No luxury car brands will participate in the upcoming Vietnam Motor Show 2024, as high-end automakers shift towards alternative promotional strategies. Volvo, the last luxury brand considering attendance, has now confirmed its absence, following earlier withdrawals by Volkswagen, Audi, Mercedes, Lexus, and Porsche.
While luxury brands have traditionally been part of the show, industry experts say these automakers are now focusing on hosting exclusive events that directly engage their target customers.
From October 23-27, VMS 2024 will feature 19 car and motorbike brands, including Toyota, Mitsubishi, and Honda. First-time exhibitors such as GAC, Skoda, BYD, and UM Motorcycles will also join. The event is expected to spotlight electric vehicles, with BYD as the only fully electric car brand. Other manufacturers are anticipated to showcase various hybrid models, ranging from mild to full hybrids.
The Vietnamese car market has seen rapid growth in recent years, with increasing demand for a wide range of vehicles, from affordable compact cars to luxury models. With a rising middle class and a growing appetite for automobiles, Vietnam’s auto sales surged by 30% in 2022, despite global supply chain disruptions. Japanese brands such as Toyota, Mitsubishi, and Honda continue to dominate the market, while domestic carmaker VinFast is making strides, particularly in the electric vehicle segment.
However, luxury car sales have remained niche, targeting the country’s affluent population. The shift away from large-scale auto shows like VMS reflects a broader trend of luxury brands opting for more tailored and personalized marketing strategies to directly connect with their high-net-worth clients.
Related
Source: Vietnam Insider