Vietnam: Motorcycle And Bicycle Market 2024

Motorcycle And Bicycle Market Size in Vietnam

In 2021, after three years of growth, there was significant decline in the Vietnamese motorcycle and bicycle market, when its value decreased by -10.5% to $X. In general, consumption, however, showed a buoyant increase. Motorcycle and bicycle consumption peaked at $X in 2020, and then contracted in the following year.

Motorcycle And Bicycle Production in Vietnam

In value terms, motorcycle and bicycle production declined modestly to $X in 2021 estimated in export price. Overall, production, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 107% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then fell modestly in the following year.

Motorcycle And Bicycle Exports

Exports from Vietnam

In 2021, shipments abroad of motorcycles and bicycles increased by 81% to X units, rising for the second consecutive year after two years of decline. In general, exports saw prominent growth. The most prominent rate of growth was recorded in 2013 with an increase of 83%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, motorcycle and bicycle exports soared to $X in 2021. Over the period under review, exports recorded significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 94% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

Myanmar (X units) was the main destination for motorcycle and bicycle exports from Vietnam, accounting for a 134% share of total exports. Moreover, motorcycle and bicycle exports to Myanmar exceeded the volume sent to the second major destination, the Netherlands (X units), more than tenfold. The United States (X units) ranked third in terms of total exports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Myanmar amounted to +108.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+88.4% per year) and the United States (+47.2% per year).

In value terms, Myanmar ($X) emerged as the key foreign market for motorcycles and bicycles exports from Vietnam, comprising 51% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 2.3% share of total exports. It was followed by the United States, with a 1.5% share.

From 2012 to 2021, the average annual growth rate of value to Myanmar amounted to +116.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+103.8% per year) and the United States (+45.9% per year).

Export Prices by Country

The average motorcycle and bicycle export price stood at $X per unit in 2021, reducing by -26.6% against the previous year. In general, the export price, however, showed a strong increase. The pace of growth appeared the most rapid in 2014 when the average export price increased by 114% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2020, and then contracted dramatically in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+27.8%), while the prices for the other major destinations experienced more modest paces of growth.

Motorcycle And Bicycle Imports

Imports into Vietnam

In 2021, imports of motorcycles and bicycles into Vietnam expanded modestly to X units, increasing by 4.9% compared with the year before. In general, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 130%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, motorcycle and bicycle imports shrank to $X in 2021. Overall, imports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of 211% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of motorcycle and bicycle to Vietnam, accounting for a 75% share of total imports. Moreover, motorcycle and bicycle imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +27.8%.

In value terms, Indonesia ($X) constituted the largest supplier of motorcycles and bicycles to Vietnam, comprising 78% of total imports. The second position in the ranking was taken by China ($X), with a 38% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia amounted to +113.9%.

Import Prices by Country

In 2021, the average motorcycle and bicycle import price amounted to $X per unit, with a decrease of -14.4% against the previous year. In general, the import price showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 an increase of 108%. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+24.6%).

Source: IndexBox Platform

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