Electric motorcycles are increasing popularity in Vietnam and it was recently revealed that foreign brands have entered the booming market. The list includes Teera Motors, Peega, and Honda.
According to Viet Nam News, the increasing number of foreign sellers in the country was spurred by the introduction of Klara bikes in Vietnam. The e-motorcycles were first introduced by Vinfast Manufacturing and Trading Company Ltd.
Industry analysts said one of the reasons why e-motorcycles are popular in Vietnam is the vast insurance plans that come with purchasing the product. Many manufacturers have started offering up to two years for e-bikes that are purchased with an insurance plan.
Honda's Vietnam office unveiled the PXC Electric in Ha Noi last month. The electric motorcycle can run up to 60 km even if it's only been charged once. Speeds can go 30-35 kph (kilometers per hour). For full charging, owners need to charge the bike for six hours.
"It uses modern technology and rarely breaks down. Their appearance and quality is as good as a normal motorbike," an electric motorbike shop owner, Huynh Van Thanh, said of the new motorcycle trend.
While e-motorcycles continue to gain traction in the motorbike sector, Thanh noted that these particular bike types are not yet popular enough. Furthermore, not too many reliable brands have released their own versions of an electric motorcycle.
Vietnam's vehicle and motorcycle market requires more boosting, analysts indicated earlier this year. While the latest data from the Vietnam Investment Review suggested that Vietnamese people still prefer motorcycles over cars, there is still a need to increase production of e-motorcycles.
Since VinFast released its first e-motorcycle to the public last year, some industry experts said the company has the capacity to boost Vietnam's automotive sector as a whole. Its announcement of additional models to be unveiled in the coming years could encourage other brands to develop their own battery-powered motorcycles.
Last year, Vietnam broke its sales record as it sold almost 3.4 million units ranging from luxury to other high-end models, the Vietnam Association of Motorcycle Manufacturers (VAMM) revealed in January. In 2018, the country saw a year-on-year increase of 3.5 percent in motorcycle sales.
VAMM is comprised of five member companies: Piaggio, SYM, Yamaha, Honda, and Suzuki. Collectively, the alliance sold over 282,000 units on a monthly average basis. The numbers are expected to grow this year.
It is expected that the country's motorcycle market will further expand in the coming years with the rise of e-motorcycles and e-bikes. Analysts are also expecting to see more foreign brands penetrating the Vietnamese market to challenge VinFast and other existing sellers.
