Beyond Dawlish

Vietnam Electric Car Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 17.51% (2024-2032)

The Vietnam electric car market is currently going through a significant transformational phase catalyzed by government initiatives, environmental awareness, and technological advancements. According to the latest report by IMARC Group, Vietnam electric car market size is projected to exhibit a growth rate (CAGR) of 17.51% during 2024-2032

Vietnam Electric Car Trends and Drivers:

The Vietnam electric car market is currently going through a significant transformational phase catalyzed by government initiatives, environmental awareness, and technological advancements. Among the Southeast Asian countries, Vietnam is one of the rapidly growing economies that have started to embrace sustainable development in the fight against pollution and reduce carbon emissions. With several government policies on tax incentives, reduced registration, and other ambitious EV infrastructure development goals, the country promotes a taxpayer base for electric vehicles (EV). For example, the National Green Growth Strategy has set a target to register one million electric cars by 2030. This is substantially complemented by the internationalization trend of the electrification of vehicles in several government programs, including global automobile makers. A typical example is VinFast, the first home-grown car manufacturer in Vietnam, which is opting for fully electric vehicles by the end of 2022. Vietnam is now a regional leader in electric vehicle manufacturing. Other favorable factors that pave the way for battery-electric vehicle adoption include the increasingly expanding middle class, rising urbanization, and increasing disposable income.

Yet the fact remains that Vietnam's electric car market still has a very long way to go in availing its potential. Very serious impediments like infrastructure development, particularly in the area of charging station availability, remain. Although cities such as Hanoi and Ho Chi Minh City are gradually improving their charging infrastructure, much still needs to be done in rural areas, which this combined charging sets up as a source of range anxiety for potential buyers. Another deterrent is the heavy upfront cost of electric vehicles, even though they will save money on fuel and maintenance in the long term. This challenge is being addressed through initiatives by the government and private sector to enable affordable models and financing options for EVs. Even the extent to which battery technology and other components are imported could affect the competitiveness of local manufacturers. Nevertheless, the market is expected to show a high level of growth as investments into research and development are anticipated to take a rise, partnerships with global tech companies are expected to increase their momentum, and strong pushes toward renewable energy integration would happen.

Download sample copy of the Report: https://www.imarcgroup.com/vietnam-electric-car-market/requestsample

Vietnam Electric Car Industry Segmentation:

The report has segmented the market into the following categories:

Type Insights:

• Battery Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

Vehicle Class Insights:

• Mid-Priced
• Luxury

Drive Type Insights:

• Front Wheel Drive
• Rear Wheel Drive
• All-Wheel Drive

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

Competitive Landscape:

The competitive landscape of the industry has also been examined, along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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