In the first quarter of 2025, manufacturers under the Vietnam Association of Motorcycle Manufacturers (VAMM) sold 673,055 vehicles, an increase of 11.48% over the same period last year. This figure partly shows that the consumption habits of Vietnamese people are still leaning towards traditional motorbikes, especially due to their advantages in cost, repair ease and proven durability.
Among VAMM, Honda continues to dominate the market with more than 80% market share. Particularly in March, the company sold more than 202,000 new motorbikes in Vietnam. Along with that, data from the Statistical Office also shows that the domestic motorbike manufacturing industry retains the growth momentum, with a total of 728,100 vehicles produced in the first 3 months of the year, up 6.1% over the same period last year.
However, it is undeniable that the wave of electric vehicles is rising strongly, especially among young people - a group of consumers who are increasingly interested in technology and environmental factors. According to data from B-Company Market Research Company (Japan), the number of registered 2-wheeled electric vehicles in Vietnam has increased from 500,000 units in 2016 to more than 2.3 million units in 2023, with a compound growth rate of up to 24%/year. Forecasts show that electric vehicles can account for up to 75% of the total number of 2-wheeled vehicles by 2035 if supported with appropriate policies.
Faced with this trend, traditional motorbike manufacturers are also starting to change direction. Yamaha launched the neo's electric vehicle model but has not achieved a strong impact in the market, forcing dealers to deeply reduce selling prices.
Honda has taken a more methodical step with two electric vehicle models ICON e: and CUV e:, applying the form of battery rental and package rental. However, expanding the market share of electric vehicles is still a long and challenging journey for long-time manufacturers, especially when gasoline vehicles are still "living well" in the hearts of Vietnamese consumers.
