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Recently, the Association of Southeast Asian Nations (ASEAN Automotive Federation) has released a report on the car and motorcycle market in the region in 2023. This report tracks the consumption and production volume of cars in countries including Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
According to the report, Vietnam ranks second in motorcycle consumption in the region in 2023 with 2.5 million units, a 16.2% decrease compared to over 3 million units in 2022.
Indonesia tops the list in terms of motorcycle consumption with 6.2 million units, a strong increase of 19.4% compared to the previous year. Thailand follows Vietnam with over 1.8 million motorcycles in 2023, a 3.6% increase.
Source: ASEAN Automotive Federation
In this report, Philippines and Malaysia rank fourth and fifth, respectively, with over 1.5 million and over 541,000 motorcycles. Singapore has the lowest motorcycle consumption with 12,211 units in 2023, a slight increase of 1.6% compared to 2022.
Therefore, motorcycle consumption in Vietnam is equivalent to the combined consumption of Malaysia, Philippines, and Singapore, totaling nearly 7,000 motorcycles sold per day in the country.
In summary, the Southeast Asian region consumed more than 12.7 million motorcycles in 2023, a slight increase of 3.6% compared to 2022.
According to MotorCycles Data analysis, the average per capita income (GDP) and foreign direct investment (FDI) tend to increase despite the global economic fluctuations. These factors are the driving forces behind the continued growth of the motorcycle market compared to other regions around the world.
Vietnam is a country with a dominant number of motorcycles on the streets, which has driven the continuous development of the electric motorcycle industry. Electric motorcycle sales in Vietnam have increased by about 30% – 35% in recent years, making Vietnam the largest electric motorcycle market in ASEAN and the second largest globally, only after China.
The Vietnam Association of Motorcycle Manufacturers (VAMM) stated that currently, VAMM has 5 member units (including Honda, Piaggio, Suzuki, SYM, and Yamaha Motor Vietnam) providing about 100 models of motorcycles, including scooters, motorcycles, sports bikes, ranging from affordable to luxury bikes with prices ranging from tens of millions to over one billion VND per unit. With a wide range of products, VAMM members have been able to meet customer needs, providing consumers with many choices.
Among the VAMM members, Honda Vietnam currently holds over 80% of the motorcycle market share with the most diverse range of products, from domestic production to fully imported motorcycles. The other brands share the remaining market share.
In addition, the motorcycle market in Vietnam is also home to other commercial brands such as Kymco, Ducati, Kawasaki, BMW, Benelli, Harley Davidson, Triumph, Royal Enfield, Motorrad, Peugeot… The market also features electric motorcycle brands such as VinFast, Yadea, Dat Bike…
