Vietnamese people reduce buying motorbikes

In the context of declining purchasing power, the price level of motorbikes on the market is also at a very low level.

This is the sales data of 5 brands belonging to the Vietnam Association of Motorcycle Manufacturers (VAMM), including Honda, Yamaha, Piaggio, SYM and Suzuki. Notably, VAMM members currently hold almost the entire capacity of the Vietnamese motorcycle market, the remaining small number belongs to imported brands or have very small production.

VAMM's latest report also said that in the second quarter of 2023 alone, the number of motorbikes sold by member companies reached 634,688 units, down 10.15% over the same period last year.

Honda continues to dominate the rest. Information shared by Honda Vietnam shows that this car company sold 484,473 motorbikes in the second quarter of 2023, a very slight decrease of 0.7% compared to the same period last year.

Thus, Honda is taking up over 82.2% of the market share. At the same time, with Honda's very slight decline, it can be seen that the deep decline in the general market mainly belongs to other brands.

In the context of declining purchasing power, the price level of motorbikes on the market is also at a very low level.

A survey of distributors in Hanoi shows that the actual retail prices of most motorbikes are below the manufacturers’ recommended prices. Popular motorbikes and scooters are being priced 15-20% lower than the listed prices.

Even the retail prices of some scooter models that used to be high, such as Honda Vision, SH Mode, SH or Yamaha Grande, are now being reduced by dealers. Except for some versions using ABS anti-lock braking system, which are still priced higher than suggested due to the lack of chip supply by car manufacturers, other types of vehicles are being significantly discounted.

According to the forecast of representatives of some large motorbike dealers, the market situation in the second half of this year will still have many difficulties due to the increasingly exhausted shopping demand of consumers, in addition to the negative impacts from the general difficult situation of the economy .

Source: Traffic Newspaper

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