Vietnam Motorcycles- Data & Facts 2023
Honda Airblade 160 Vietnam Motorcycles Market badly started the 2023. In the first quarter sales
Vietnam Motorcycles Market badly started the 2023. In the first quarter sales have been 726.807 (-10.6%) pulled down by the underbone segment (-18.4%).
Vietnam Motorcycles Industry Trend and Perspectives
Vietnam holds the fourth largest 2-wheeler market in the World and after the 2020 sharp fall, correlated with the covid 19 effects, in the last two years scored a strong recovery.
However, the start of 2023 was absolutely negative, already with January down 17.1% (local source attributed the fall to the fact that January coincided with the Lunar New Year and many people reduced their spending, particularly in the days leading up to and after Tet) and then losing In February (-1.6%) and March (-9.2%).
In the first quarter sales have been 726.807 (-10.6%) pulled down by the underbone segment (-18.4%) while scooter (-5.9%) and motorcycles (+4.1%) segments were more resilient.
The electric segment keeps to grow up with L1 category (correspondent to the below 50cc) up 19.4% and the L3 category up 75.1%.
In the competitive arena, the two market leaders, Honda and Yamaha reported both a double digit lost, losing respectively 12.3% and 25.5% struggling under the attack of the EV specialists.
Vietnamese Motorcycles Industry 2022
The motorcycles market is crucial in Vietnam, where the two-wheelers represents by far the first individual mobility device.
The market is mature with over 60 million vehicles in circulation, but the introduction of new rules to reduce the CO2 emission are progressively pushing manufacturers to produce electric vehicles revamping the entire industry.
Following a couple of years on which the effects of covid hit the market, in the 2022 the demand was robust and the market grew up fast.
Full year sales have been 3.38 million, a huge +18.1%, marking the best level out of the last 3 years, not far from the record hit in 2018.
Vietnam is the second largest electric vehicles market after China and data confirms the trend with L1 segment up 11..5% and L3 segment up 59.7%.
Looking at the competitive arena, the market leader in the annual data is Honda with sales up 21.2%.
In second place there is Yamaha (+17.3%) ahead of Pega (+6.1%).
The local electric vehicles specialist, Vinfast is down 27.4% ranking in 4th place, ahead of Yadea (+36.6%), which is now locally producing, Dibao and Sym.
