The motorbike market continues to slump

11 Sep 2023

The difficult economic situation has had a significant impact on many industries, including the automobile and motorbike sector. If around this time last year, consumption increased and the motorbike market was vibrant, this year sales will continue to plummet. While this time last year, consumption was on the rise and the motorbike market was buzzing, this year, sales continue to plummet.

Thị trường xe máy tiếp tục giảm sâu - Ảnh 1.

The challenging economic conditions have led people to tighten their belts, cut back on spending, and with fluctuating fuel prices, which is one of the causes of the decreased demand for new motorbikes. However, it must be acknowledged that the insufficiency of new models to draw attention from customers has contributed to the gloom of the 2-wheeler market.

Furthermore, investing in developing resources for the electric vehicle market following the trend of shifting to using environmentally friendly vehicles has somewhat affected the purchasing power in the gasoline-powered motorbike market. Concurrently, the plan to limit the number of motorbikes operating in major cities and expand public transportation services has made customers consider carefully before buying a new motorbike.

By the end of the second quarter of 2023, the motorbike market has sharply declined in sales compared to the same period last year, despite car manufacturers and dealers trying to launch extensive incentives and promotions over the past few months.

Thị trường xe máy tiếp tục giảm sâu - Ảnh 2.

According to the latest report of the Vietnam Association of Motorcycle Manufacturers (VAMM), the total sales volume of the association’s members in Q2 of 2023 is 588,926 units, which decreases more than 7% compared to Q1 (634,688 units sold).

In the first six months of 2023 (including Q1 and Q2), the total number of motorbikes sold in the Vietnamese market by VAMM members (including Honda, Yamaha, Suzuki, Piaggio, SYM) amounted to nearly 1.224 million units, dropped by 13.1% compared to the same period of the previous year (1,409,004 units).

VAMM does not public monthly sales figures, but according to Motorcycles, a global motorbike data specialist website, in July 2023, the total motorbike sales in Vietnam reached only 176,729 units, which decreased by 28.8%.

In the cumulative total of the first seven months of 2023, the total sales of new motorbikes in Vietnam reached 1.56 million units, a substantial 14.4% decrease compared to the same period last year.

At Honda, Yamaha, and other major dealers in big cities, there’s a noticeable trend of reducing prices across various motorbike models, from popular to premium, in an effort to attract buyers.

Not only do dealers apply direct discounts, but the manufacturers themselves also launch many great promotions to stimulate consumer demand. However, the business situation has yet to show signs of improvement.

Motorcycles Data believes that the motorcycle market is entering a crisis period with consecutive drops in sales since the beginning of the year. This can be considered the largest sales decline in the past few years. In 2021, before the impact of the Covid-19 pandemic, the market was almost frozen but there were still predictions of a potential recovery.

However, given the current declining trend, there are no promising signs yet for a comeback.

With the current supply exceeding demand and a high inventory of motorbikes, it remains uncertain whether motorbike prices on the market will continue to drop even further in the near future.



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