Vietnam 2023. Honda and Yamaha Under EVs Specialists Attach

Honda Airblade 160
Honda Airblade 160

Vietnam Motorcycles Market is struggling. Final 2023 data reports total 2-wheeler sales at 2.78 million (-17.9%) the worse results in the last 15 years. The traditional market leaders, Honda and Yamaha, are under EVs specialists attach.

Vietnam Motorcycles Industry Trend and Perspectives

Vietnam holds the fourth largest 2-wheeler market in the World and third largest as electric 2W sales and is involved in an hard evolution, with a transaction to low emission vehicles pushed and supported by the government, but hindered by established OEMs, Honda and Yamaha overall.

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.

Following the post covid recovery scored in the previous two years and although a still fast GDO growing speed, in the last months the domestic motorcycles market reported almost negative y-o-y- figures and the 2023 was quite below the expectations.

Final 2023 data reports total 2-wheeler sales at 2.78 million (-17.9%) the worse results in the last 15 years.

The market is declining in all sections, with scooter segment down 17.7% and motorcycle 36.4%.

Even the electric segment is struggling with L1 category (correspondent to the below 50cc) down 21.7%, while the L3 category was up 29.0%. with segment figures down 4.0%

In the competitive arena, the two market leaders, Honda and Yamaha reported both a lost, losing respectively 19.8% and 13.2% 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. Yadea ended the 2023 in 6th place, with sales up 36.1%.

The domestic EV specialist, Vinfast, recently quoted at Nasdaq, advanced in 4th place, just behind another local manufacturer, Pega, which lost 27.8%.

vietnam motorcycles