VN’s motorcycle market ranks 4th despite H1 sales decline
Viet Nam’s motorcycle market saw a year-on-year slump of 5.3 per cent with nearly 1.5 million sales in the first half of this year, according to motorcyclesdata.com which tracks motorcycle sales all around the world.
Honda, which tops the market, remained stable, while all other manufacturers saw a decline in sales, with Yamaha down 20 per cent. The new local producer, VinFast, was welcomed by the market, according to the website.
Despite the six-month sale reduction, Viet Nam maintained its position as the world’s 4th largest motorcycle market, with more than three million vehicles sold each year. It remains a manufacturing cluster involving top brands, such as Japan’s Honda, Suzuki and Yamaha, Taiwanese SYM and the Italian Piaggio. These brands account for over 97% of the market share.
According to the website, the outlook for the local market in 2019 is still positive, considering the economy will maintain momentum and experts foresee a growth between 3 and 5 per cent.
In 2018, the domestic market hit an eight-year high in sales, with 3.38 million bikes (including both local producers and imported vehicles). With the positive figure, Viet Nam stands behind India, China and Indonesia in terms of motorbike sales.
According to insiders, the Vietnamese motorcycle market is considered to be very saturated but still has potential. The market has clearly polarised into separate affordable and high-end segments as many people now see their vehicles as more than just a means of transport.