Vietnam motorcycle market growth
Vietnam's motorcycle market is very strong. With 3.3 million motorcycles purchased each year in Vietnam, the world's fourth largest motorcycle market continues to grow steadily. Each manufacturer is launching a new model in the Vietnamese market.
The Vietnam Motorcycle Manufacturers Association (VAMM) reports that 3,386,097 motorcycles were sold in 2018, an increase of 3.5% from 2017. In the first quarter of 2019, Honda, Yamaha, Suzuki, SYM and Piaggio half-marketed 753,934 units, of which Honda's sales accounted for 74.6%.
The companies that drive the growth of the Vietnamese motorcycle market are major overseas motorcycle manufacturers. In addition to the motorcycle brands mentioned above, brands such as the popular motorcycle brand KYMCO and Kawasaki, which is extremely popular with motorcycle lovers, are also driving the Vietnamese motorcycle market.
Introducing new Honda, Yamaha and Piaggio bikes
Honda released 17 models in 2019 (April 2018 to March 2019) alone. Honda has high expectations for the PCX Hybrid, Vietnam's first hybrid bike that utilizes hybrid technology.
Honda offers a wide variety of sports, touring, off-road, and large motorcycles. Honda has announced that it will launch 18 new models in 2020.
Yamaha Vietnam launched the men's scooter model Freego in mid-May and the Latte 125 cc for women in early June.
Italian bike maker Piaggio has introduced the Vespa Sprint S and Vespa Primavera to the market. In early June, we launched the high-end product Piaggio Liberty One iGet 125cc.
Honda, Yamaha and Piaggio invest in scooter bikes
The European Chamber of Commerce in Vietnam announced in early 2019:
"Vietnam had 56 million bikes in 2017 and 2.4 bikes for each family. More than 70% of Vietnamese chose bikes as their means of transportation and will remain the main mode of transportation for the next few years. Will be. "
According to VAMM statistics, the share of scooters sold in 2018 accounts for 50% of all bikes. Of the 2.56 million Honda motorcycles sold in 2018, 1.51 million were scooters.
Honda is not the only company that is focusing on manufacturing scooters, but Yamaha and Piaggio are also focusing on manufacturing high-end scooters.
Manufacturers are optimistic, although some analysts have warned that the market is saturated.
Piaggio Vietnam sees Vietnam as a strategic market in Asia and has an engine manufacturing plant and R & D center in the Asia-Pacific region in Vinh Phuc Province. Piaggio is looking to expand into the Indonesian, Thai, Malaysian, Philippine and Cambodian markets, centered on Vietnam.
Vietnam is not limited to motorcycles, but the automobile market is growing significantly.
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