Domestic motorcycle market remains challenging in 2024

Motorbike sales volumes in the first quarter of 2024 reached 603,745 units, down 4.88% from the previous quarter and 11.5% lower year-on-year.

This sales level is equivalent to around 15 years ago, indicating a prolonged gloomy period for the industry.

Vietnam remains the world’s leading motorbike market, with over two-thirds of adults owning two-wheeled vehicles.

However, motorbike sales have been declining and manufacturers need to be nimble in order to respond to new demands, according to industry insiders.

The Vietnam Association of Motorcycle Manufacturers (VAMM), which includes major brands like Honda, Yamaha, Suzuki, Piaggio and SYM, dominates the market.

Motorcycle sales in Vietnam peaked at 3.25 million vehicles in 2019, but declined to 2.71 million in 2020 due to the Covid-19 pandemic.

Last year, the decline in VAMM’s motorbike sales had slowed, but only reached 2.51 million vehicles, about 16% lower than the previous year. All major segments, including scooters and manual motorcycles, saw significant declines, with the under 50cc category decreasing by 28.4%.