The Vietnam Motorcycle Manufacturers Association (VAMM) has released its members’ sales performance for the second quarter of 2024 (Q2 2024). From April to June 2024, VAMM members sold a total of 603,127 units, reflecting a modest 2.41% increase compared to the same period last year. However, this quarter’s sales showed a slight dip compared to the first quarter of 2024 (Q1 2024).
Delving into the numbers, VAMM members sold 603,745 units in Q1 2024, outperforming Q2 2024 by 618 units.
As expected, Honda, the industry leader, maintained its dominant market position with an impressive 80% market share. During Q2 2024, Honda sold 475,630 units in Vietnam, marking a 1.8% decline year-on-year. Looking at June 2024 specifically, Honda sold 152,132 units, representing a 6.9% decrease month-on-month, yet a notable 13.7% increase year-on-year.
Focusing on Honda’s performance for the first half of 2024, the brand sold 957,885 units in Vietnam, indicating a 4.6% dip compared to the same period in 2023.
VAMM currently comprises five prominent members: Honda Vietnam, Yamaha Motor Vietnam, Suzuki Vietnam, Piaggio Vietnam, and SYM Vietnam.
The decline in motorcycle sales persists despite manufacturers’ ongoing promotional campaigns and discounts.
The statistical downturn highlights the Vietnamese motorcycle market’s ongoing struggle to rebound from the impacts of the Covid-19 pandemic fully. According to VAMM’s data, the market witnessed a significant drop in sales from 3,254,964 units in 2019 to 2,712,615 units in 2020, with a further decline to 2,492,372 units in 2021. A glimmer of recovery emerged in 2022, with sales reaching 3,003,160 units, but the market contracted again in 2023, falling to 2,516,212 units.
Over the last five years, the market has shown signs of saturation, with a downward trend in motorcycle purchases among Vietnamese consumers. However, the industry anticipates a potential boost in the third quarter and a more vibrant market as the year-end shopping season approaches.
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