The Motorcycles market in Vietnam has been experiencing significant growth in recent years.
Customer preferences: Vietnamese consumers have shown a strong preference for motorcycles as their primary mode of transportation. This can be attributed to several factors such as the affordability and fuel efficiency of motorcycles compared to cars. Additionally, the compact size of motorcycles makes them well-suited for navigating the crowded streets of Vietnam's cities.
Trends in the market: One of the key trends in the Vietnamese motorcycles market is the increasing demand for electric motorcycles. As concerns about environmental sustainability and air pollution grow, more consumers are opting for electric vehicles, including motorcycles. The government's support for the development of electric vehicles through incentives and subsidies has also contributed to the growth of the electric motorcycles market in Vietnam. Another trend in the market is the rise of premium motorcycles. As disposable incomes increase in Vietnam, there is a growing segment of consumers who are willing to spend more on high-end motorcycles. This trend is driven by a desire for superior performance, advanced features, and a sense of prestige associated with owning premium motorcycles.
Local special circumstances: Vietnam's unique geography and infrastructure also play a role in shaping the motorcycles market. The country's vast network of narrow roads and alleyways makes motorcycles a practical choice for transportation. Moreover, motorcycles are often used for commercial purposes, such as food delivery or transportation services, further driving demand in the market.
Underlying macroeconomic factors: Several macroeconomic factors contribute to the growth of the motorcycles market in Vietnam. The country's strong economic growth has resulted in rising incomes and an expanding middle class, which in turn has increased consumer spending power. This has led to an increase in demand for motorcycles as a means of personal transportation. Furthermore, the government's efforts to improve infrastructure, particularly in rural areas, have made motorcycles more accessible to a larger population. As roads are built or upgraded, motorcycles become a more viable option for transportation in previously underserved areas. In conclusion, the motorcycles market in Vietnam is experiencing growth due to customer preferences for affordable and fuel-efficient transportation, the rise of electric motorcycles, the demand for premium motorcycles, the country's unique geography and infrastructure, as well as underlying macroeconomic factors such as rising incomes and improved infrastructure.
Data coverage:
Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.Additional Notes:
The market is updated once a year.
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