Changing consumer awareness and habits are causing the demand for electric motorbikes to increase rapidly in recent times, especially in big cities like Hanoi and Ho Chi Minh City.
Demand for motorbikes in Vietnam is on the decline
According to a report by the Vietnam Association of Motorcycle Manufacturers (VAMM), the total demand for motorcycles over the past five years has been showing an increasingly clear downward trend. After two years of being affected by the COVID-19 pandemic, the demand for motorcycles in Vietnam has recovered very weakly due to the long-term disruption of the supply chain. However, the more noteworthy cause is the economic recession in the context of a saturated motorcycle market, causing the entire industry's sales to enter a faster decline cycle.
Statistics from 2003-2022 show that the market forms 5-year cycles in which growth trends appear in the first 1-2 cycles, after which the market gradually stagnates and declines. For example, the 2018-2022 period is showing a decrease in total demand compared to sales in the previous cycle, around 2016.
The decline is accelerating. According to VAMM, in 2022, motorcycle market sales will only reach about 3 million units, down 8% compared to 2019, the time before the outbreak. Actual figures in the motorcycle industry in January-February 2023 show that total demand may continue to plummet.
Electric motorbikes – a bright spot in the Vietnamese motorbike market
In the overall market picture, the positive point in the past 3 years is the appearance of electric motorbikes. Electric motorbikes are not a new concept. However, in previous years, electric motorbikes “disguised” as electric bicycles were mainly consumed in rural areas with low prices and quality.
The trend of using electric motorbikes has gradually become more evident in big cities, especially Hanoi and Ho Chi Minh City in recent years thanks to their convenience, economy and environmental friendliness. In particular, the increasing demand for electric motorbikes is also thanks to the appearance of domestic manufacturers with a methodical investment strategy, focusing on improving product quality and diversifying designs.
The electric motorbike market is growing thanks to the methodical investment efforts of brands like VinFast.
Currently, electric motorbike models with luxurious and fashionable designs such as Evo200, Feliz S, Vento S are suitable replacements for traditional vehicles due to the pressure of excessively high gasoline prices and environmental pollution due to emissions.
Along with that, it is undeniable that brands are trying to increase the operating distance of electric motorbikes. For example, VinFast has introduced to the market the LFP battery line with high durability and long operating range. Feliz S, Klara S, Vento S or Theon S can all travel up to 150 km/charge, and the highest is Evo200 with a maximum distance of 203 km/charge.
Electric motorbikes now have more conveniences, with the ability to connect to smartphones to easily read errors, check information remotely or update software. They are as easy to use as a phone, transparent with all information, motivating users to switch to electric motorbikes.
Using environmentally friendly and low-cost means of transport is an inevitable trend globally. Worldwide, the demand for electric motorbikes is forecast to increase in large cities due to traffic characteristics, short-distance travel habits and low costs.
For Vietnam, even though it is entering a market saturation cycle, total demand is forecast to remain above 2.7 million vehicles/year in the period 2023-2030. With high-quality products that meet user needs, this is an opportunity for electric motorbikes to gradually dominate the market, thereby creating green travel habits for everyone.
Source: https://vtc.vn/tiem-nang-lon-cua-thi-truong-xe-may-dien-tai-viet-nam-ar784350.html
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