MOTOR VEHICLE MARKET VIETNAM
There are more than 50 million registered motorbikes and scooters in Vietnam and 3 million new ones are sold each year.
The Vietnam Investment Review estimated that Hanoi has an average vehicular ownership growth rate of 10% and it is projected that by 2025, Hanoi alone will have 11 million motorcycles on its streets.
Vietnam’s first-ever domestic car manufacturer VinFast is betting that with a growing middle class that is increasingly aware of the drawn-out consequences of air pollution, the nation’s 96 million motorbike riders will be onboard to trade in their gas-guzzling bikes for the company’s affordable, environmentally-aware e-scooters
VinFast began manufacturing electric bike models in 2018 and in 2020 the company sold 100,000 e-motorbikes. Not bad for a start-up e-bike manufacturer
Some 8,300 motorbikes were bought in Vietnam each day in the first half of the year. Though standing in fourth place in terms of numbers, sales in the country are at the top. Motorbikes remain the most popular means of transport.
The two-wheeler industry is dominated by five producers: Honda, Yamaha, Suzuki, SYM, and Piaggio, which hold over 97 per cent of market (both locally-produced and imported bikes). The new local electric vehicle producer, VinFast, has been welcomed by the market, according to Motorcycles Data.
The number of motorbikes in Vietnam has increased 48-fold over the last three decades, from 1.2 million in 1990 to over 58 million in 2018, according to the Department of Traffic Safety at the Ministry of Transport.
Hanoi and Ho Chi Minh City have the largest number, with nearly 6 million and 8.5 million, respectively.
Revenue in the Motorcycles market is projected to reach US$4,393m in 2021.
Revenue is expected to show an annual growth rate (CAGR 2021-2025) of 3.33%, resulting in a projected market volume of US$5,008m by 2025.
The market's largest segment is On-road Motorcycles with a projected market volume of US$3,464m in 2021.
The volume weighted average price of Motorcycles market in 2021 is expected to amount to US$1,876.
With a motorcycle unit sales share of 76.4% in 2021, Honda Motorcycles is expected to have the highest market share in the selected region.
From an international perspective it is shown that the most revenue will be generated in India (US$21,049m in 2021).