BizLIVE - Sales of motorcycles in Vietnam are still going up, driven by rising income, although many had forecast that the local market had encountered a point of saturation.
Motorbike Sales in Vietnam Still Grow despite Saturation Forecasts
Motorbikes are so popular in Vietnam that you can see them everywhere. Photo: Thanh Nien
The five members of the Vietnam Association of Motorcycle Manufacturers (VAMM) sold 845,600 vehicles in the third quarter this year, up 14% from the previous three months.
Honda, Yamaha, SYM, Piaggio and Suzuki are the five member of the association and also command nearly absolutely the Vietnamese market.
Accordingly, their sales reached 2.37 million in the nine months through September. If non-VAMM producers' sales and imported vehicles are included, the total number of motorcycles sold in the nine-month period would reach 2.4 million.
Honda still takes the lion’s share in Vietnam, controlling 68% of the market. Yamaha follow with 29% while SYM, Piaggio and Suzuki take the remaining 3%, according to VnEconomy.
In 2016, motorbike sales in Vietnam increased 9.5% year-on-year to 3.12 million. This was the second year in a row that enjoyed growth after the sales bottomed out in 2014.
Vietnam is the fourth-largest motorcycle market in the world, after China, India and Indonesia. According to the latest data, the number of motorbikes in Vietnam has already surpassed 45 million, 25% above the government’s plan. Every two Vietnamese people own one motorcycle.
Motorcycle is usually blamed for congestion, traffic accidents and pollution in Vietnam. Hanoi’s authority has said it will ban the use of motorbike in the inner city in 2030.