The Vietnam car rental market is expected to exhibit a stable growth outlook over the next five years, taking into account the economy's stabilization following the setback of COVID-19, rising foreign investment in the market, tourism's recovery, and rising population. Vietnam’s car rental industry is in the development stage, though the fragmented market is giving both domestic and international companies tremendous opportunities to enter the market and capitalize on technical improvements while also taking the lead in numerous mergers and acquisitions.
After falling by more than 30% in 2020, the Vietnam car rental market, including both traditional taxi and ride-hailing service providers, witnessed a rise in fuel prices that led to a rise in fare charges and, as a result, increased ARPU from USD 107 in 2020 to USD 150 in 2021.
Impact of COVID-19: The COVID-19 pandemic has significantly changed how people travel. As social isolation becomes the new normal, people are beginning to place greater importance on personal mobility than ever before. This section helps to understand the expected after-effects of the changes brought by COVID-19 in terms of consumer preferences and spending power.
Contribution of Tourism
As one of the main contributors to the Vietnamese economy, travel, and tourism plays a key role. There is a rise in domestic tourists in the country after the virus outburst however the international tourist arrival rate is still low.
Vietnam Car Rental Market–Ride Hailing and Taxi Services Outlook (2018–2027) is the latest edition published by Makreo research. In presence of uncertain economic conditions and dynamically changing competition in the market it is essential to stay updated with the current market developments, therefore, the report contains all major aspects of the industry. The report provides a detailed analysis of the Vietnam car rental market with further discussion on the ride-hailing industry and traditional taxi market. The report also covers market performance by major cities in Vietnam. A detailed assessment has been carried out that helps the reader review the past, present, and future outlooks of the industry. After the COVID-19 outburst, the market has experienced many changes from the rise in fuel prices, a hike in fares to a shift in consumer demand, therefore, it is essential to understand the future growth trend of the industry.
For more information on the research report, refer to below link:
Vietnam Car Rental Market — Ride Hailing and Taxi Services Outlook (2018–2027)
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