Motorcycles - Vietnam

  • Vietnam
  • In 2024, the projected revenue in the Motorcycles market in Vietnam is expected to reach €5.01bn.
  • This market is forecasted to experience an annual growth rate (CAGR 2024-2029) of 1.25%, resulting in a projected market volume of €5.33bn by 2029.
  • The largest segment in this market is On-road Motorcycles, which is projected to have a market volume of €3.93bn in 2024.
  • Looking ahead, the unit sales of Motorcycles market in Vietnam are expected to reach 2.91m motorcyles by 2029.
  • The volume weighted average price of Motorcycles market in the country is predicted to be €1.74k in 2024.
  • With a motorcycle unit sales share of 74.8% in 2024, Honda Motorcycles is expected to have the highest market share in Vietnam.
  • Furthermore, the value market share of Honda Motorcycles in the country is projected to be 80.8% in 2024.
  • From an international perspective, it is notable that India is expected to generate the highest revenue in the Motorcycles market, with €29,780.00m in 2024.
  • Vietnam's motorcycle market is experiencing a surge in demand due to the country's rapid urbanization and growing middle class.

Key regions: Thailand, Italy, Indonesia, Spain, Germany

 
Mercado
 
Marca
 
Región
 
Comparación de regiones
 
Moneda
 

Analyst Opinion

The Motorcycles market in Vietnam has been experiencing significant growth in recent years.

Customer preferences:
Vietnamese consumers have shown a strong preference for motorcycles as their primary mode of transportation. This can be attributed to several factors such as the affordability and fuel efficiency of motorcycles compared to cars. Additionally, the compact size of motorcycles makes them well-suited for navigating the crowded streets of Vietnam's cities.

Trends in the market:
One of the key trends in the Vietnamese motorcycles market is the increasing demand for electric motorcycles. As concerns about environmental sustainability and air pollution grow, more consumers are opting for electric vehicles, including motorcycles. The government's support for the development of electric vehicles through incentives and subsidies has also contributed to the growth of the electric motorcycles market in Vietnam. Another trend in the market is the rise of premium motorcycles. As disposable incomes increase in Vietnam, there is a growing segment of consumers who are willing to spend more on high-end motorcycles. This trend is driven by a desire for superior performance, advanced features, and a sense of prestige associated with owning premium motorcycles.

Local special circumstances:
Vietnam's unique geography and infrastructure also play a role in shaping the motorcycles market. The country's vast network of narrow roads and alleyways makes motorcycles a practical choice for transportation. Moreover, motorcycles are often used for commercial purposes, such as food delivery or transportation services, further driving demand in the market.

Underlying macroeconomic factors:
Several macroeconomic factors contribute to the growth of the motorcycles market in Vietnam. The country's strong economic growth has resulted in rising incomes and an expanding middle class, which in turn has increased consumer spending power. This has led to an increase in demand for motorcycles as a means of personal transportation. Furthermore, the government's efforts to improve infrastructure, particularly in rural areas, have made motorcycles more accessible to a larger population. As roads are built or upgraded, motorcycles become a more viable option for transportation in previously underserved areas. In conclusion, the motorcycles market in Vietnam is experiencing growth due to customer preferences for affordable and fuel-efficient transportation, the rise of electric motorcycles, the demand for premium motorcycles, the country's unique geography and infrastructure, as well as underlying macroeconomic factors such as rising incomes and improved infrastructure.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.

Visión general

  • Unit Sales
  • Analyst Opinion
  • Revenue
  • Price
  • Global Comparison
  • Methodology
  • Key Market Indicators
Espere, por favor

Contacto

¿Alguna duda? Estaremos encantados de atenderte.
Statista Locations
Contacto Nerea Marcos
Nerea Marcos
Client Success Manager

Lu - vi, 9:30 - 17:00 h (CET)

Contacto Meredith Alda
Meredith Alda
Sales Manager– Contacto (Estados Unidos)

Lu - vi, 9:00 - 18:00 h (EST)

Contacto Yolanda Mega
Yolanda Mega
Operations Manager– Contacto (Asia)

Lu - vi, 9:00 - 17:00 h (SGT)

Contacto Ayana Mizuno
Ayana Mizuno
Junior Business Development Manager– Contacto (Asia)

Lu - vi, 10:00 - 18:00 h (JST)

Contacto Lodovica Biagi
Lodovica Biagi
Director of Operations– Contacto (Europa)

Lu - vi, 9:30 - 17:00 h (GMT)

Contacto Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contacto (América Latina)

Lu - vi, 9:00am-6:00pm (EST)