Vietnam’s $10 Billion Motorcycle Market: A Thriving Industry
According to Motorcycles Data, a global motorcycle statistics website, Vietnam’s motorcycle market ended 2024 on a positive note, with sales reaching 2.9 million units, a 4.9% increase from the previous year. This growth momentum continued into early 2025, with a 4.9% year-over-year increase. As of February 2025, motorcycle sales in Vietnam reached 464,194 units, a 1.6% rise compared to the same period in 2024.
The report also indicates that most motorcycle segments in Vietnam witnessed positive growth in the first two months of 2025. Specifically, the scooter segment grew by 1.5%, while the motorcycle segment surged by 14.8%.
In the electric motorcycle market, the L1 segment (equivalent to motorcycles under 50cc) experienced significant growth, achieving a 52.9% increase.
According to projections by Research and Markets, the motorcycle market in Vietnam is expected to surpass the $10.2 billion mark by 2030, underscoring the industry’s immense appeal to domestic and international manufacturers.
Vietnam’s motorcycle market in early 2025 showed positive signs in sales, largely driven by the electric motorcycle segment.
Electric Motorcycles: Catalyzing the Entire Motorcycle Industry
While gasoline-powered brands maintain their dominance, the electric motorcycle market is witnessing a shift in consumer demand and trends. Many imported brands that relied on informal channels have seen their market share shrink, making way for reputable manufacturers with local production facilities in Vietnam.
Motorcycles Data attributes the overall growth of Vietnam’s motorcycle industry in early 2025 to the surge in the electric motorcycle segment. In 2024, VinFast witnessed a remarkable 148% increase. In the first quarter of 2025, VinFast’s electric motorcycle and e-scooter sales soared by 473% year-over-year, solidifying its position above other brands in the market, including Pega, Yadea, and Dibao.
With rising gasoline prices and increasing environmental concerns among consumers, electric motorcycle sales in Vietnam are predicted to surge. The Institute for Strategic and Trade Policy Research cites data from Vero IQ, a brand communication consulting firm, showing a 71% annual growth rate in consumer searches for electric motorcycles. This indicates a growing preference for electric vehicles as a more environmentally friendly option among Vietnamese consumers.
On November 3, 2018, VinFast inaugurated its Smart Electric Motorcycle Manufacturing Factory and launched its first product line, the VinFast Klara. The company also introduced a comprehensive ecosystem for electric vehicles, adhering to international standards.
Within a short period, VinFast’s products gained widespread acceptance, propelling the Vietnamese brand to a market share of 43.4% in 2020. Just two years later, VinFast’s market share surged to 71%.
Electric motorcycles are off to a strong start in 2025, showing positive sales signals.
In 2022, VinFast’s revenue soared thanks to the robust performance in the electric motorcycle segment. During the first nine months of the year, VinFast’s electric motorcycle sales grew by 33.2% year-over-year, averaging 15,000 units per month, even as the motorcycle market recovered slowly from the pandemic. In August 2022, the Evo200 electric motorcycle model achieved 18,000 bookings within 48 hours, equivalent to approximately 40% of the sales of the best-selling gasoline model in the common scooter segment. This quickly stirred up the two-wheeler market in Vietnam at that time.
According to VinFast’s report, in the second quarter of 2023, the company sold 10,182 two-wheeled electric vehicles, a 4% increase from the first quarter (9,757 units).
In the third quarter of 2023, VinFast recorded sales of 28,220 electric motorcycles, a 177% increase from the second quarter of 2023 and a 113% increase from the third quarter of 2022. In the first quarter of 2024, VinFast delivered 6,632 electric motorcycles. This demonstrates VinFast’s consistent market leadership as an electric motorcycle brand with strong competitive advantages.
Alongside VinFast, other brands are also contributing to the diversity and growth of the electric motorcycle market. Dat Bike, a Vietnamese startup, aims to open more than 50 stores in 2025, mainly in the North, offering the Quantum S-Series model catering to both students and working professionals.
“V-Green Expands its Reach: Collaborating with 4 Partners to Install 63,000 VinFast Charging Ports Across Indonesia with a $300 Million Investment.”
“The event underscores VinFast’s determination to expand its electric vehicle ecosystem in the Southeast Asian region and cements the credibility and appeal of V-GREEN among leading names in the green transportation industry.”
The Billionaire’s Electric Dream: Unveiling VinFast’s $250 Million Automotive Revolution
The project is slated to commence operations and ramp up production in Q3 2025, with full-scale manufacturing expected to begin in Q4 2025.
“Sealing the Deal”: Vinfast Targets the Massive 285 Million Population Market.
VinFast is committed to expanding its electric vehicle ecosystem in the Southeast Asian region, and this latest development further emphasizes that determination.
A Venerable Vietnamese Conglomerate Tackles a Crucial Component for VinFast: A Complex Challenge Unveiled.
The accessory that VinFast includes sets it apart from the conventional car offerings.
Vingroup’s Revenue Reaches 84,053 Billion VND in Q1/2025, Surging by 287%
Vingroup Group (HOSE: VIC) has announced its consolidated financial statements for the first quarter of 2025, reporting impressive results with a 287% surge in revenue to VND 84,053 billion and a 68% increase in after-tax profit to VND 2,243 billion compared to the same period last year.
