30 C
Ho Chi Minh City
Monday, October 3, 2022

Motorbike sales fall for third straight year

By Le Hoang

Must read

HCMC – With nearly 2.5 million motorbikes sold in 2021, the local motorbike market continued to see declining sales for three consecutive years.

According to the latest data released by the Vietnam Association of Motorcycle Manufacturers (VAMM), its five members, comprising Honda Vietnam, Piaggio Vietnam, Suzuki Vietnam, SYM Vietnam and Yamaha Motor Vietnam, sold 2.492 million motorbikes last year, down over 220,200 vehicles or 8.1% against the 2020 figure.

Although this represents the sales of the five VAMM members, these brands have overwhelmingly dominated the local motorbike market for years.

The total sales of the local two-wheel industry inched down, but the market share of Honda continued its upward trend in Vietnam.

Data released by Honda Vietnam showed that its sales last year exceeded 1.99 million motorbikes, dipping 7% year-on-year, but its market share still improved 1 percentage point versus the same period in 2020 to reach 79.9%. The four remaining motorbike manufacturers accounted for some 20% of the market.

The local motorbike market reaching a saturation point and the extended Covid-19 pandemic were reportedly the reasons for the 8% decline in motorbike sales last year.

Experts forecast that motorbike sales in the local market would continue to reach around 2.5 million units this year.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles