Southeast Asia continues to affirm its position as a large and potential motorcycle market for manufacturers when vehicle consumption increased by 6.4% in the first 9 months of 2022. In which, Vietnam ranked 2nd in terms of motorcycle consumption with the advantage belonging to Honda.

According to the world motorcycle market statistics site MotorCycles Data, the number of motorcycles consumed in the first nine months of 2022 in Southeast Asia reached 8.8 million units, up 6.4% over the same period in 2021. Particularly in the third quarter of 2022, motorbike consumption here increased by 28.7%. This result shows that the Southeast Asian motorcycle market continues to recover strongly, despite being affected by the crisis of shortage of production components as well as the unpredictable fluctuations of the global economy after the Covid-19 pandemic.

Statistics are compiled by MotorCycles Data from the number of motorcycles sold in Thailand, Malaysia, Indonesia, Vietnam, Philippines, Singapore, and Cambodia. Despite the lack of sales data from Myanmar, Laos, and Brunei, the Southeast Asian market still accounts for 25% of the global motorcycle market share.

Accordingly, Vietnam ranked second with 2.172 million motorbikes sold to users in the first nine months of 2022, up 16.2% over the same period in 2021. This statistic does not include the number of cars of imported brands sold to the Vietnamese market. On average, Vietnamese buy more than 8,000 new motorbikes every day. Particularly in the third quarter of 2022, the number of motorbikes consumed in Vietnam increased by 207% (equivalent to nearly 400 thousand vehicles) compared to the same period in 2021, reaching 762,154 units. This is considered the highest sales quarter since the beginning of 2022. Motorcycle purchasing power continued to recover as well as the supply of production components, and increased output of major manufacturers have contributed to boosting motorcycle sales in Vietnam.

Meanwhile, Indonesia is still the largest motorcycle market in Southeast Asia with a 5.2% increase in consumption compared to the same period in 2021. The Philippines rose to third place with a 9.6% increase in motorcycle consumption. Thailand ranked 4th with sales of motorbikes increasing by 11.3%. Malaysia is predicted to reach a new record with car sales in the first nine months of 2022, increasing by 57.3%.

According to MotorCycles Data, these results are due to the development of the economy, the increased per capita income, as well as the rising FDI, creating a driving force to incentivize Southeast Asia’s growth compared to other regions in the world. The rapidly growing middle class in ASEAN countries is driving domestic consumption and increasing demand for products and services. As a result, the motorcycle market has many opportunities for development.

The Southeast Asian motorcycle market peaked in 2019 with more than 15 million units sold, accounting for nearly 25% of global motorcycle sales. Unfortunately, it then dropped sharply in 2020 due to Covid-19. From the second half of 2021, the motorcycle manufacturing and trading industry in Southeast Asia begins to recover, contributing to increasing motorcycle sales.

Source: otoxemay.vn