicted to recover and grow faster in the coming years, with higher income levels and higher living standards, people will become more open to owning a car.
Vietnamese brand VinFast has introduced an auto series with luxury modern designs and prices suitable for the average income level in the country. Thanks to its smart marketing campaign and sales policies – for example consumers can sell their old car (any brand) to buy a brand-new VinFast model with financial support (zero interest rate, etc), VinFast is attracting more interest from the young segment by making car ownership easier than ever.
Understanding the key consumers of in-car speakers, the majority of key players in the category will again tend to cooperate with garage owners and car dealers to launch promotional and advertising activities in order to target the right customers. However, younger consumers are also expected to explore online marketing by influencers or PR content when searching for in-car entertainment.
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This report originates from Passport, our In-Car Entertainment research and analysis database.
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