Today: 14/12/2019 20:47:59 (GMT+7)

Vietnam motorcycle market ranks 4th in world

Vietnam maintained its position as the world’s 4th largest motorcycle market despite a double-digit drop in June sale, according to which tracks motorcycle sales all around the world.

It cited figures of the Vietnamese transport ministry that showed 224.337 units were sold in June, down a deep 10.7 percent.

Vietnam’s motorcycle market saw a year-on-year slump of 5.3 percent in the first half of this year with nearly 1.5 million units sold.

Vietnam motorcycle market, 4th rannking, world market, new local producer, high-end segments

A man takes a photo of a Honda motorcycle at a recent expo.

Honda, which tops the market, remained stable, while all other manufacturers saw a decline in sales, with Yamaha down 20 percent. The new local producer, VinFast, was welcomed by the market, according to the website.

Vietnam remains a manufacturing cluster involving top brands, such as Japan’s Honda, Suzuki and Yamaha, Taiwanese SYM and the Italian Piaggio. These brands account for over 97 percent of the market share.

The website said the outlook for the local market in 2019 is still positive, considering the economy will maintain momentum and experts foresee a growth between 3 and 5 percent.

In 2018, the domestic market hit an eight-year high in sales, with 3.38 million bikes (including both local producers and imported vehicles). With the positive figure, Vietnam stands behind India, China and Indonesia in terms of motorbike sales.

According to insiders, the Vietnamese motorcycle market is considered to be very saturated but still has potential. The market has clearly polarised into separate affordable and high-end segments as many people now see their vehicles as more than just a means of transport.

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Source: VNA

Vietnam motorcycle market, 4th rannking, world market, new local producer, high-end segments
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