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The Vietnamese motorcycle market got off to a slow start in 2024. Photo by: Boi Ha. |
According to a report from the Vietnam Association of Motorcycle Manufacturers (VAMM), the total sales of its five members in the Vietnamese market reached 603,745 units in the first quarter, a 4.88% decrease compared to the same period last year.
It is worth noting that VAMM consists of five members, including Honda Vietnam, Piaggio Vietnam, Vietnam Suzuki, SYM Vietnam, and Yamaha Motor Vietnam.
VAMM’s report specified that the published data represents the total sales of all five members and does not include production figures or export quantities.
| Vietnamese Reduce Motorcycle Purchases in the First Quarter | ||||||
| Sales figures of VAMM’s five members in the Vietnamese market during 2023-2024 (Data source: VAMM) | ||||||
| Label | Q1/2023 | Q2/2023 | Q3/2023 | Q4/2023 | Q1/2024 | |
| Motorcycle Sales Volume | units | 634,688 | 588,926 | 610,635 | 681,963 | 603,745 |
With a total of 603,745 motorcycles sold in the first quarter, Vietnamese consumers purchased an average of approximately 6,634 new motorcycles per day. To break it down further, about 4.6 new motorcycles were sold every minute during the first three months of the year.
Meanwhile, according to individual reports from Honda Vietnam, their motorcycle business segment achieved sales of 482,255 units in Q1/2024. When compared to the figures published by VAMM, Honda’s motorcycle sales in the Vietnamese market accounted for nearly 80% of the total sales in the first quarter.
The report from the General Statistics Office showed that in the first quarter, the total domestic motorcycle output in Vietnam was estimated at 677,800 units, with approximately 215,200 vehicles completed in March. Compared to the output in Q1/2023, the number of domestically produced motorcycles in Vietnam during the initial period of the year decreased by more than 5%.
The challenges in the motorcycle market prompted the vehicle brands to adapt. Suzuki streamlined its motorcycle product range in the Vietnamese market, while Honda offered promotions for various models, in addition to exclusive dealer incentives. Yamaha, on the other hand, chose to explore a new segment with the introduction of the “recreational” Yamaha PG-1 model.
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