Five members of the Vietnam Association of Motorcycle Manufacturers (VAMM) reported that total domestic motorcycle sales in 2024 increased slightly compared to a year ago.
Data from the Vietnam Association of Motorcycle Manufacturers (VAMM) shows that in the fourth quarter of 2024, sales of five members including Honda Vietnam, Piaggio Vietnam, Vietnam Suzuki, SYM Vietnam and Yamaha Motor Vietnam reached 760,734 vehicles, an increase of nearly 11% over the previous quarter.
Thus, after the first two quarters of 2024 witnessed motorbike purchasing power almost stagnant, the second half of the year recorded significant growth in the consumption of two-wheeled vehicles in Vietnam each quarter, helping the Vietnamese motorbike market have a relatively successful "finish line".
Accumulated from the beginning of the year, sales of 5 VAMM members in Vietnam reached 2.653 million vehicles, an increase of 5.46% compared to 2023. This sales figure is equivalent to every hour that passed last year, Vietnamese people bought more than 302 new motorbikes.
Despite the growth, motorbike consumption in Vietnam has yet to reach the 3 million vehicles/year mark as in the 2016-2019 period or achieved in 2022. Previously in 2023, VAMM's report showed that Vietnamese people bought a total of 2.516 million motorbikes of all kinds from 5 members of the association.
However, VAMM’s figures may not accurately reflect the development of the Vietnamese motorbike market. In the report, VAMM stated that this sales figure is only the total sales volume of the 5 members, not the production volume and does not include the export volume.
Therefore, the above figures of VAMM do not include sales of electric motorbike manufacturers such as VinFast, Pega, Dat Bike or Yadea. The consumption of large-displacement motorbike manufacturers such as Kawasaki, KTM, Ducati, Harley-Davidson or Royal Enfield is also not included.
The electrification trend in Vietnam has begun to impact the 2-wheel vehicle segment. At the VMS 2024 exhibition held last October in Ho Chi Minh City, Honda launched two electric vehicles, the CUV e: and ICON e:, which are expected to be commercially available to Vietnamese customers this year.
Before Honda, electric motorbike manufacturers such as VinFast and Yadea already had a relatively thick product portfolio, with many models spread across different segments. Vietnamese electric motorbike manufacturers such as Dat Bike and Pega also own many products that are popular with domestic customers.
The growth of the motorcycle market is the basis for companies to increase production activities in 2024.
A report from the General Statistics Office shows that an estimated 3.11 million motorbikes were produced domestically last year. Compared to 2023, this output is equivalent to a growth rate of 7.1%.
VN (according to ZNews)