Vietnam Two Wheeler Market to be dominated by Motorcycles through 2027
Rise in trend of customization and entry of foreign market
players are driving the growth of Vietnam two wheeler market in the forecast
period, 2023-2027.
According
to TechSci Research report, “Vietnam Two Wheeler Market By Propulsion Type
(ICE, Electric), By Vehicle Type (Scooter/Moped, Motorcycle), By Region,
Competition Forecast & Opportunities, 2027”,
the Vietnam two wheeler market is anticipated to grow at a rate of steady CAGR in
the forecast period, 2023-2027. The demand for motorcycles for recreational and
business activities and the growing availability of affordable two wheeler
models are the major driving factors for the Vietnam two wheeler market.
Improvement in the two wheeler vehicles by investing in innovative solutions
for better mileage and larger fuel tank and low maintenance costs than four
wheeler vehicles are creating lucrative opportunities for the Vietnam
Two-Wheeler market growth in the forecast period. Consumers prefer two wheelers
as they are easy to drive through dense traffic conditions, and the high demand
for two wheelers for different sports activities such as long-distance
traveling, daily commuting, racing, cruising, and other adventure activities
are bolstering the market demand. The high demand for scooters among working
women and the launch of two wheelers suitable for driving by women are paving
the way for market growth. The government is making high-end investments in the
country's infrastructure development and transportation sector to make the road
suitable for traveling, and other purposes are fueling the adoption of two
wheelers among consumers.
However,
expanding car ownership in the country and the inability of two-wheelers to
accommodate urban modernity may restrain the Vietnam two wheeler market growth
for the forecast period.
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Two Wheeler Market"
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The
Vietnam two wheeler market is divided into propulsion, vehicle type, company, and
regional distribution.
On the basis of propulsion, the Vietnam
two wheeler market is divided into ICE and electric. The ICE propulsion is
expected to hold the largest market share in the forecast period, 2023-2027.
The presence of a large number of vehicles running on ICE propulsion is high
and has made the prominent companies capture the largest market share.
Integration of safety and advanced features in two wheelers running on ICE
propulsion engines and growing consumer purchasing capacity is driving the
market demand in Vietnam. As ICE propulsion-based two wheelers release
greenhouse emissions and the rising pollution levels in Vietnam, the government
is promoting the adoption of zero-emission vehicles running on electricity and
alternate energy sources. Strict emission norms and the introduction of
electric two wheeler vehicle variants by market players are expected to attract
a large number of customers.
On the basis of vehicle type, the
Vietnam two wheeler market is divided into scooter/moped and motorcycle. The
motorcycle segment is dominating the market and is expected to maintain its
dominance throughout the forecast period. Improvement in living standards,
growing disposable income of consumers, and rise in the young population in the
country are driving the demand for motorcycles. People prefer to invest in
private vehicles rather than using public transportation services for daily
commuting purposes fueling the demand for motorbikes. The surge in sports bike
users the launch of an advanced version of motorbikes are expected to
accelerate the market demand in the forecast period. Technological advancements
in the manufacturing process, designing motorbikes, and the growing integration
of safety features and advanced driver assistance systems to provide a
comfortable and safe driving experience to consumers influence market demand.
Several manufacturers are investing in manufacturing bikes that run on
environment-friendly technology such as solar energy, and electricity is
expected to pave the way for market growth.
Major players operating in Vietnam two
wheeler market are:
- Pega
- VinFast
- Truong Hai Auto Corporation (THACO)
- Honda
- Yamaha
- Suzuki
- Piaggio
- SYM
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“The flourishing e-commerce industry and
last-mile delivery services support the demand for the two-wheeler market in
the country as they offer quick doorstep delivery to consumers. Stringent
emission norms and regulations to lower greenhouse gas emissions boost the
introduction of electric two wheelers in the Vietnamese market. The rise in use
of motorcycles as a more convenient mode of transportation than using public
transport for daily commuting purposes, rapid urbanization, and wide usage in
business avenues are expected to propel the Vietnam two wheeler market growth
till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Vietnam Two Wheeler
Market By Propulsion Type (ICE, Electric), By Vehicle Type (Scooter/Moped,
Motorcycle), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of Vietnam two wheeler and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Vietnam two wheeler market.
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