The growth of the tourism sector, the rise in public knowledge of automobile rental services, and the rise in internet users have all contributed to the expansion of the Vietnam car rental market. The country's vehicle rental business profits have increased as a result of foreign tourists choosing car rentals over public transportation. Also, new competitors like Hertz entered the market and had a good impact by fostering competition and giving customers additional options.
Prior to last year, there were many different rental periods, days, average rental lengths, and other factors contributing to the diversity of the Vietnamese automobile rental industry. More specifically, the market would offer a range of rental options based on distance, including daily, overnight, and vacation rentals (kilometres). Self-driving services help make the most of idle vehicles, connect car owners and customers with straightforward and adaptable procedures, and boost demand in Vietnam's automobile rental industry. Also, companies and applications that connect car owners and clients have simplified the procedures, boosting the services.
The COVID-19 epidemic has significantly altered how people travel. As social isolation becomes the new norm, people are beginning to place greater importance on personal mobility than ever before. Also, car rental companies see this as an opportunity to grow. Renting a car turned out to be a more practical alternative to ride-hailing and a quicker, more affordable way to access a car, offering a safe replacement for personal transportation. The car rental industry in Vietnam is anticipated to expand in the upcoming years as a result of behavioural changes brought on by the pandemic-driven transformation. Car rentals are predicted to become one of the most well-known services offered in the urban transportation sector for local use, airport transit, and out-of-town travel over the long term in Vietnam due to the country's growing urbanisation and development of the middle class. The rising use of the internet and the constant expansion of the organised sector have both contributed to the rapid expansion of the Vietnam vehicle rental market.
Vietnam Car Rental Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Avis, Budget, Grab, GREEN WORLD Car Rental, Hanoi Journey, Hoi An Private Car., Uber, Vietnamdrive, Vina Rent A Car, Vinasun, Mai Linh, VN Rent A Car Co. Ltd.
Vietnam Car Rental Market Segmentation:
By Market Type: Based on the Market Type, Vietnam Car Rental Market is segmented as; Organized, Unorganized Players.
By Car Type: Based on the Car Type, Vietnam Car Rental Market is segmented as; Luxury, Medium, Small.
By Booking Type: Based on the Booking Type, Vietnam Car Rental Market is segmented as; Offline, Online.
By Rental Duration: Based on the Rental Duration, Vietnam Car Rental Market is segmented as; Long-Term, Short-Term.
By Application Type: Based on the Application Type, Vietnam Car Rental Market is segmented as; Tourism, Commuting.
By Customer Type: Based on the Customer Type, Vietnam Car Rental Market is segmented as; Business, Leisure.
By Rental Location: Based on the Rental Location, Vietnam Car Rental Market is segmented as; Airport, Non-Airport.
By Non-Chauffeur and Non-Chauffeur Driven Cars: Based on the Non-Chauffeur and Non-Chauffeur Driven Cars, Vietnam Car Rental Market is segmented as; Corporate Clients, Retail Clients.
By Region: This report also provides the data for key regional segments of Ho Chi Minh, Hanoi, Da Nang, Hue, Others. In terms of revenue, Ho Chi Minh topped the Vietnamese market for renting cars. Due to its many domestic and foreign tourist attractions, such as the Temple of Literature and Hoan Kiem Lake, Hanoi added the second highest revenue share to the country of Vietnam's automobile rental industry.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.