The demand for motorbikes among Vietnamese people has decreased, manufacturers and distributors have not launched many new models to stimulate demand... causing motorbike sales in the whole market to continue to decline.
Similar to cars, the Vietnamese motorbike market has also just gone through a difficult first half of 2023 due to the impact of the economy . Inflation tends to increase, people tighten spending... causing the demand for motorbikes to also decrease.
Sales figures recently announced by the Vietnam Association of Motorcycle Manufacturers (VAMM) show that in the second quarter of 2023 (from April to June 2023), 5 members of VAMM including Honda, Yamaha, Suzuki, Piaggio, SYM sold a total of 588,926 motorbikes of all kinds to the market, down 45,762 vehicles, equivalent to 7.2% compared to the first quarter of 2023. This is the second consecutive quarter in 2023 that motorbike sales of VAMM members have decreased, and is also the quarter with the lowest sales in the past year.
In the first half of 2023, Vietnamese people bought a total of 1.224 million motorbikes of all kinds. This number does not include sales of non-genuine motorbike dealers as well as some motorbike brands such as Kawasaki, Harley-Davidson, KTM, Husqvarna, Ducati... Compared to the same period last year, motorbike consumption in Vietnam in the first quarter of 2023 was 185,390 lower, equivalent to about 13.1%.
This result shows that Vietnamese people are reducing their motorbike purchases . This is not too surprising and was almost predicted in advance, because since the first months of 2023, the difficult economic situation has affected many manufacturing and business sectors, including automobiles and motorbikes. People's tightening of spending, continuous fluctuations in gasoline prices... have caused the consumption of new motorbikes to decrease.
Vietnamese people are reducing their motorbike purchases.
Ba Hung
In addition, the fact that many consumers are switching to buying electric motorbike models, which are currently booming, has also somewhat affected the sales of traditional motorbikes using gasoline engines. In the first half of 2023, there were not many new motorbike models launched by manufacturers and distributors, most of which were just upgraded, improved, and updated with new colors. This has also somewhat reduced the excitement of the Vietnamese motorbike market in the first half of 2023.
Among the motorcycle brands currently being produced and sold in Vietnam, Honda continues to lead in terms of sales. According to information from Honda Vietnam , the company sold 484,473 motorcycles in the second quarter of 2023, down 0.7% compared to the same period last year. This result helped Honda account for 82.2% of the Vietnamese motorcycle market share.
Honda accounts for 82.2% of the Vietnamese motorbike market share.
Ba Hung
Declining purchasing power in the first half of 2023 puts the risk of increasing motorcycle inventory. In that context, motorcycle manufacturers and dealers are still trying to apply promotional and discount programs to stimulate demand.
However, with Vietnamese people reducing their motorbike purchases, sales of brands are unlikely to improve in the third quarter as the economy in general is still facing many difficulties.
Thanhnien.vn
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