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Tuesday, August 3, 2021

Motorbike sales plunge in Q2

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HCMC – Five members of the Vietnam Association of Motorcycle Manufacturers (VAMM), including Honda Vietnam, Piaggio Vietnam, Suzuki Vietnam, SYM Vietnam and Yamaha Motor Vietnam, sold over 518,000 motorbikes in the second quarter of this year, both dipping over 31% quarter-on-quarter and 30.77% versus the same period last year.

Of the five VAMM members, Honda Vietnam still holds the lion’s share of 80% even though its sales in the second quarter inched down 32% over last year’s figure to reach some 417,000 motorbikes, excluding exported units.

Moreover, the leading manufacturer in the local two-wheeler industry sold some 61,700 motorbikes in April, dropping a massive 61% month-on-month and a sharp 72% compared to the same period last year. Its sales in June tumbled 32% versus the figure in 2019.

In the first quarter of the year, the five VAMM members sold more than 731,000 motorbikes.

Overall, the total sales of the VAMM members during the first half of the year reached some 1.25 million motorbikes, lower than the year-ago figure of 1.5 million units.

The local motorbike market has reached a saturation point over the past few years, and the impact of the coronavirus pandemic has brought about more difficulties for motorbike traders and manufacturers.

Further, consumers switching to eco-friendly electric motorbikes and cars have slashed motorbike sales, which urged the introduction of many demand stimulus policies to help the industry recover during the rest of the year.

Experts in the field forecast that the motorbike market has been saturated and would have to share its market segment with other kinds of vehicles such as cars, electric motorbikes or public transportation.

By Le Hoang

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