ANN/VIET NAM NEWS – The waning motorcycle market in Vietnam presents a compelling opportunity for the rise of electric motorbikes.
According to insiders in the industry, electric motorbikes boast various advantages over their traditional petrol-powered counterparts, such as reduced emissions and lower operational expenses.
Recent sales data from the Vietnam Motorcycle Manufacturers Association reveals a downturn in motorcycle sales during the first quarter of 2024 compared to the same period in the previous year.
Despite this decline, the Vietnamese motorcycle market has historically shown positive growth, with the exception of 2022 when a surge in travel demand occurred following the relaxation of social restrictions.
In March, Honda Vietnam (HVN) noted an uptick in motorbike sales compared to the preceding month but a decrease compared to the same period last year. HVN retains its position as the dominant motorcycle company in Vietnam, commanding a significant market share of 82.5 per cent.
Contrary to earlier forecasts of saturation, the domestic motorcycle market remains robust and ranks among the largest globally, with an annual consumption of nearly three million units.
This resilience has spurred major motorcycle brands from Japan, Italy, and Taiwan to maintain their presence in the market and adjust their strategies to meet evolving demands.
HVN, for example, has shifted its focus towards the export of completely built-up (CBU) motorcycles. Recent reports indicate that HVN’s CBU export output has been increasing, with significant numbers in March.
This shift towards exports is a strategic move to capitalise on opportunities beyond the domestic market.
