However, production surged by 30.9% year-on-year, highlighting the positive growth of Vietnam’s motorcycle manufacturing sector.
In the first eight months of 2024, Vietnam saw 2,022,500 new motorcycles rolled off the production line, up 6.9% compared to the same period in 2023.
The high production levels in August surprised many experts, as summer is typically a time when consumer demand drops due to the seventh lunar month, the seventh month in the Vietnamese lunar calendar, which is considered unlucky period when people avoid purchasing big-ticket items.
In fact, many once-popular motorcycle models that previously sold at inflated prices are seeing price reductions to attract buyers.
Despite the increase in production, domestic sales have not met expectations.
According to the Vietnam Association of Motorcycle Manufacturers (VAMM), only 1,206,872 new motorcycles were sold in the first six months of 2024, a 1.4% decrease compared to the same period in 2023.
This decline is a sign that domestic consumers are restraining spending amid economic difficulties.
VAMM currently consists of five major members, including Honda, Yamaha, SYM, Suzuki and Piaggio.
Among them, Honda is the largest manufacturer, with 27 models and a 70% market share in Vietnam. Yamaha also boasts 27 models, while SYM has 12, Suzuki 23 and Piaggio 10.
Competition has intensified as these manufacturers have been forced to lower prices and introduce promotional campaigns to stimulate demand.
In addition to serving the domestic market, Vietnamese motorcycle manufacturers have been actively expanding exports.
Many locally produced models are now being exported globally as complete built-up (CBU) motorcycles, helping to offset weak domestic demand and driving continued growth in the motorcycle industry.
Furthermore, the electric motorcycle sector is emerging as a new trend. Companies including VinFast, DatBike, Pega, Yadea and Detech have entered the electric vehicle market with a variety of models. With these, the firms aim to lead the trend of using clean and environmentally friendly means of transportation.
Although specific sales data from these manufacturers is not yet available, the increasing consumer shift towards electric motorcycles is a positive sign for Vietnam’s electric vehicle market.
Local electric motorcycle manufacturers are pushing to export their products to international markets, targeting countries with high demand for electric vehicles.
This development aligns with Vietnam’s environmental protection policies and meets the rising consumer interest in green transportation solutions.
Experts suggest that to maintain growth momentum, the domestic motorcycle industry must focus on developing eco-friendly products while continuing to tap into potential export markets.
