Due to rapid urbanization and growth of passenger vehicle sales, Vietnam Automotive Aftermarket Service Industry is expected to grow at a CAGR of ~8.4% between 2020 and 2025: Ken Research

Request For Sample Report:- https://www.kenresearch.com/sample-report.php?Frmdetails=NDkzMDY3 Request For Sample Report:-https://www.kenresearch.com/sample-report.php?Frmdetails=NDkzMDY3 Rapid Urbanization and Fast Growing Middle Class:Rapid urbanization over the years is contributing to the growth of automotive market inVietnam, as more and more consumers are migrating to urban cities. It is estimated that in FY'20, the urbanization rate stood at ~37.3% of its overall...
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Rapid Urbanization and Fast Growing Middle Class: Rapid urbanization over the years is contributing to the growth of automotive market in Vietnam, as more and more consumers are migrating to urban cities. It is estimated that in FY'20, the urbanization rate stood at ~37.3% of its overall population compared to ~36.6% rate in FY'19. Urbanization serves as one of the growth drivers for the aftermarket service industry as consumers migrate for better payment opportunity in the cities, it allows them to have the financial means to avail private transport thereby increasing the prospect of aftermarket services. To curb excessive traffic jams in the cities, Hanoi, a major city in the Northern Region of Vietnam has proposed to ban motorcycles by 2030, thereby enhancing the opportunity of passenger vehicle sales for the country's fast growing middle class in coming years.

Enhancing Online Ecosystem: Aftermarket service companies in Vietnam has not been able to adapt to the growing significance of the online ecosystem over the years. However, the advent of COVID-19 has changed the perception of consumers towards the utilization of online space. More consumers are utilizing digital medium for buying and selling products as well as booking services through online medium. Similarly, there exist a shift in aftermarket service industry wherein consumers are preferring to book slots for their vehicle services online. Therefore, the automotive aftermarket service and spare parts companies are expanding their presence in the online space for better visibility among consumers and compete on the basis of brand integration. Servicing companies have initiated the process of online booking to enhance customer's convenience. This also helps the servicing companies to maintain COVID protocols such as curb in overcrowding in public places as set by the Vietnamese government.

Increased Awareness on Health and Hygiene: With the advent of COVID-19, consumers were witnessed to be more concerned on maintaining personal health and hygiene. Therefore they are preferring the option of private transportation rather than availing public transport system. The change in consumer's behavior and preference is expected to act as an opportunity for the automotive aftermarket service industry in Vietnam. As more and more consumers prefer availing private transportation medium, the demand for new cars would surge in the coming years. With the surge in the vehicle parc, consumers would also require to periodically maintain their vehicle every 18 months as prescribed by the government of Vietnam, thereby the demand for aftermarket services would enhance. Therefore the future prospect of the industry looks strong wherein OEM and multi brand workshops in the market could utilize this opportunity to integrate the domain.

Integration of Electric Vehicles: In order to curb the rising impact of climate change, governments all over the world have pledged to reach zero net carbon emissions by 2050. Hence, there is a greater deliberation of replacing fuel operated vehicles with electric vehicles (EVs) to minimise pollution. "National Automobile Development Strategy by 2025" adopted by the Vietnamese government aims to stimulate manufacturing and increase the volume of use of EVs in the coming years. With the integration of EVs in the market, vehicle service companies will have to update their equipment's and train their mechanics for servicing electric cars which would require huge investment by these companies thus, impacting their business financials. Unorganized workshops will face challenge in servicing EVs as they operate on lower budget than required to cater to the demand of EV ecosystem.

Lack of Technological Adoption and Dependence on Imports: Domestic automotive and aftermarket services industry has not been able to invest in core and high end technology products such as transmission system. Localized parts required for vehicle servicing and production are mostly of low technology products such as tires, mirrors, glasses, batteries and plastic products. Therefore, aftermarket services industry in Vietnam remains largely dependent on imported components and spare parts, which increases their cost of operating their business.

The report titled "Vietnam Automotive Aftermarket: OEM, Multi-brand Outlet Services and the Spare Parts Market - Outlook to 2025: Driven by Rapid Urbanization and Growth of Vehicle Sales; fueled by Fast Growing Middle Class population and the growing preference for private vehicles in the post-COVID scenario" by Ken Research suggested that the automotive aftermarket service industry in Vietnam is expected to grow further in the near future, with the surge in vehicle parc due to increased awareness on health and hygiene followed by the aftermath of COVID-19, thus showcasing a change in consumer preference from availing public transport to private transportation medium. As more consumers shift from availing motorbikes which has historically been the dominant form of transportation in Vietnam to availing four wheeler vehicles, the demand for aftermarket services would increase in coming years. Rapid urbanization coupled with fast growing middle class would act as major growth drivers for the aftermarket service industry in Vietnam. The market is expected to register a positive CAGR of 8% in terms of revenue during the forecast period of FY'20-FY'25E.

Key Segments Covered in Vietnam Automotive Aftermarket Service Industry:-

By Type of Workshop

OEM/Authorized
Large Multi Brand
Small/Unorganized

By Type of Vehicle Serviced

Sedan
SUV
Hatchback
Compact SUV
MPV

By Age of Car

0-3 years
3-6 years
6-9 years
9 years & above

By Region

North
Central
South

By Booking Mode

Online
Offline (including telephonic as well as Physical Booking)

By Service Split

Maintenance
Car Care
Accident Repair

Vietnam Spare Parts Aftermarket Segmentation

By Type of Spare Parts

Tires
Battery
Shocks & Struts
Oil & Lubricants
Drain Plug Gasket
Alternator & Starter
Others

Key Target Audience:-

Automotive Companies
OEM Vehicle Service Companies
Multi Brand Vehicle Service Companies
Automotive Spare Parts Companies
Government Bodies
Automotive Associations

Time Period Captured in the Report:-

Due to rapid urbanization and growth of passenger vehicle sales, Vietnam Automotive Aftermarket Service Industry is expected to grow at a CAGR of ~8.4% between 2020 and 2025: Ken Research

Historical Period: 2015-2020
Forecast Period: 2020-2025

Automotive Aftermarket Service Companies in Vietnam:-

OEM/Authorized Vehicle Service Companies
Hyundai Vietnam
Toyota Motors Vietnam
Honda Vietnam
Mitsubishi Vietnam
Ford Vietnam
Suzuki Vietnam
Vinfast
Lexus
THACO

Multi Brand Vehicle Service Companies

Vietnam Car Care
Thanh Phong Auto
Vuong Phat Auto
Garage Doanh Workshop
Thanh Tam Auto
Vu Khoi Garage
Pham Vu
Ngyuen Khoi
Liem Gia Phat

Spare Part Suppliers

Denso
Yazaki
Sumitomo Electric
Toyota Boshoku
Harada
Hanoi Plastics
Casumina
Kumho Tires
Estec
Pinaco
Tam Hop

Key Topics Covered in the Report:-

Vietnam Automotive Aftermarket Service Industry Overview
Value Chain Analysis of Vietnam Automotive Aftermarket Service Industry
Ecosystem of Major Entities of Vietnam Automotive Aftermarket Service Industry
Market Size of Vietnam Automotive Aftermarket Service Industry on the basis of Revenue and Number of Vehicles Serviced, FY'15-FY'20
Passenger Vehicle Sales in Vietnam, FY'15-FY'20
Vehicle Parc in Vietnam, FY'15-FY'20
Vietnam Automotive Aftermarket Service Industry Segmentation, FY'20
Competitive Analysis of Vietnam Automotive Aftermarket
Competition in Vietnam OEM Automotive Aftermarket Service Industry
Competition in Vietnam Multi Brand Automotive Aftermarket Service Industry
Company Profiles of Hyundai, Toyoto Motors, Vinfast, Mitsubishi Motors, Honda, Vietnam Car Care, Thanh Phong Auto, Vuong Phat Auto, Garage Doanh Workshop and Thanh Tam Auto
Pricing of Major OEM Automotive Service Companies
Pricing of Major Multi Brand Automotive Service Companies
Trends and Developments in Vietnam Automotive Aftermarket Service Industry
Issues and Challenges in Vietnam Automotive Aftermarket Service Industry
Porter 5 Forces Analysis of Vietnam's Automotive Aftermarket Service Industry
Government Regulations in Vietnam Automotive Aftermarket Service Industry

Key Decision Making Parameters for Automobile Servicing: OEM and Multi Brand Vehicle Servicing Companies

Technology Platforms used by OEM and Multi Brand Vehicle Service Companies
Analysis of Multi Brand and OEM Workshops in Vietnam
Operating Model of Multi Brand Workshops in Vietnam
Operating Model of OEM Workshops in Vietnam
Pain Points in the OEM and Multi Brand Aftermarket Industry
Opportunities in the OEM and Multi Brand Aftermarket Industry
Spare Parts Landscape in Vietnam
Market Size of Spare Parts Aftermarket Industry and Classification by Different Type of Spare Parts
Ecosystem by Different Type of Spare Parts and Consumables Market in Vietnam
Impact of COVID in the Vietnam Automotive and Aftermarket Industry
Future Market Size of Vietnam Automotive Aftermarket Service Industry on the basis of Revenue and Number of Vehicles Serviced, FY'20-FY'25E
Future Outlook and Segmentations for Vietnam Automotive Aftermarket Service Industry, FY'20-FY'25E
Analyst Recommendation

For More Information on the research report, refer to below link:-

Vietnam Automotive Aftermarket Service Market

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Indonesia's automotive aftermarket service industry revenue stood at USD ~ billion in 2021 and recorded a CAGR of 5.4% during 2015-2021. The multi-brand workshops dominate the Indonesian automotive aftermarket service industry due to their cheaper service fee and generalized service offerings. ~% of the after-sales care service market is captured by the multi-brand service centers owing to its low service & spare parts cost and high preference by post warranty car owners. OEM car service centers in Indonesia witness the majority of the pre-warranty cars visiting their centers. High-quality service, genuine spare parts and more reliability on the OEM service centers are other reasons why a customer prefers the OEM service centers in Indonesia.

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