The Vietnamese motorbike market is quickly recovering from a period of decline, with 5.2 new two-wheelers sold every minute during the third quarter of 2024, according to the Vietnam Association of Motorcycle Manufacturers (VAMM).

A total of 686,001 new motorcycles were sold in Vietnam from July through September, VAMM said in a recent sales report discussing data collected from its five member brands – Honda, Piaggio, Suzuki, SYM, and Yamaha. 

On average, 7,456 new two-wheelers were sold every day, equivalent to 5.2 items every minute, in the Southeast Asian country.

With such strong consumption, motorbike sales in the third quarter of 2024 spiked 12.34 percent from the same period last year and 13.74 percent compared to the preceding quarter.

Such growth marks the recovery of the domestic motorbike market after a decline since the end of 2023, VAMM commented.

The current market growth is attributed to the success of effective sales promotion programs that offer price reductions and launch new models.

In addition, the increasing demand of parents to buy small motorbikes for teenagers to go to school has contributed to the boost in sales.

According to the General Statistics Office, Vietnam’s gross domestic product (GDP) in the third quarter rose 7.4 percent year on year, and final consumption also surged 7.02 percent.

The strong economic expansion has also stimulated the domestic consumption demand, including that for motorbikes.

Vietnam, along with Southeast Asia, has become one of the world's top motorcycle consumer markets, with 14.7 million two-wheelers sold across the ASEAN region last year, marking a 3.6 percent increase from 2022, according to MotorCycles Data, a website specializing in motorcycle market analysis.

Of this total, 2.78 million units were sold in Vietnam, making it the second-largest market in the region and the fourth-largest globally by sales volume.

For electric motorcycles alone, Vietnam ranks third globally.

For many years, Honda has maintained its position as the best-selling motorbike brand in the Vietnamese market, with 554,805 units sold in the third quarter, accounting for more than 80 percent of the VAMM’s total sales, the association reported.

Besides, the Vietnamese motorbike market has other popular brand names such as BMW Motorrad, Ducati, Harley-Davidson, Kawasaki, KTM, Royal Enfield, Triumph, Yadea, and Vietnam’s VinFast.

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