Vietnam Vehicle Electrification Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Size in 2024: USD 389.2 Million
Market Forecast in 2033: USD 945.1 Million
Market Growth Rate 2025-2033: 10.36%
Vietnam vehicle electrification market size reached USD 389.2 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 945.1 Million by 2033, exhibiting a growth rate (CAGR) of 10.36% during 2025-2033. The improvements in battery technology, such as increased energy density, longer range, and decreased costs, which have been crucial in making electric vehicles more practical and appealing to consumers, is driving the market.
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Vietnam Vehicle Electrification Market Trends and Drivers:
For the Vietnamese car market, electrified cars are considered to be one of the leading growth drivers in the future. Prime Minister Decision 876 on the development plan of the Vietnamese electric car industry can be said to be the most meaningful sign of that action plan. It is a roadmap with clear objectives, not a set of recommendations. Setting those production, registration and charging infrastructure targets would send a signal to global and local investors. Main benefits are large monetary subsidies, drastically lowering registration and sales taxes for electric car buyers, eliminating the full cost of owning and repairing a main user block which would otherwise be the liability of an individual, and promoting a domestic manufacturing ecosystem. The policy also seeks to support battery production and assembly plants, making the country a manufacturing hub for EVs rather than simply a new destination for consumers. A top-down, directive approach has been shown to de-risk companies, accelerate market development, and create fertile ground in which technology is adopted so rapidly, and supply chains mature more rapidly, than would if the market developed organically.
As the infrastructure of charging networks keeps developing, charging stations are essential to both the short-term and long-term viability of electric vehicles. Vietnam is following several evolving charging standards and business models. At this level of EV penetration, in most other countries, there are only a few of these competing solutions available. In China, a coalition of large state-owned enterprises (EVN, PetroVietnam, etc.) are building these stations as part of a holistic approach that includes other kinds of charging besides ac chargers, and DC fast-charging stations with high throughput on major highways around the country. However, with battery swapping stations becoming more popular in the two wheeler and commercial sectors which already fill the roads, smart-grids and renewables are becoming more widely accepted and the demand is catered for through these technologies. It thus helps relieve electric vehicle range anxiety, helps stimulate the next wave of consumer demand, and helps build upon the role of electric vehicles as a part of national transportation infrastructure, such that inter-city electric vehicle travel becomes a realistic option for a large share of electric vehicle consumers.
The previously narrow space for electrification is today a crowded field of announcements, from launches of new products to pivots by legacy manufacturers. The few first movers like VinFast are joined by many other global competitors from China, Korea and Europe who import EVs but who have all announced plans to manufacture locally to access local and regional incentives. Competition comes from electric scooters, new electric bus lines for public transit, and electric compact An and B-class sport utility vehicles and electric sedans. This is important because it moves the vehicle out of the area of the early adopter and into the mainstream segment, offering a greater variety of choice for those who buy based on different budgets, performance needs, and sensibilities (with the competition being more than just each vehicle itself). At the same time, automakers are forced to compete on after-sales service and warranty offerings, with a growing network of charging stations pushing consumer acceptance standards further.
Vietnam Vehicle Electrification Market Industry Segmentation:
Product Type Insights:
Product Type Insights:
Starter Motor
Alternator
Electric Car Motors
Electric Water Pump
Electric Oil Pump
Electric Vacuum Pump
Electric Fuel Pump
Electric Power Steering
Actuators
Start/Stop System
Vehicle Type Insights:
Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle
Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Sales Channel Insights:
Original Equipment Manufacturers (OEM)
Aftermarket
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.
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Key highlights of the Report:
Market Performance (2019-2024)
Market Outlook (2025-2033)
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.
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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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