The Vietnamese motorbike market consumed a total of 3,003,000 vehicles in 2022, up over 20.5 percent from the previous year, statistics from the Vietnam Association of Motorcycle Manufacturers (VAMM) showed.
In the last five years, motorcycle sales in Vietnam have been hovering around three million, with 2018 reaching the highest at 3,386,000 vehicles and 2021 falling to 2,492,000 due to COVID-19.
The 2022 figure means around 8,200 motorbikes were bought daily in Vietnam last year.
It is compiled from reports from brands under VAMM, including Honda, Yamaha, Piaggio, Suzuki, and SYM.
Honda held about 80 percent of the market share.
A leader of a motorcycle manufacturer in Vietnam said the market has not yet fallen into saturation; however, sales figures in recent years have showed three million is probably a difficult record to break.
In 2022, the Vietnamese market welcomed about 30 new motorbike models, including first-timers and upgraded, updated versions of existing models.
|Honda's Vision is currently the best-selling scooter in Vietnam. Photo: Nam Phong / Tuoi Tre
In addition, the market also received about 20 models of large displacement motorcycles.
Despite the strong growth compared to 2020 and 2021, the Vietnamese motorbike market had a difficult time last year because of disruptions to the global supply chain.
In the peak months of June and July, supply shortage pushed the prices of some models much higher than those announced by manufacturers.
The electric motorcycle market also had an exciting year with new products from Vietnamese brands, including VinFast launching five upgraded versions for its existing models and Dat Bike releasing two new products.
Japanese Yamaha joined with its Neo’s but did not set high expectations for sales.
Late 2022, Honda introduced three of its electric motorbike models at a private event to test the waters.