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Vietnam Automotive Aftermarket Market Analysis Report Covers Evaluation of OEM Workshops Vietnam, Automotive Aftermarket Service Trade In Vietnam, Automotive Aftermarket Service Market In Vietnam, Automotive Firms In Vietnam, Automotive Spare Components Firms Vietnam, Casumina Automotive Spare Half Market Shares, Price of Car Serviced in Vietnam, Covid-19 Impression Ngành dịch vụ hậu mãi ô tô Việt Nam, Covid-19 Impression Vietnam Automotive Aftermarket Service Trade, Covid-19 Impression Vietnam Automotive Aftermarket Service Market, Denso Automotive Spare Half Market Shares, Doanh số bán xe du lịch tại Việt Nam, Doanh thu thị trường dịch vụ hậu mãi ô tô Việt Nam, Estec Automotive Spare Half Market Income, Analysis Research Vietnam Automotive Aftermarket Service Market.
Gurugram, India, April 11, 2022 (GLOBE NEWSWIRE) —
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Elevated consciousness on well being and hygiene within the submit COVID-19 state of affairs has acted as a catalyst for the demand of personal autos, which contributes to the aftermarket providers business.
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Fast urbanization couple with quick rising center class part is one other main development driver out there because it has led to greater disposable earnings and in flip shift in desire from two wheelers to 4 wheelers.
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Low localization price and elevated dependency on imports for parts and spare components acts as a problem within the aftermarket business
Rising Automobile Possession and Discount of Import Tax: Vietnamese authorities has proposed varied rules since FY’18 to enhance the ecosystem of the automotive business and making it to handy for the shoppers to buy personal autos by lowering the import tax to 0% for vehicles imported from ASEAN area, which brings down the value of the ultimate product. Authorities initiatives to strengthen Vietnam’s street infrastructure together with the elevated consciousness on well being and hygiene led to by the appearance of COVID-19 is predicted to extend the prospect of auto possession sooner or later. There was a gradual surge in car parcs in latest occasions, increasing at a CAGR of ~25.7% in between FY’15 and FY’20. Progress of automobile possession in Vietnam stood at ~10.5% in FY’20, which was comparatively greater than its South East Asian counterparts. Rising automobile possession acts as catalyst for the aftermarket providers business which is predicted to develop at a major price in coming years.
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Fast Urbanization and Quick Rising Center Class: Fast urbanization over time is contributing to the expansion of automotive market in Vietnam, as an increasing number of shoppers are migrating to city cities. It’s estimated that in FY’20, the urbanization price stood at ~37.3% of its general inhabitants in comparison with ~36.6% price in FY’19. Urbanization serves as one of many development drivers for the aftermarket service business as shoppers migrate for higher fee alternative within the cities, it permits them to have the monetary means to avail personal transport thereby growing the prospect of aftermarket providers. To curb extreme visitors jams within the cities, Hanoi, a significant metropolis within the Northern Area of Vietnam has proposed to ban bikes by 2030, thereby enhancing the chance of passenger car gross sales for the nation’s quick rising center class in coming years.
Enhancing On-line Ecosystem: Aftermarket service corporations in Vietnam has not been capable of adapt to the rising significance of the web ecosystem over time. Nonetheless, the appearance of COVID-19 has modified the notion of shoppers in the direction of the utilization of on-line area. Extra shoppers are using digital medium for purchasing and promoting merchandise in addition to reserving providers by on-line medium. Equally, there exist a shift in aftermarket service business whereby shoppers are preferring to e book slots for his or her car providers on-line. Due to this fact, the automotive aftermarket service and spare components corporations are increasing their presence within the on-line area for higher visibility amongst shoppers and compete on the idea of name integration. Servicing corporations have initiated the method of on-line reserving to boost buyer’s comfort. This additionally helps the servicing corporations to keep up COVID protocols resembling curb in overcrowding in public locations as set by the Vietnamese authorities.
Elevated Consciousness on Well being and Hygiene: With the appearance of COVID-19, shoppers had been witnessed to be extra involved on sustaining private well being and hygiene. Due to this fact they’re preferring the choice of personal transportation moderately than availing public transport system. The change in client’s habits and desire is predicted to behave as a possibility for the automotive aftermarket service business in Vietnam. As an increasing number of shoppers choose availing personal transportation medium, the demand for brand new vehicles would surge within the coming years. With the surge within the car parc, shoppers would additionally require to periodically preserve their car each 18 months as prescribed by the federal government of Vietnam, thereby the demand for aftermarket providers would improve. Due to this fact the longer term prospect of the business seems to be robust whereby OEM and multi model workshops out there may make the most of this chance to combine the area.
Integration of Electrical Autos: With the intention to curb the rising affect of local weather change, governments all around the world have pledged to succeed in zero internet carbon emissions by 2050. Therefore, there’s a higher deliberation of changing gas operated autos with electrical autos (EVs) to minimise air pollution. “Nationwide Car Improvement Technique by 2025” adopted by the Vietnamese authorities goals to stimulate manufacturing and enhance the quantity of use of EVs within the coming years. With the combination of EVs out there, car service corporations should replace their tools’s and practice their mechanics for servicing electrical vehicles which might require big funding by these corporations thus, impacting their enterprise financials. Unorganized workshops will face problem in servicing EVs as they function on decrease funds than required to cater to the demand of EV ecosystem.
Lack of Technological Adoption and Dependence on Imports: Home automotive and aftermarket providers business has not been capable of spend money on core and excessive finish know-how merchandise resembling transmission system. Localized components required for car servicing and manufacturing are largely of low know-how merchandise resembling tires, mirrors, glasses, batteries and plastic merchandise. Due to this fact, aftermarket providers business in Vietnam stays largely depending on imported parts and spare components, which will increase their value of working their enterprise.
The report titled “Vietnam Automotive Aftermarket: OEM, Multi-brand Outlet Companies and the Spare Components Market – Outlook to 2025: Pushed by Fast Urbanization and Progress of Car Gross sales; fueled by Quick Rising Center Class inhabitants and the rising desire for personal autos within the post-COVID state of affairs” by Ken Analysis steered that the automotive aftermarket service business in Vietnam is predicted to develop additional within the close to future, with the surge in car parc as a consequence of elevated consciousness on well being and hygiene adopted by the aftermath of COVID-19, thus showcasing a change in client desire from availing public transport to non-public transportation medium. As extra shoppers shift from availing motorbikes which has traditionally been the dominant type of transportation in Vietnam to availing 4 wheeler autos, the demand for aftermarket providers would enhance in coming years. Fast urbanization coupled with quick rising center class would act as main development drivers for the aftermarket service business in Vietnam. The market is predicted to register a optimistic CAGR of 8% when it comes to income in the course of the forecast interval of FY’20-FY’25E.
Key Segments Lined in Vietnam Automotive Aftermarket Service Trade:-
By Kind of Workshop
OEM/Approved
Giant Multi Model
Small/Unorganized
By Kind of Car Serviced
Sedan
SUV
Hatchback
Compact SUV
MPV
By Age of Automobile
0-3 years
3-6 years
6-9 years
9 years & above
By Area
North
Central
South
By Reserving Mode
On-line
Offline (together with telephonic in addition to Bodily Reserving)
By Service Break up
Upkeep
Automobile Care
Accident Restore
Vietnam Spare Components Aftermarket Segmentation
By Kind of Spare Components
Tires
Battery
Shocks & Struts
Oil & Lubricants
Drain Plug Gasket
Alternator & Starter
Others
Key Goal Viewers:-
Automotive Firms
OEM Car Service Firms
Multi Model Car Service Firms
Automotive Spare Components Firms
Authorities Our bodies
Automotive Associations
Time Interval Captured within the Report:-
Historic Interval: 2015-2020
Forecast Interval: 2020-2025
Automotive Aftermarket Service Firms in Vietnam:-
OEM/Approved Car Service Firms
Hyundai Vietnam
Toyota Motors Vietnam
Honda Vietnam
Mitsubishi Vietnam
Ford Vietnam
Suzuki Vietnam
Vinfast
Lexus
THACO
Multi Model Car Service Firms
Vietnam Automobile Care
Thanh Phong Auto
Vuong Phat Auto
Storage Doanh Workshop
Thanh Tam Auto
Vu Khoi Storage
Pham Vu
Ngyuen Khoi
Liem Gia Phat
Spare Half Suppliers
Denso
Yazaki
Sumitomo Electrical
Toyota Boshoku
Harada
Hanoi Plastics
Casumina
Kumho Tires
Estec
Pinaco
Tam Hop
Key Matters Lined within the Report:-
Vietnam Automotive Aftermarket Service Trade Overview
Worth Chain Evaluation of Vietnam Automotive Aftermarket Service Trade
Ecosystem of Main Entities of Vietnam Automotive Aftermarket Service Trade
Market Measurement of Vietnam Automotive Aftermarket Service Trade on the idea of Income and Variety of Autos Serviced, FY’15-FY’20
Passenger Car Gross sales in Vietnam, FY’15-FY’20
Car Parc in Vietnam, FY’15-FY’20
Vietnam Automotive Aftermarket Service Trade Segmentation, FY’20
Aggressive Evaluation of Vietnam Automotive Aftermarket
Competitors in Vietnam OEM Automotive Aftermarket Service Trade
Competitors in Vietnam Multi Model Automotive Aftermarket Service Trade
Firm Profiles of Hyundai, Toyoto Motors, Vinfast, Mitsubishi Motors, Honda, Vietnam Automobile Care, Thanh Phong Auto, Vuong Phat Auto, Storage Doanh Workshop and Thanh Tam Auto
Pricing of Main OEM Automotive Service Firms
Pricing of Main Multi Model Automotive Service Firms
Traits and Developments in Vietnam Automotive Aftermarket Service Trade
Points and Challenges in Vietnam Automotive Aftermarket Service Trade
Porter 5 Forces Evaluation of Vietnam’s Automotive Aftermarket Service Trade
Authorities Laws in Vietnam Automotive Aftermarket Service Trade
Key Determination Making Parameters for Car Servicing: OEM and Multi Model Car Servicing Firms
Expertise Platforms utilized by OEM and Multi Model Car Service Firms
Evaluation of Multi Model and OEM Workshops in Vietnam
Working Mannequin of Multi Model Workshops in Vietnam
Working Mannequin of OEM Workshops in Vietnam
Ache Factors within the OEM and Multi Model Aftermarket Trade
Alternatives within the OEM and Multi Model Aftermarket Trade
Spare Components Panorama in Vietnam
Market Measurement of Spare Components Aftermarket Trade and Classification by Totally different Kind of Spare Components
Ecosystem by Totally different Kind of Spare Components and Consumables Market in Vietnam
Impression of COVID within the Vietnam Automotive and Aftermarket Trade
Future Market Measurement of Vietnam Automotive Aftermarket Service Trade on the idea of Income and Variety of Autos Serviced, FY’20-FY’25E
Future Outlook and Segmentations for Vietnam Automotive Aftermarket Service Trade, FY’20-FY’25E
Analyst Advice
For Extra Data on the analysis report, consult with under hyperlink:-
Vietnam Automotive Aftermarket Service Market
Associated Stories:-
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Indonesia’s automotive aftermarket service business income stood at USD ~ billion in 2021 and recorded a CAGR of 5.4% throughout 2015-2021. The multi-brand workshops dominate the Indonesian automotive aftermarket service business as a consequence of their cheaper service payment and generalized service choices. ~% of the after-sales care service market is captured by the multi-brand service facilities owing to its low service & spare components value and excessive desire by submit guarantee automobile homeowners. OEM automobile service facilities in Indonesia witness the vast majority of the pre-warranty vehicles visiting their facilities. Excessive-quality service, real spare components and extra reliability on the OEM service facilities are different the reason why a buyer prefers the OEM service facilities in Indonesia.
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Sri Lanka, Bangladesh, Nepal and Bhutan Automotive (Gentle Car, Heavy Car, Two Wheelers, Taxi, Earth Shifting Gear, Energy Tiller, Medium Autos, Heavy Buses, Tractor, Medium Buses, Electrical Car) Trade Outlook to 2025
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