Domestic motorcycle market remains challenging in 2024
In this article (5)
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%.
Questions & Answers
Q.What was the total volume of motorbike sales in the first quarter of 2024?
What was the total volume of motorbike sales in the first quarter of 2024?
In the first quarter of 2024, motorbike sales volumes reached 603,745 units. This figure represents a decline from both the previous quarter and the same period last year.
Q.How do current motorbike sales compare to historical levels?
How do current motorbike sales compare to historical levels?
The current level of motorbike sales is comparable to figures from approximately 15 years ago. This indicates a sustained challenging period for the industry.
Q.When did motorbike sales in Vietnam reach their highest point?
When did motorbike sales in Vietnam reach their highest point?
Motorcycle sales in Vietnam peaked in 2019, with 3.25 million vehicles sold. Sales have generally declined since then, impacted by factors like the Covid-19 pandemic.
Q.Which segment experienced the most significant decline in sales?
Which segment experienced the most significant decline in sales?
The under 50cc category saw the most significant decline among all major segments. Sales in this category decreased by 28.4%.
Reader pulse
What's the biggest factor in Vietnam's motorbike sales decline?
18,446 votes so far
Tags