Vietnam Two Wheelers Market Overview, 2030

The robust growth of Vietnam's two-wheeler market is propelled by several key drivers. Primarily, two-wheelers are indispensable for millions of Vietnamese, serving as the primary mode of transport due to their affordability, maneuverability in congested urban settings, and fuel efficiency. Rapid urbanization coupled with rising disposable incomes is further fueling demand, as more individuals seek personal transportation. Additionally, manufacturers are contributing to growth through product diversification and innovative promotional strategies, catering to evolving consumer preferences. Advancements in battery technology, leading to improved efficiency, extended range, and faster charging times, are also making E2Ws increasingly practical and appealing. Particularly that incorporating advanced battery technology can be a barrier for some consumers, despite lower operating costs. The sheer volume of two-wheelers also exacerbates urban congestion and raises environmental concerns regarding air pollution from ICE vehicles, prompting increased regulatory scrutiny and a push for cleaner alternatives. The Vietnamese two-wheeler market is poised for continued expansion, with a significant shift towards electric models. Experts project that with supportive policies, electric motorbikes could account for a large majority of the Vietnamese market in the next decade, positioning Vietnam as a regional leader in sustainable two-wheeler transport. The market for two-wheeler tires, a crucial indicator, is expected to see substantial growth over the next several years. The government's ambitious targets, which include phasing out the production, assembly, and import of fossil fuel-powered two-wheelers for domestic use within a couple of decades and aiming for all motorized road vehicles to be electric by mid-century, underscore a transformative future. This strong policy framework, combined with ongoing investments in charging infrastructure and research and development by both international and local manufacturers, indicates a decisive move towards a greener and more sustainable two-wheeler landscape in Vietnam.

According to the research report ""Vietnam Two Wheeler Market Overview, 2030,"" published by Bonafide Research, the Vietnam Two Wheeler market is anticipated to grow at more than 6.29% CAGR from 2025 to 2030. As more Vietnamese move to cities and their incomes rise, the demand for personal transportation surges. Two-wheelers, being agile and efficient in dense urban environments, become the preferred choice, signifying improved living standards and facilitating mobility. Closely linked is the inherent affordability and convenience of two-wheelers. Their lower purchase price compared to cars, coupled with economical running costs, makes them highly accessible. Their compact size allows for easy navigation through traffic and parking in limited spaces, solidifying their role in daily Vietnamese life. Furthermore, increasing disposable incomes across the population enable consumers to upgrade existing vehicles, purchase additional two-wheelers for family members, or invest in higher-end models, including electric variants, sustaining market demand. The development of ride hailing and delivery services has created a significant demand segment, with countless individuals acquiring two-wheelers for commercial operations, further embedding them as indispensable for urban logistics and mobility. Amidst these constraints, significant opportunities abound. The growth in the electric two-wheeler segment is the most prominent, driven by government backing and technological advancements. This opens vast avenues for manufacturers, battery suppliers, and charging infrastructure providers. The market is also ripe for the development of smart mobility solutions, including connected vehicle technologies, battery-swapping networks, and two-wheeler sharing services, enhancing efficiency and user experience. The expanding two-wheeler fleet also creates opportunities in the aftermarket services and accessories sector, catering to the diverse needs of riders for maintenance, repairs, and customization. Moreover, Vietnam's established manufacturing base offers strong export potential for Vietnamese manufacturers, particularly for electric two-wheelers, to other Southeast Asian and emerging markets. However, these opportunities are accompanied by inherent challenges. Intense competition among manufacturers leads to fierce rivalry, necessitating constant innovation and differentiation in products and marketing.

The scooter segment is a major contributor to the Vietnamese two-wheeler market. This category is projected to grow over the next few years. Normal scooters consistently represent a large portion of the scooter market. Honda Vietnam continues to be a dominant force in the market, consistently holding a majority market share among members of the Vietnam Association of Motorcycle Manufacturers. The Motorcycle segment referring to manual transmission, often under bone bikes in Vietnam, while comparatively smaller than scooters, has shown a significant recovery. Despite these recent positive trends, the long-term trajectory for traditional ICE motorcycles indicates a gradual decline in their overall market share, influenced by evolving consumer preferences and the rise of alternative transport options. Honda remains a leading brand within this category, alongside Yamaha and other manufacturers offering a diverse range of models. Vietnam Scooter segment remains the largest and a cornerstone of the Vietnamese two-wheeler market. The market is projected to continue its expansion, with revenue forecasts indicating continued growth over the next several years. Market leaders like Honda and Yamaha offer a wide array of scooter models catering to various consumer needs and price points. The Electric Two-Wheeler (E2W) segment is the most rapidly expanding area, representing a transformative force in Vietnam's mobility landscape. More powerful electric motorcycles also experienced significant growth. Domestic brands, including VinFast, Pega, and others, are pivotal players in this segment, with Vietnamese manufacturers collectively accounting for a substantial portion of new E2W sales. International brands are also increasingly investing and introducing electric models. The Moped category, especially electric mopeds, is intertwined with the E2W segment and is experiencing considerable growth. These lighter electric vehicles, often not requiring a driver's license for operation are highly favored by younger demographics and students.

The < 150 CC segment remains overwhelmingly dominant, comprising the vast majority of Vietnam's two-wheeler fleet. This category includes ubiquitous ""cub-type"" motorcycles and a wide array of smaller scooters, which serve as the primary mode of personal transport for millions. Their popularity is rooted in affordability, offering a low initial purchase price accessible to a broad demographic; maneuverability, ideal for navigating congested urban traffic; and fuel efficiency, leading to low running costs. Models like the Honda Wave Alpha, Honda Vision, and Yamaha Sirius are market leaders here. The 151 - 400 CC segment is an emerging and rapidly growing area. As disposable incomes rise and consumer preferences diversify, there's increasing interest in two-wheelers that offer a better balance of performance, comfort, and versatility beyond basic commuting. This category includes more powerful scooters, smaller sport bikes, and entry-level adventure touring motorcycles. The 401 - 800 CC segment constitutes a niche market in Vietnam. It primarily targets serious motorcycle enthusiasts interested in higher performance, touring, and a lifestyle choice rather than just commuting. These ""big bikes"" often require specific licenses and are generally imported, though some international brands may have limited local assembly. This segment's growth is indicative of manufacturers targeting a growing high-end customer base. Finally, the > 801 CC segment is the smallest and most exclusive, representing the premium and luxury motorcycle market. These high-end machines are designed for ultimate performance, status, and specialized riding experiences, appealing almost exclusively to affluent enthusiasts and collectors. Factors like high import duties and specialized licensing contribute to their extreme exclusivity in Vietnam.

The Vietnamese two-wheeler market, a critical component of the nation's transportation infrastructure, is undergoing a significant transition marked by the coexistence and evolving dynamics between Internal Combustion Engine and Electric technologies. This shift is influenced by consumer preferences, economic factors, and increasingly, government policies aimed at decarbonization. ICE two-wheelers, encompassing both motorcycles manual transmission and scooters automatic transmission, still represent the overwhelming majority of the two-wheeler fleet in Vietnam. Major players like Honda Vietnam and Yamaha Motor Vietnam collectively hold a substantial share of the ICE market. Honda, in particular, maintains a leading position across the entire two-wheeler market. The electric two-wheeler segment is the most dynamic and rapidly growing part of Vietnam's market. Vietnam boasts a high E2W penetration rate in Southeast Asia and ranks globally in terms of adoption. The electric two-wheeler segment is the most dynamic and rapidly growing part of Vietnam's market. Vietnam boasts a high E2W penetration rate in Southeast Asia and ranks globally in terms of adoption. This long-term policy vision, coupled with rising fuel costs, suggests a gradual but inevitable decline in the market share of new ICE two-wheelers over the coming decades. While the well-established infrastructure for fueling and servicing ICE vehicles provides a significant advantage for the short to medium term, the emphasis on greener transportation will drive a fundamental shift. Unlike the ICE market, the E2W segment is largely driven by domestic brands such as VinFast, Pega, Anbico, DK Bike, and Dibao, with VinFast being a prominent leader. These companies are actively developing in Vietnam, new models and expanding their charging infrastructure.

Considered in this report
• Historic Year: 2019
• Base year: 2024
• Estimated year: 2025
• Forecast year: 2030

Aspects covered in this report
• Two Wheelers Market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Motorcycle
• Scooters
• Electric Two-Wheeler
• Mopeds

By Engine Capacity
• <150 CC
• 151 -400 CC
• 401- 800CC
• > 801 CC

By Price
• ICE
• Electric