Vietnam Motorcycles Market is struggling. Following the already negative first half, ended down 15.9%, in the third quarter 2023 the demand was really low and sales declined an additional 22.7%.
Vietnam Motorcycles Industry Trend and Perspectives
Vietnam holds the fourth largest 2-wheeler market in the World and third largest as electric 2W sales.
It is estimated that more than two third of each person living in Vietnam hold a 2-W and over 90% of households have a scooter.
Vietnam is even one of fastest growing GDP in the world and together with the needs to reduce huge urban pollution, the 2-wheeler sector is expected to be transformed in the next few years.
However, following the post covid recovery scored in the previous two years and although a still fast GDO growing speed, in 2023 the domestic motorcycles market is struggling.
Following the already negative first half, ended down 15.9%, in the third quarter the demand was really low and sales declined an additional 22.7%.
As result, after the first nine months of 2023 motorcycles sales were 2 million, down 18.3%.
The market is declining in all sections, with scooter segment down 18.2% and motorcycle 33.2%.
Even the electric segment is struggling with L1 category (correspondent to the below 50cc) down 19.7% and the L3 category up 7.2%.
In the competitive arena, the two market leaders, Honda and Yamaha reported both a lost, losing respectively 26.5% and 3.3% struggling under the attack of the EV specialists.
A fast growing manufacturer is the Chinese Yadea, which have celebrated the first 100.000 salesa since the local plant opening, a couple of years ago.
The domestic EV specialist, Vinfast, recently quoted at Nasdaq, is the 6th player in the market, but sales are flat.