According to statistics from Motorcycles Data, motorcycle sales in Vietnam reached 2.35 million units as of October, a slight increase of 1.9% compared to the same period last year.
Motorcycles Data also revealed that the Vietnamese motorcycle market is growing across all segments. Specifically, the scooter segment grew by 1.8%, while the motorcycle segment increased by 13%.
However, unlike traditional internal combustion engine motorcycles, the electric motorcycle segment is facing challenges. For L1 category (equivalent to gasoline engines below 50cc), growth was only 0.4%. Meanwhile, the L3 category (equivalent to 50cc and above) decreased by 13.1%.
In terms of brands, Motorcycles Data did not provide detailed figures but mentioned that Honda and Yamaha remain the top two motorcycle brands in Vietnam, both achieving growth in their business performance, at 2.7% and 6.9%, respectively.
The following positions are held by electric motorcycle brands, with Pega gaining 2.3% and Yadea from China experiencing a significant increase of 24.5% compared to the previous year.
On the other hand, the domestic electric motorcycle brand, VinFast, saw a sharp decline of 56.8% compared to the previous year. Nonetheless, according to Motorcycles Data, Vietnam remains the third largest market in the world for electric motorcycles.
Data from the Vietnam Association of Motorcycle Manufacturers (VAMM) indicates that the Vietnamese motorcycle market started to recover in Q3, with a growth rate of 13.74% compared to the previous quarter and 12.34% over the same period in 2023.
The Vietnamese motorcycle market witnessed a recovery in the second half of 2024 due to the efforts of manufacturers, who offered various incentives and introduced new models to stimulate consumer demand.
This growth trend is expected to continue in Q4/2024, as it is the peak shopping season towards the end of the year. In addition to promotional programs, manufacturers are also continuously introducing new models to the market, providing a wider range of options for customers.
In early October, Yamaha released an updated version of the Janus scooter, featuring a refreshed design and additional new features to attract customers. The price of the new version also increased slightly by VND 500,000 compared to its predecessor, ranging from VND 29,15 million to VND 33,38 million depending on the variant.
Similarly, Honda launched the 2025 updates for the SH 350i and Vision models. Notably, the new version of the “national scooter” Honda Vision received new colors and graphics, while the specifications and engine remained unchanged. The 2025 Vision is priced between VND 31.31 million and VND 36.61 million.
The most noticeable change in the Honda Vision 2025 is the new color for the Special version and the new decal for the Sports version.
Additionally, Honda also introduced the electric motorcycle model, Honda ICON e:, at the VMS 2024 exhibition. This model will be available for purchase in the Vietnamese market in early next year.
Notably, Honda revealed that the ICON e: will be priced below VND 30 million. With its competitive pricing and youthful design targeting students, the Honda ICON e: is expected to bring a new wave of excitement to the electric motorcycle segment in Vietnam in the future.
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