The Vietnam Association of Motorcycle Manufacturers (VAMM) has said its members sold 367,037 motorbikes in the third quarter of 2021, a year-on-year drop of 45.84%.
The VAMM members, namely Honda, Piaggio, Suzuki, SYM, and Yamaha, are manufacturing and distributing about 100 models of motorcycles.
Notably, Honda Vietnam is making up nearly 81% of the sector’s market share with the most diverse range of products.
Experts said that, after growing by nearly 30% in the second quarter, the motorbike sales fell sharply in the third quarter due to the complicated developments of COVID-19.
They noted that the Vietnamese motorcycle market has gone through a difficult period similar to what happened to the auto market.
To stimulate market demand, businesses are giving incentives and running promotion programmes, especially the peak shopping period at the end of the year is approaching.
Many motorbike manufacturers have promptly launched a series of new motorbike models right after the social distancing orders in many provinces and cities were relaxed in recent weeks.
Experts predicted that the motorcycle market will recover in the fourth quarter of 2021 - when the peak shopping demand of the year begins, and the COVID-19 pandemic is gradually under control.