With the characteristics of a developing economy and limited transportation infrastructure, the daily transportation demand of the people continues to increase in Vietnam. Motorcycles are still the most common means of transportation in Vietnam. However, in 2023, the motorcycle market faced many difficulties and challenges due to changes in consumer preferences.
According to the Vietnam Association of Motorcycle Manufacturers (VAMM), a total of 2,516,212 new motorcycles from Honda, Yamaha, Suzuki, Piaggio, and SYM brands were sold in 2023, a decrease of nearly 490,000 compared to the previous year.
Despite the decrease in sales, Vietnam, with its large market scale, is still one of the largest two-wheeler motorcycle consumer countries in the Southeast Asia region. The total motorcycle sales in this region, including Thailand, Malaysia, Indonesia, Vietnam, Philippines, Singapore, Myanmar, and Cambodia, reached 14.7 million units in 2023, a 3.6% increase compared to the previous year.
The combination of fast-developing economies like Vietnam, Indonesia, Philippines, and the increase in average per capita income as well as foreign direct investment (FDI) are driving factors for the development of the Southeast Asia motorcycle market compared to other regions in the world.
Indonesia remains the largest motorcycle market in the region, with a growth rate of 20.1% compared to the previous year. Meanwhile, the Philippines, despite a 0.5% decrease in sales, still maintains its third position. Thailand, with a growth rate of 4.4%, ranks fourth, while Malaysia has experienced a decline of 4%.
In addition, Cambodia still maintains its growth rate but slower than before, with a 2.3% increase, while Myanmar and Singapore both recorded a decline.
Luân Võ (forum.autodaily.vn)
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