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Motorcycle market in Southeast Asia
source：www.jycexpo.com | Release time：2023年04月06日In 2022, with the escalating conflict between Russia and Ukraine, energy crisis,
inflation, lower demand from Chinese customers,
shortage of raw materials and other factors causing the world economic center to shift eastward,
the Asia-Pacific region witnessed unprecedented growth in GDP and FDI.
In terms of single markets, Indonesia ranked first (+4.4%), followed by Vietnam (+16.2%),
the Philippines (+9.6%), Thailand (+11.3%) and Malaysia (+57.3%).
01/ Indonesia Motorcycle market
The number of motorcycles sold in Indonesia reached 5.4 million in 2022,
ranking third in the world and a better performance in the past three years.
According to a report by the Asian Development Bank (ADB),
Indonesia's economy grew by 5.4 percent in 2022 and is expected to grow by 5.0 percent in 2023.
Inflation averaged 1.6 percent last year because of higher commodity and fuel prices.
Interest rates are expected to approach 6.0 percent by
June 2023 and fall below 4.0 percent by the end of 2023.
Japanese manufacturers dominate the industry,
with Honda the leader with more than 68 percent of the market,
although sales grew only 1.8 percent last year.
02/ Vietnam Motorcycle Market
Vietnam has a mature motorcycle market with more than 60 million units in circulation,
but manufacturers are racing to transform the industry by producing electric cars
as a result of policies to reduce carbon dioxide emissions.
Demand for motorcycles surged in 2022, with annual sales of 3.38 million units (+18.1%),
not far from the record set in 2018. Vietnam is the second largest EV market after China,
with multiple sets of data showing an 11.5% growth in L1 and 59.7% growth in L3.
Honda led the market with 21.2&growth, followed by Yamaha (+17.3%) and Pega (+6.1%).
03/ Philippine motorcycle market
In 2022, the Philippine motorcycle market showed a positive trend,
with annual sales volume of 2.29 million units (+6.5%), ranking fifth in the world.
Revenue is expected to reach $4.12 billion in 2023, an annual growth rate of 5.48%.
Honda was the market leader in the country with growth of 7.1 percent,
followed by Yamaha (+14.3 percent) and local brand Rusi (-0.3 percent).
It is worth mentioning that although electric vehicles are
still marginal in the Philippines at present, some Chinese brands,
especially Tailg, are driving the development of the industry.
04/Motorcycle market in Thailand
In 2022, the Thai motorcycle market was at a high level of development,
breaking the historical record of nearly nine years,
with the annual sales volume of 1.8 million units, a growth rate of 11.9%.
Thailand's motorcycle market is expected to boom for the next five years from 2022.
The growing demand for electric vehicles is driving the development
of the motorcycle industry. Growth was 211% in L1 and 92% in L3. However,
electric vehicles still account for only 0.5 percent, with huge room for growth.
Honda was first with 1.37 million units (+11.2%),
followed by Yamaha with 2.84124 million units (+6.9%) and Piaggio with 478,320 units (+45.5%).
05/Motorcycle market in Malaysia
The motorcycle market in Malaysia is growing by leaps and bounds.
2022 was a better year ever, with 671.386 vehicles sold, up 36.4 percent from the previous year,
far surpassing the previous record set four years ago.
While still small, the electric vehicle market grew by 65.3 per cent.
The government has put in place new rules to sustain the development of electric vehicles,
which are expected to see strong growth over the next 24 months.
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