14-Apr-2022 Intellasia |
VOV |
5:02 AM
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The Vietnam Association of Motorcycle Manufacturers (VAMM) reports 753,571 motorbikes were sold during the first quarter of the year, up 7.43 percent compared to the same period from last year.
Despite this growth, five members of the VAMM, namely Honda, Yamaha, Piaggio, Suzuki, and SYM, said motorcycle sales have yet to meet their expectations for this year.
They noted that the first quarter typically represents the best time to promote motorcycle sales thanks to rising consumer demand for shopping drastically increasing during the Tet period.
Furthermore, the COVID-19 pandemic was gradually brought under control by the end of 2021, serving as a premise for motorcycle purchasing power to recover.
Previously, the VAMM said its members sold a total of 756,521 vehicles in the fourth quarter of 2021, an annual increase of 3.61%. Overall, the Vietnamese motorcycle market consumed roughly 2.5 million units in 2021, a drop of 8.12 percent year-on-year.
Before the pandemic, the motorcycle market had recorded positive growth with an annual sale of approximately three million vehicles.
The fallout from the COVID-19 pandemic coupled with a saturated market means motorcycle sales will continue to fall over the coming year.
According to business experts, the most optimistic scenario will see motorcycle sales this year be at a similar level compared to the previous year, or they could suffer a slight decrease of about 5%.
https://english.vov.vn/en/economy/motorcycle-sales-fail-to-meet-manufacturers-expectations-in-q1-post936537.vov
Category: Business, Vietnam
Article source: https://www.intellasia.net/motorcycle-sales-fail-to-meet-manufacturers-expectations-in-q1-1040557