Scooters - Vietnam

Vietnam

In 2024, the projected revenue in the Scooters market in Vietnam is expected to reach US$1.28bn.
It is anticipated that the revenue will continue to grow annually at a rate of 2.45% from 2024 to 2028, resulting in a projected market volume of US$1.41bn by 2028.
The unit sales in the Scooters market are expected to reach 1.25m motorcyles in 2028.
The volume weighted average price of the Scooters market in Vietnam is expected to be US$1.09k in 2024.
From an international perspective, it is noteworthy that the highest revenue in the Scooters market is expected to be generated in India, amounting to US$9,782.00m in 2024.
Scooter sales in Vietnam have skyrocketed due to the country's congested roads and the rising demand for affordable and efficient transportation options.

Key regions: Brazil, Portugal, Indonesia, United States, Italy

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Analyst Opinion

The Scooters market in Vietnam has been experiencing significant growth in recent years. Customer preferences for scooters, along with several trends in the market, have contributed to this development. Additionally, local special circumstances and underlying macroeconomic factors have played a role in shaping the scooter market in Vietnam. Customer preferences in Vietnam have shifted towards scooters due to their affordability, fuel efficiency, and convenience. Scooters are more affordable compared to cars and motorcycles, making them a popular choice for many Vietnamese consumers. Additionally, scooters are known for their fuel efficiency, which is particularly important in a country where the cost of fuel is relatively high. Furthermore, scooters are compact and easy to maneuver in Vietnam's crowded urban areas, making them a convenient mode of transportation for daily commutes. One of the key trends in the scooter market in Vietnam is the increasing demand for electric scooters. As environmental awareness grows, more consumers are opting for electric scooters as a greener alternative to traditional petrol-powered scooters. The government has also introduced incentives and subsidies for electric vehicles, further driving the demand for electric scooters in the country. This trend is expected to continue as the government continues to prioritize sustainable transportation solutions. Another trend in the scooter market is the popularity of retro-styled scooters. These scooters, inspired by classic designs from the past, have gained a significant following among Vietnamese consumers. The retro aesthetic appeals to those who value style and nostalgia, and scooter manufacturers have capitalized on this trend by offering a wide range of retro-styled models. This trend reflects a global preference for vintage-inspired designs and is likely to continue in the coming years. Local special circumstances have also influenced the scooter market in Vietnam. The country's infrastructure, particularly in urban areas, is well-suited for scooters. The narrow streets and heavy traffic make scooters a practical choice for navigating through congested areas. Additionally, the lack of parking space in cities further encourages the use of scooters as they require less space compared to cars. Underlying macroeconomic factors have also contributed to the growth of the scooter market in Vietnam. The country's rising middle class and increasing disposable income have made scooters more affordable for a larger segment of the population. As more people can afford to purchase scooters, the demand for these vehicles has naturally increased. Furthermore, the government's efforts to improve the country's road infrastructure have made commuting by scooter safer and more convenient, further driving the market's growth. Overall, the scooter market in Vietnam is experiencing significant growth due to customer preferences for affordability, fuel efficiency, and convenience. The increasing demand for electric scooters and retro-styled models, along with the country's favorable infrastructure and underlying macroeconomic factors, have contributed to this development. As the market continues to evolve, it will be interesting to see how these trends and circumstances shape the future of the scooter industry in Vietnam.

Methodology

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.