Despite the sharp discounts, Vietnamese motorbike sales in Q1-2023 still plummets

24 Apr 2023

Unemployment and the increased number of one-time social insurance withdrawals cause the motorcycle market to fall into disrepair.

Bất chấp giảm giá mạnh, doanh số xe máy quý I/2023 tại Việt Nam vẫn "lao dốc" - 1

Recently, the Vietnam Association of Motorcycle Manufacturers (VAMM) has announced the sales volume of the first quarter of 2023. Accordingly, the total number of motorcycles sold by 5 major motorcycle manufacturers in Vietnam (including Honda, Yamaha, Suzuki, Piaggio, and SYM) reached 634,688 units.

This number decreased by 23.7% compared to the previous quarter (Q.IV-2022) and decreased by 15.78% compared to the same period in 2022. This is no surprise as the first quarter of 2023 coincides with the same period of 2022 after the Lunar New Year – usually this is the time of the year when consumers make the least purchases.

However, this sharp drop in sales is also a consequence of people’s tightening of spending amid concerns about the future. The state of labor reduction occurred in many large industrial parks, causing the number of workers to withdraw one-time social insurance premiums. This meager amount is also spent on essential needs instead of vehicles.

In the first quarter of 2023, the general selling price of motorcycles on the Vietnamese market also decreased compared to the previous quarter. Many famous models keep their prices but have been given unprecedented discounts by dealers/distributors. For example, Honda Vision is currently only 1-2 million VND difference from the listed price while Honda Vario 160, Honda Air Blade, Yamaha Exciter 150 … are all below the recommended level.

Bất chấp giảm giá mạnh, doanh số xe máy quý I/2023 tại Việt Nam vẫn "lao dốc" - 2

However, in the early 2023 market, manufacturers are still actively introducing new motorcycles, especially with the participation of more and more new motorcycle models. Piaggio added 2 new scooter models, Beverly and MP3, and updated the Vespa series with new colors. Meanwhile, Honda began distributing genuine Vario 160 and updated the 2023 version for a series of cubs and large displacement vehicles.

Besides, the first quarter of 2023 also witnessed the participation of many new electric motorcycle models such as Yamaha Neos, and the new EVGO series of electric scooters launched by Son Ha. Considered as a means of transport in the future, many consumers are now also considering buying electric motorbikes, this is the reason that many manufacturers in Vietnam participate in this product line.

The negative development of the economy and consumption make the rest of 2023 considered to be quite difficult for the motorcycle market. However, 2023 is expected to still be an exciting year with the entry of many new products, especially EVs.



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