Vietnam Electric Two-Wheeler Market and Analysis Report – Opportunities and Forecast 2023-2030
Vietnam Electric Two-Wheeler Market Overview
An electric vehicle is a vehicle which is based on one or multiple motors & battery pack that are used for propulsion. It does not comprise an internal combustion engine and derives all its power from the battery pack. An electric two-wheeler, also known as a plug-in electric vehicle, is an electricity-powered two-wheeler in which motor and battery pack are equipped to store and transform the electricity. User control is mainly attached to the handlebar to adjust speed and apply the brake.
Major Vietnam Electric Two-Wheeler Market Drivers
The factors which are propelling the growth of the Vietnam electric two-wheeler market include the increasing adoption of electric vehicles across the country as a result of rising awareness among the population related to the harmful effects of pollution and greenhouse gas emissions in the environment. In addition, various favorable government initiatives and supportive regulations to encourage the adoption of electric vehicles and significant shift in the preference towards the electric vehicle in the country owing to their ability to produce less noise pollution, environment-friendly nature are further bolstering the growth of the Vietnam electric two-wheelers market during the forecast period. Moreover, rapid urbanization, increasing per capita income, the rising development in the transport infrastructure, and the emergence of e-commerce services and rail hailing services are some other drivers that are leading to an upsurge in demand for the electric two-wheeler market in the country. The factors which are restraining the growth of the Vietnam electric two-wheeler market include the lack of proper charging infrastructure and the high cost of the battery implemented in these vehicles.
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For instance, in 2018, the government of Vietnam signed a Memorandum of Understanding with Mitsubishi Motors Corporation through which they plan to explore ways to encourage the use of electric vehicles across the country. Mitsubishi Motors Corporation works with Vietnam Industry Agency (VIA) under the Ministry of Industry and Trade (MOIT) to do a study on the effective use of electric vehicles and public policy incentives & programs to increase the penetration of sustainable automotive technology.
Based on the vehicle type, the e-motorcycle segment is projected to increase at a faster CAGR over the forecast period owing to the growth in the adoption of these electric two-wheelers in the large urban areas across the country. In addition, the ability of electric motorcycles to decrease pollution is considered as an alternative to gasoline-powered motorcycles, and rising manufacturing of e-motorcycles with enhanced performance and driving range are also some other factors driving the growth of the market in this segment.
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Based on the battery type, the sealed lead acid segment is anticipated to grow at a higher CAGR during the forecast period due to its low cost as compared to the lithium-ion battery. Moreover, various characteristics of such type of battery, such as high reliability, ability to last in difficult conditions with less requirement of maintenance, and easy transportation, are some other significant factors which are leading to an upsurge in demand for such batteries in the market across the country.
Key Market Developments:
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- In 2020, Pega announced the launch of a modern and high-class electric motorbike having superior quality. This vehicle has the load capacity of about 250 kgs.
- In 2019, VinFast launched two models of electric motorbike model named Ludo and Impes. The lithium-ion battery pack equipped in Ludo gives a battery life of 70 km, and in Impes, it is 68 km.
Segments covered in the Report:
The Vietnam Electric Two-Wheeler market has been segmented on the basis of vehicle type, battery type, technology type, distance covered, and voltage type. Based on vehicle type, the market is segmented into an e-scooter/moped and e-motorcycle. Based on battery type, the market is segmented into sealed lead acid and lithium-ion. Based on technology type, the market is segmented into plug-in and battery. Based on the distance covered, the market is segmented into below 75 miles, 75-100 miles, and above 100 miles. Based on the voltage type, the market is segmented into 36V, 48V, 60V, and 72V.
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Report Coverage |
Details |
| Market Revenues (2022) |
USD Million |
| Market Base Year |
2022 |
| Market Forecast Period |
2023-2030 |
| Base Year & Forecast Units |
Revenues (USD Million) |
| Market Segment | By Vehicle Type, By Battery Type, By Technology Type, By Distance Covered, By Voltage Type |
| Regional Coverage | Vietnam |
| Companies Profiled | Profiles of Top 10 Major Companies Operating in “Vietnam Electric Two-Wheeler Market” |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Vietnam Electric Two-Wheeler Market by Vehicle Type
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- E-Scooter/Moped
- E-Motorcycle
Vietnam Electric Two-Wheeler Market by Battery Type
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- Sealed Lead Acid
- Lithium-Ion
Vietnam Electric Two-Wheeler Market by Technology Type
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- Plug-In
- Battery
Vietnam Electric Two-Wheeler Market by Distance Covered
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- Below 75 Miles
- 75-100 Miles
- Above 100 Miles
Vietnam Electric Two-Wheeler Market by Voltage Type
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- 36V
- 48V
- 60V
- 72V
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