Vietnam Taxi Market has witnessed swift development amidst progressive expansion of organized sector coupled with increased penetration of internet. Accommodative financial conditions, robust infrastructure development and improving business climate played a major role in increasing level of spending among middle class population. Moreover, the rampant investments towards the technology and investments by major companies have contributed considerable growth in this market.
Vietnam Taxi Market witnessed a resilient CAGR of 15.5% during the period 2012-2017. Momentous growth in tourism industry, falling demand for motorbikes, decline in oil prices over the last 2 years, and progression in per-capita income of Vietnamese are the major factors driving this growth. Additionally, introduction of tech-savvy players like Grab and Go-Jek has created an intensified competition while simultaneously providing more choices to customers. After Uber exit from the market, many new ride hailers have entered into the market which further strengthened the race.
The government of Vietnam has introduced various regulations on car manufacturing, assembly, importation, and warranties, a move that tightened car imports from January 2018. Additionally, the government has developed various policies to encourage international tourism, a move which will help the players to capture untapped potential which once penetrated, would make Vietnam a leading destination for car rental.
An Insight into Car Rental Market
The enhancement in growth can be attributed to escalating demand for business trips fueled by expansion in online and mobile bookings. Robust demand for Chauffeur driven cars in key regions like Hanoi and HCM city played an extensive role in stimulating market revenue. Moreover, increase in domestic and international tourism, development of airport infrastructure, and upsurge in passenger inflow at airports were addressed as the primary reason towards the growth of On-Airport Car Rental revenue.
Nascent growth of Cab Aggregators
Vietnam Cab Aggregator market has grown at a CAGR of 16.8% during the period 2013-2017. Change in demographic pattern, surge in urbanization, and boom in ICT market were the major enablers for this strong growth. The deep penetration of mobile internet helped Vietnamese to book cabs online and monitors costs on real time basis.
With the advent of technology, the Cab Aggregators found a way to operate their business in an organized manner. The aggregators made its presence in cities like Hanoi and HCM, where the volume of bookings was high.
Vietnam Taxi Market is continuing expected to grow at a double digit CAGR during the period 2017-2022. Advent of new players coupled with rapid development of road infrastructure is the major driving force to uplift the market in near future.
Scope of the Study
The synopsis presented has been derived from the report titled “Vietnam Taxi Market- Car Rental and Cab Aggregator, An Outlook to 2022” published by Makreo Research and Consulting. The report deep dives into market assessment on various parameters, discussing major segments, and accessing the impact of economic, political, technological& demographic factors on the market. The study also discusses market dynamics which offer an understanding of industry trends, driving forces and major challenges hampering the growth. The report gives an understanding of future opportunities prevailing in the market which may help market players to leverage untapped business potential.
Key Players in Vietnam Taxi Market
Vietnam Sun Corporation (Vinasun), Mai Linh Group, Vina(Vietnam) Rent A Car, Avis Vietnam, Budget Vietnam, Grab Vietnam, Aber, Go-Jek, FastGo, VATO, MVL and Xelo
The report helps readers to gain information on following areas:
• Discuss the in-depth analysis of Past, Present, and Future outlook Vietnam Taxi market in terms of Value?
• Discuss various growth opportunities for Vietnam Car Rental and Cab Aggregator Market by location (On-Airport and Off-Airport), type of clients (Business and Leisure), Car Type (Luxury Cars, Medium Cars, Small Cars), mode of booking (On-Line and Off-Line), and region (Hanoi, HCM and others)?
• Explain the evolution of Cab Aggregators and its impact on revenue of Car Rental Market
• Discuss detail examination of micro and macro dynamics, specifically growth enablers, market retardants, trends & development and major opportunities?
• Discuss the Impact of government regulations in present and future performance of the market?
• Evaluate the Strategic Profiles of Major Players in Vietnam Car Rental and Cab Aggregator Market?
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